Parliament approves $250million World Bank loan

Parliament has approved a $250 million loan agreement from the World Bank to support Ghana's Energy Sector Recovery Programme.

The loan, which had been previously rejected before the parliamentary recess, was a major reason for the recall of Parliament for an emergency two-day session.

The funding aims to stabilize and revitalize Ghana's energy sector by addressing ongoing financial challenges and ensuring a reliable supply of electricity to households and businesses nationwide.

During the debate, the Minority voiced strong concerns, particularly about a $90 million consultancy fee included in the loan agreement. They argued that the fee was excessive and required further examination before moving forward.

Despite these concerns, the loan was eventually approved.

The Majority stressed the urgency of securing the funds to address critical issues in the energy sector, emphasizing that the recovery programme is vital for sustaining energy supply, reducing debt, and supporting economic growth.