World Bank approves $300 million in funding for Ghana

(Reuters) – The World Bank has approved $300 million in funding to help Ghana’s economic recovery, it said in a statement on Tuesday.

The decision comes after the West African country reached a deal to restructure $5.4 billion of loans with its official creditors, a milestone in Ghana’s quest for debt relief as it charts its way out of the worst economic crisis in a generation.

The financing is the first in a series of three operations of $300 million each and part of a broad World Bank engagement for crisis response and resilience in Ghana, the World Bank statement said.

Ghana received a disbursement of about $600 million under its $3 billion bailout programme from the International Monetary Fund (IMF) last week.

(Reporting by Nellie Peyton; Editing by Chris Reese and Alexander Winning)