The World Bank has approved a 30 million dollar IDA credit facility to support government strengthen its financial sector stability. It is also to improve inclusiveness for users of formal financial services, particularly women, farmers and persons in rural communities in line with Ghana’s National Financial Inclusion and Development Strategy.
The Ghana Financial Sector Development Project is a key component of the World Bank Group’s comprehensive portfolio supporting financial stability, financial inclusion and private sector competitiveness.
It is expected to help regulators strengthen their oversight of the financial sector for a sound and stable sector.
World Bank Country Director for Ghana, Henry Kerali said the support will help government undertake reforms to enhance the supervision and regulation of specialized deposit-taking financial institutions, and enable Ghanaians develop trust in the financial sector.
It will also ensure the education of consumers on their rights and equip them with skills and knowledge to make informed choices in the use of financial services.
