AfDB approves $102.6 million budget support for Ghana to facilitate economic recovery.

The African Development Bank (AfDB) has granted approval for a $102.6 million budget support program in Ghana, focusing on fiscal consolidation and economic recovery amid the country's severe economic crisis. Ghana, currently in discussions to restructure debts, faces challenges accessing international capital markets due to increased domestic debt costs. The program aims to aid the government in implementing economic recovery reforms, emphasizing improvements in public finance, productivity, and job creation. The AfDB's initiative aligns with Ghana's existing extended credit facility with the International Monetary Fund (IMF), which approved a $3 billion loan in May. Finance Minister Ken Ofori-Atta is set to present Ghana's 2024 budget in parliament on November 15, likely incorporating support from the AfDB and the ongoing IMF program.