GhArticles.com Every News in Detail
The Ghanaian government has revealed that a parliamentary deadlock has stalled the disbursement of $300 million in World Bank funding, part of a broader financial package intended to stabilize the economy, finance critical sectors, and address fiscal deficits.
The funds remain inaccessible due to a prolonged parliamentary impasse, as Ghana’s two major political parties dispute control over the legislative majority. The situation has forced Parliament into an indefinite recess, delaying crucial legislative actions required for the funding.
Finance Minister Dr. Mohammed Amin Adam explained during a monthly economic update that specific bills needed for the World Bank funding had not been passed because of Parliament’s inaction.
“This is just one example of how the impasse in the house has affected government business,” Dr. Adam said, emphasizing the broader implications for the economy.
The Minister acknowledged concerns that the standoff could lead to severe consequences, including a potential government shutdown in 2025. This could disrupt the payment of salaries to public sector workers and delay the passage of the mini-budget, which outlines the government’s policy priorities for sustained growth.
Dr. Adam expressed optimism about a resolution, assuring that the budget is ready to be presented once Parliament reconvenes. He added that if the current Parliament fails to approve the bills, the next legislative session would address them.
Parliament is expected to resume on December 16, 2024. Until then, the government remains focused on resolving the stalemate to facilitate the timely disbursement of funds and avoid further economic disruptions.
“This impasse affects the government and the economy in ways that cannot be understated,” the Finance Minister concluded.
