Ghana Ranked 7th Largest Beneficiary of World Bank’s IDA Funding

Ghana has been ranked the 7th largest beneficiary of the International Development Association (IDA) funding globally, receiving a total of $11.2 billion from 1961 to 2024, according to the latest data from the World Bank.

Leading the list of recipients are Ethiopia ($23.4 billion), Nigeria ($18.8 billion), and Vietnam ($18.5 billion), ranked 1st, 2nd, and 3rd, respectively. Ghana’s position places it just ahead of China, which is ranked 8th with $10.2 billion in funding.

Notably, eight of the top 10 IDA beneficiaries are Sub-Saharan African countries, underscoring the region’s significant reliance on World Bank funding to drive development.

Focus on Africa

Since its inception in 1960, the IDA—World Bank’s arm dedicated to providing concessional loans and grants to the world’s poorest countries—has disbursed over $287 billion globally.

African countries have received the lion’s share, accounting for approximately 73% of the total, amounting to over $210 billion.

The second-largest beneficiary region is East Asia, receiving $41.8 billion (14.5%), followed by Europe and Central Asia with $17.5 billion (6.1%), and Latin America and the Caribbean with $11.2 billion (3.9%).

The Middle East has received the least funding, totaling $7.1 billion (2.5%).

Development Goals

IDA’s funding has been pivotal in addressing development challenges in underserved and remote areas, focusing on initiatives such as poverty reduction, infrastructure development, healthcare, and education.

For Ghana, the financial assistance has supported critical sectors and contributed to the country’s economic and social development over the years.

The World Bank’s sustained engagement through IDA highlights its role as a key partner in driving growth and poverty alleviation in Sub-Saharan Africa, with Ghana positioned as a notable beneficiary.

Source: Norvanreports