General News
Parliament Approves $360M World Bank Deal to Boost Economic Recovery
Parliament has approved a $360 million financing agreement between the Government of Ghana and the World Bank’s International Development Association (IDA) under the Second Resilient Recovery Development Policy Financing initiative.
The facility, presented to the House by Deputy Finance Minister Thomas Nyarko Ampem on Tuesday, is aimed at revitalizing the economy by enhancing livelihoods, accelerating growth, maintaining macroeconomic stability, reducing inflation, and fostering long-term economic recovery.
Despite backing from the Finance Committee, the agreement faced resistance from the Minority, who raised concerns over the nature of the deal.
Ranking Member on the Committee on Economy and Development, Kojo Oppong Nkrumah, criticized the government for what he described as using “semantics” to obscure the fact that the agreement is essentially another loan.
Nevertheless, the House approved the financing arrangement following the Finance Committee’s recommendation to adopt its report.