Washington — The World Bank today approved a $250 million International Development Association * credit for a five-year Ghana Financial Stability Project. The project will support Ghana's Financial Sector Strengthening Strategy by contributing to financial stability through the recapitalization of viable Banks and Specialized Deposit-taking Institutions impacted by Ghana's Domestic Debt Exchange Program .
"This project will contribute to Ghana's financial stability, by providing solvency support to banks and SDIs impacted by the DDEP through the GFSF." saidThrough direct support to banks and SDIs, the project will benefit Ghana's financial sector and the economy by supporting the access of depositors and other financial consumers to savings, payments, and other core financial services provided by adequately capitalized banks and SDIs.
"The World Bank Group's support aims to help address short-term shocks to improve prospects for long-term sustainable development and long-term resilience against future shocks.
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