The African Development Bank Group (ADB) has approved US $130.9 million in debt relief for Ghana for poverty reduction, governance and capacity building, the bank said on Wednesday in Abidjan, Cote d'Ivoire.
The monetary relief falls under the Heavily Indebted Poor Countries Initiative and would ease the government of Ghana's annual debt service obligations to the bank, by at least 80 percent. It followed relief made last November which amounted to $3.80 million to support an institutional project towards good governance and poverty, the bank said.
Ghana brings to 21 the number of countries that have benefited from the bank's debt relief under the HIPC framework, the bank added.
The HIPC initiative, which was established in 1996, is part of an international effort to solve the debt burden of the world's poorest countries. Enhanced in 1999, it seeks to increase the chances of economic growth by allowing countries to allocate more resources to key social sectors.
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