World Bank funding of credit scoring & fintech falters in Ghana – Bright Simons

Ghana's transition to a "lower middle-income country" has led to reduced donor support, making the World Bank a crucial development partner.

However, its role in Ghana's governance requires scrutiny, especially regarding financial stability funding.

The World Bank allocated $250 million for financial stability and $30 million for sector development, but the outcomes have been disappointing.

Key criticisms include funding a government-controlled Credit Rating Agency despite existing private agencies, misallocating funds to mismanaged state-owned banks instead of struggling private ones, and the ineffective rollout of a common banking app for rural banks.

Advocates call for greater accountability and performance in these initiatives.