Ghana and World Bank signs 300-million dollar financing agreement

Accra, July 15, GNA - Ghana and the World Bank on Wednesday signed a 300-million dollar agreement in respect of the Economic Governance and Poverty Reduction Credit.

Dr Kwabena Duffuor, Minister of Finance and Economic Planning signed for Ghana, while Ms Eunice Dapaah, Acting Country Manager of the World Bank initialed for the World Bank.

A statement from the Ministry of Finance signed by Cecilia Akwetey, Head of the Public Relations Department, said the programme would assist government to stabilize the economy and pursue strategies, which will safeguard future growth, provide social protection and thereby limit the impact of the global financial crisis. The amount is part of the $535 million approved by the Board of the World Bank on June 30, to support three credit facilities aimed at helping to improve e conomic governance and stabilizing the country's economy.

The support will help government to protect vulnerable groups from sliding deeper into poverty, which could further threaten the progress that the country had made towards achieving the Millennium Development Goals.