Ghana poverty fund gets $110M World Bank boost

Fifty years after its independence from British rule, Ghana’s economic progress gets a nod of approval from the World Bank, which is providing GBP54 million ($110 million) to finance poverty reduction efforts in the country. Attaining middle income status for Ghana is likely, said the international lender, hoping that the new funds will help the government achieve its goal of cutting the 1991 poverty rate of 51.7 percent in half before the year ends. Bank representative Mats Karlsson expressed support for the government’s reform program, which involves increasing private sector loans and school enrollment rates, but warned of the threats that the ongoing energy crisis is posing to economic growth. “The government needs to move quickly to minimize this risk, by dealing decisively with the energy problem in a sustainable manner,” he said, referring to the unreliable power distribution that has prompted companies to close shop.

Source: World Bank approves aid to Ghana (BBC News)

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