Parliament Approves $250 Million World Bank Loan for Energy Sector Recovery

Spread the love

On September 4, 2024, Ghana’s Parliament approved a $250 million loan from the World Bank to support the Ghana Energy Sector Recovery Programme.

This decision came after the loan agreement had initially been disapproved before the parliamentary recess, leading to a two-day emergency sitting to address the issue.

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

THIS IS TRENDING:   University Students Association of Ghana Accuses President of Financial Misconduct and Constitutional Breach

Despite strong reservations from the Minority, particularly regarding a $90 million consultancy fee within the agreement, the loan was ultimately approved.

The Majority emphasized the critical need for the funds to resolve urgent energy sector issues, reduce debt, and foster economic growth.

About Juventus Kantaayel

Check Also

Togo In Turmoil As Faure Gnassingbé Extends Rule After 20 Years In Power Amid ‘Constitutional Coup’ Protests

Spread the love The Republic of Togo has been plunged into turmoil following widespread agitations …