Republic of Ghana - Country Partnership Framework FY22-FY26

                                           Chair Summary*

                                           February 22, 2022

The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA World Bank Group Country
Partnership Framework (CPF) for the Republic of Ghana FY22-FY26.

Directors welcomed the CPF’s three focus areas and the emphasis on digital transformation as a
cross-cutting theme. They acknowledged the importance of Ghana in the wider Africa region
including its hosting of the Secretariat of the Africa Continental Free Trade Agreement and its
critical role in regional trade and integration.

Recognizing the significant progress made by Ghana in reducing poverty and improving human
capital indicators over the last three decades, Directors noted the slower pace of poverty reduction
more recently, persistent spatial disparities, and the major social and economic impact of the
COVID-19 pandemic. Directors highlighted the importance of the private sector for job creation
and economic transformation. They also urged the WBG to support the Government in addressing
gender inequality issues, with a particular focus on women’s economic empowerment.

Directors noted Ghana’s high export concentration and exposure to commodity price changes and
stressed the importance of addressing climate change and sustainability. They encouraged the
WBG to explore potential opportunities to strengthen the climate focus of the program once the
forthcoming Climate Change Development Report is completed.

Directors stressed the importance of a robust WBG dialogue with the government on
macroeconomic and the energy sector issues as key to a sustained recovery and a more resilient
economy, noting the urgency to address fiscal imbalances, high levels of debt, and energy sector
shortfalls. They stressed the need to strengthen fiscal consolidation through both revenue
enhancing and expenditure efficiency measures. They called upon the WBG to explore the use of
DPFs conditioned upon desired outcomes to address the country’s major challenges.

Directors welcomed the CPF’s approach to dealing with job creation with a focus on supporting
entrepreneurship and improving skills. They encouraged IFC's continued support and the
leveraging of the one WBG approach in achieving CPF objectives by supporting private sector
development, including Small and Medium-size Enterprises (SMEs). They also encouraged
continued close cooperation between the WBG, IMF, and other development partners in securing
sustained financial support for Ghana and helping to build the Government’s capacity to
effectively implement large projects.




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*This Summary is not an approved record.