The funding, provided through the African Development Fund, the Bank Group’s concessional lending window, will finance the Strengthening Institutions for Enhanced Financial and Economic Governance (SIEFEG) project.

The initiative focuses on improving domestic resource mobilisation, strengthening oversight of public spending and supporting the preparation of Ghana’s next national development plan, with strong emphasis on gender equality and climate resilience.

Ghana has made notable macroeconomic gains in recent years. Economic growth increased to an estimated 5.8% in 2025 from 5.6% in 2024, supported by improved policy management. Inflation fell sharply to 3.3% in February 2026, well below the 8±2% target band.

The fiscal deficit narrowed to 2.4% of gross domestic product (GDP) from 6.3% in 2024, while public debt declined significantly to 45.3% of GDP from 61.8%. The current account surplus also widened to 4.4% of GDP, up from 2% the previous year.

Despite these improvements, unemployment and inequality remain high, highlighting the need for deeper structural reforms to ensure growth is more inclusive.

The SIEFEG project will strengthen capacity across key institutions, including the Ministry of Finance, the National Development Planning Commission, the Ghana Audit Service, the Public Procurement Authority, Parliament, the Central Tender Review Committee and the Department of Gender. These reforms aim to improve how public resources are planned, raised and deployed. The project builds on an earlier African Development Bank initiative approved in 2019.

“By investing in governance systems today, we are supporting Ghana in building a more transparent, accountable and resilient economy,” said Lamin Barrow, AfDB Director General for West Africa.

Beyond institutional strengthening, the project is expected to help create greater fiscal space, improve the targeting of public spending and foster a stronger environment for private sector growth and job creation.

The initiative aligns with Ghana’s Vision 2057, the Agenda for Jobs framework and the Bank Group’s Country Strategy Paper for Ghana for 2024 to 2029, as well as its broader economic governance and long‑term development strategies.