Parliament approves $250m World Bank loan

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

This facility, which was initially rejected before the parliamentary recess, prompted the recall of Parliament for an emergency two-day session.

The loan aims to stabilize and revitalize Ghana’s energy sector by addressing longstanding financial issues and ensuring a reliable electricity supply for households and businesses nationwide.

During the discussions, the Minority raised significant concerns, particularly regarding a $90 million consultancy fee included in the loan agreement.

They argued that, the fee was excessively high and needed further scrutiny before approval.

Despite these reservations, the loan was eventually approved, with the Majority stressing the urgent need for these funds to address critical challenges in the energy sector.

They underscored that the recovery programme is vital for maintaining energy supply, reducing debt, and fostering economic growth.