Parliament approves $250m World Bank loan
On September 4, 2024, 9:32 PM
Parliament has approved a $250 million loan agreement from the World Bank to support the Ghana Energy Sector Recovery Programme.
The loan, which was initially rejected, was reconsidered during the two-day emergency sitting.
It aims to stabilize and revitalize Ghana’s energy sector, addressing financial challenges and ensuring a reliable electricity supply for households and businesses.
During the debate, the Minority raised concerns about a $90 million consultancy fee included in the agreement.
According to them, it was excessively high and needed further review.
Despite these reservations, the Majority underscored the urgent need for the funds to address critical energy sector issues, reduce debt, and support economic growth.
The loan was ultimately approved to facilitate the recovery programme.
