Parliament approves $360m World Bank facility to boost economic recovery
Parliament has given the green light to a USD360 million financing agreement between the Ghanaian government and the World Bank’s International Development Association (IDA) under the Second Resilient Recovery Development Policy Financing program.
Deputy Finance Minister Thomas Nyarko Ampem presented the funding proposal to Parliament on Tuesday, highlighting its objectives to improve living standards, promote sustainable economic growth, maintain macroeconomic stability, and control inflation.
The Finance Committee endorsed the financing package, recommending its approval to the full House.
However, during the parliamentary debate, the Minority raised concerns, with Kojo Oppong Nkrumah, the Ranking Member on the Committee on Economy and Development, criticizing the government for what he described as using “semantics” to mask the true nature of the deal as a loan agreement.
Despite the opposition, Parliament adopted the Finance Committee’s report, formalizing the approval of the World Bank facility aimed at supporting Ghana’s path to economic recovery and resilience.
