Ghana’s Parliament has given the go-ahead for a $250 million loan from the World Bank, to support the country’s Energy Sector Recovery Programme.
This approval follows an initial rejection of the loan before Parliament’s recess, which led to an emergency two-day session to reconsider the matter.
The loan is to address significant financial challenges within Ghana’s energy sector, with the goal of stabilizing and improving the reliability of electricity supply for both homes and businesses nationwide.
The approval process was not without contention. The Minority raised serious concerns over a $90 million consultancy fee included in the agreement, labeling it as excessive and calling for more detailed scrutiny.
Despite these reservations, the loan was passed, with the Majority stressing the immediate need for these funds to tackle pressing issues in the energy sector. They argued that the recovery programme is vital for maintaining energy stability, reducing sector debt, and driving economic growth.
