World Bank to disburse US$830m for Ghana projects
The World Bank has announced plans to disburse approximately US$830 million for various projects in Ghana before the end of 2024, contingent upon parliamentary approval of three pending loan agreements.
The disbursement is dependent on the Ghanaian Parliament passing these agreements, which were expected to be approved before the House went on recess. However, the approval process has been delayed due to concerns raised by some members, preventing consensus on the proposed terms.
The loan agreements include funding for several key initiatives: $250 million for the Ghana Financial Stability Fund, $250 million for Energy Sector Reforms, and additional amounts for drainage projects in the Greater Accra region under the GAMA Water Project. The remaining funds will support projects outlined in the budget under the Development Policy Operation (DPO) initiative.
World Bank Country Director Robert O’Brien indicated that the disbursement will adhere to procurement processes approved by the Bank’s Board. “Ghana has consistently demonstrated a high disbursement rate due to effective management of its funds,” O’Brien said.
In an interview, O’Brien expressed optimism that parliamentary approval would be secured soon, allowing the funds to positively impact critical sectors of Ghana’s economy. “We are hopeful that these facilities will be approved quickly by Parliament so that the expected impact is realized,” he added. O’Brien also confirmed the World Bank’s commitment to supporting Ghana through challenging times, announcing that the Bank plans to approve an additional US$1 billion in June 2025 for critical projects, details of which will be outlined in the upcoming budget.
