Parliament approves $250 million loan facility from World Bank to address energy sector issues

The Parliament of Ghana has approved a $250 million loan facility agreement from the World Bank to support the country's energy sector.

The approval for the loan facility, which had previously faced objections from the House before going on recess, is intended to support reforms under the Ghana Energy Sector Recovery Programme.

Despite being on recess, the Majority in parliament petitioned the Speaker of Parliament to reconvene the House for two emergency sittings to address urgent government business.

During Wednesday's proceedings, the Minority caucus objected to the approval of the facility, particularly citing a $90 million consultancy fee included in the loan agreement.

They argued that this amount was excessively high and required thorough scrutiny before being granted approval by the House.

However, the Majority in parliament argued in favor of approving the funds, stating that they are urgently needed to address critical issues affecting the energy sector.

The Ghana Energy Sector Recovery Programme aims to address the government's debt in the energy sector, maintain power supply, and enhance economic growth.

MA

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