Government receives $30m World Bank support to strengthen financial sector

The World Bank has approved a $30 million International Development Association (IDA) credit to support government to strengthen its financial sector stability.

The credit is also to help improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers.

“This project will support government’s plan to undertake reforms to deepen financial markets, promote inclusion, enhance the supervision and regulation of specialised deposit-taking financial institutions in line with the National Financial Inclusion and Development Strategy,” said Henry K.G. Kerali, World Bank Country Director for Ghana.

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. This will enable ordinary Ghanaians to develop trust in the sector and benefit from access to savings and financing for investments.

It will also support the education of consumers on their rights and equip them with skills and knowledge to make informed choices in the use of financial services.

The project will also promote financial inclusiveness by mainly supporting rural and community banks to expand financial services to rural areas and the underserved segments of Ghanaians.

“The increase in access to financial services is expected to create economic opportunities and contribute towards ending extreme poverty and promoting shared prosperity,” said Douglas Pearce, World Bank Practice Manager for Finance and Markets.

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button