In a decisive move, Ghana’s Parliament has approved a substantial $250 million loan from the World Bank, aimed at rejuvenating the nation’s energy sector. The decision follows a two-day emergency session called in response to the initial rejection of the loan before the parliamentary recess.
This significant funding is designated to stabilize and enhance Ghana’s energy infrastructure, which has long been plagued by financial difficulties. The goal is to ensure a consistent and reliable electricity supply for both residential and commercial users across the country.
The loan faced initial resistance from the Minority, who raised concerns over a $90 million consultancy fee included in the agreement. They contended that this fee was excessively high and warranted further investigation before the loan could be approved.
Despite these objections, the loan was ultimately sanctioned, with the Majority arguing that the immediate need for funding was critical to addressing the energy sector’s pressing issues. They emphasized that the recovery programme is crucial for stabilizing energy supply, reducing national debt, and fostering economic growth.
