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Ghana Financial Sector Development Project

Abstract*

The objective of Financial Sector Development Project for Ghana is to promote financial sector soundness and access to financial services by individuals. The project has four components. (1) Improving financial sector regulatory oversight and market transparency and discipline component will support Bank of Ghana and the Ministry of Finance to improve the oversight of Specialized Deposit‐taking Institutions (SDIs) and promote market transparency and...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

The objective of the project is to increase access to financial services by individuals.

Key Details

Project Details

  • P161787

  • Closed

  • Carlos Vicente , Uloaku Oyewole

  • Republic of Ghana

  • Ghana

  • May 2, 2018

  • (as of board presentation)

    September 20, 2018

  • June 27, 2019

  • US$ 30.00 million

  • C

  • Not Applicable

  • June 30, 2024

  • Yes

  • BANK APPROVED

  • November 2, 2023

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
IDA Credit 30.00

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment N/A
IDA Commitment 30.00
IBRD + IDA Commitment 30.00
Lending Instrument
Grant Amount N/A
Total Project Cost** 30.00

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of June 30, 2025

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No data available.
Period Financier Transaction Type Amount (US$)
Sep 20, 2018 IDA-63100 Loan Commitment 30,000,000.00
Jun 27, 2019 IDA-63100 Loan Disb 1,005,062.50
Apr 10, 2024 IDA-63100 Loan Repay 456,507.28
Apr 10, 2024 IDA-63100 Int Charges 520.72
Apr 10, 2024 IDA-63100 Int Charges 70,019.17
Apr 10, 2024 IDA-63100 Int Charges 70,019.17
Apr 10, 2024 IDA-63100 Int Charges 116,698.67
Apr 1, 2024 IDA-63100 Loan Repay 12,146.33
Apr 19, 2024 IDA-63100 Loan Disb 5,600,000.00
Apr 10, 2024 IDA-63100 Int Charges 312.43
Apr 10, 2024 IDA-63100 Int Charges 312.43
Jun 13, 2024 IDA-63100 Loan Cancel 3,598,506.00
Jul 11, 2023 IDA-63100 Loan Disb 3,000,000.00
Nov 3, 2023 IDA-63100 Int Charges 64,969.24
Nov 3, 2023 IDA-63100 Int Charges 64,969.24
Nov 3, 2023 IDA-63100 Int Charges 108,282.02
Nov 3, 2023 IDA-63100 Loan Repay 464,168.28
May 5, 2023 IDA-63100 Int Charges 57,905.57
May 5, 2023 IDA-63100 Int Charges 57,905.57
Apr 1, 2023 IDA-63100 Int Charges 3,826.57
Apr 1, 2023 IDA-63100 Int Charges 3,826.57
May 5, 2023 IDA-63100 Int Charges 102,915.93
Nov 9, 2022 IDA-63100 Int Charges 51,230.56
Nov 9, 2022 IDA-63100 Int Charges 51,230.56
Nov 9, 2022 IDA-63100 Int Charges 88,961.39
Oct 1, 2022 IDA-63100 Int Charges 2,129.11
Oct 1, 2022 IDA-63100 Int Charges 2,129.11
May 27, 2022 IDA-63100 Loan Disb 5,000,000.00
Apr 6, 2022 IDA-63100 Int Charges 42,429.07
Apr 6, 2022 IDA-63100 Int Charges 42,429.07
Apr 6, 2022 IDA-63100 Int Charges 72,748.63
Apr 1, 2022 IDA-63100 Int Charges 1,226.84
Apr 1, 2022 IDA-63100 Int Charges 1,226.84
Oct 1, 2021 IDA-63100 Int Charges 555.04
Oct 1, 2021 IDA-63100 Int Charges 555.04
Oct 5, 2021 IDA-63100 Int Charges 39,824.71
Oct 5, 2021 IDA-63100 Int Charges 39,824.71
Oct 5, 2021 IDA-63100 Int Charges 67,300.24
Apr 16, 2021 IDA-63100 Int Charges 36,066.03
Apr 16, 2021 IDA-63100 Int Charges 36,066.03
Apr 16, 2021 IDA-63100 Int Charges 60,123.36
Apr 1, 2021 IDA-63100 Int Charges 7.96
Apr 1, 2021 IDA-63100 Int Charges 7.96
Oct 1, 2020 IDA-63100 Int Charges 94.34
Oct 1, 2020 IDA-63100 Int Charges 94.34
Jun 29, 2021 IDA-63100 Loan Disb 2,500,000.00
Apr 29, 2020 IDA-63100 Int Charges 6,163.30
Apr 29, 2020 IDA-63100 Int Charges 21.86
Apr 29, 2020 IDA-63100 Int Charges 3,698.00
Apr 29, 2020 IDA-63100 Int Charges 3,698.00
Apr 23, 2020 IDA-63100 Loan Disb 8,162,000.00
Oct 6, 2020 IDA-63100 Int Charges 31,659.87
Oct 6, 2020 IDA-63100 Int Charges 31,659.87
Oct 6, 2020 IDA-63100 Int Charges 52,923.87
Oct 28, 2019 IDA-63100 Int Charges 3,223.79
Oct 28, 2019 IDA-63100 Int Charges 1,947.51
Oct 28, 2019 IDA-63100 Int Charges 1,947.51
Oct 1, 2023 IDA-63100 Loan Repay 38.17

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Overall Implementation Progress (IP) Satisfactory 2023-12-30
Procurement Moderately Satisfactory 2023-12-30
Project Management Satisfactory 2023-12-30
Financial Management Satisfactory 2023-12-30
Monitoring and Evaluation Satisfactory 2023-12-30
Progress towards achievement of PDO Moderately Satisfactory 2023-12-30

COMPLETION RATINGS

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 01-28-2025
OutcomesModerately Satisfactory
Risk to Development Outcome
Bank PerformanceModerately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Number of deposit accounts within the RCB networkValue7200000.008533172.008500000.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • of which women:Value3000000.003727194.003750000.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Number of customers enrolled in the ARB’s e-banking platformValue0.002300.0080000.00
    DateJune 21, 2022November 30, 2023June 30, 2024
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Percentage of target population reached by the financial education campaignsValue0.000.0030.00
    DateMay 31, 2018December 31, 2022June 30, 2024
    Comment
  • Number of VSLA members linked to formal financial service providersValue0.0017285.0042000.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Credit rating agency (CRA) licensed and operationalValueNo CRANo CRACRA operational
    DateMay 31, 2018December 31, 2022June 30, 2024
    Comment
  • Complaints handling technology applications for BoG, NIC, and SEC acquired/developed and operationalValueNo applicationsNo applicationsApplications acquired/developed and operational
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Bank of Ghana Resolutions Unit staff trained on strategic resolution planning and receivership monitoringValue0.0010.009.00
    DateFebruary 23, 2023November 30, 2023June 30, 2024
    Comment
  • of which womenValue0.0011678.0020000.00
    DateFebruary 23, 2023November 30, 2023June 30, 2024
    Comment
  • New regulatory framework for credit unions developed and under implementationValueNoNoYes
    DateFebruary 23, 2023November 30, 2023June 30, 2024
    Comment
  • Total number of annual financial inclusion reports produced and published by FSD staffValue0.000.004.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Number of banking agents establishedValue0.000.005000.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Financial inclusion database developed and available onlineValueNo databaseNo databaseDatabase available online
    DateJune 30, 2018November 30, 2023June 30, 2024
    Comment
  • Number of ARB Apex Bank staff trained on all upgraded systemsValue0.0044.0080.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Number of credit unions reporting to CUA using the new supervision applicationValue0.000.00170.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment
  • Feedback received from the beneficiary satisfaction survey addressed and used to improve project interventionsValueNo surveySurvey completed and feedback collectedFeedback addressed and used to improve project int
    DateMay 31, 2018February 23, 2023June 30, 2024
    Comment
  • Number of RCB’s staff trained by ARB Apex Bank IT staff on all upgraded systemsValue0.005535.005500.00
    DateMay 31, 2018November 30, 2023June 30, 2024
    Comment