US$830 million World Bank cash awaiting parliament's greenlight for disbursement

Ghana is missing out on the disbursement of three World Bank facilities totalling US$830 million due to the failure of parliament to pass the agreements covering them.

The World Bank indicates that the disbarment of the facilities is long overdue and just waiting for parliament to give the go-ahead.

The facilities include a $250 million Ghana Financial Stability Fund, $250 million for the Energy Sector Reforms, and $30 million for the Greater Accra Metropolitan Area Sanitation and Water Project (GAMA SWP).

Country Director Robert O’Brien said: “We have our portfolio and pipeline disbursement to Ghana, which some of these funds will come under.”

“Ghana, over the years, had a very high disbursement rate, because of how they have handled their funds,” O’Brien noted.

He told Joy FM: “We are hopeful that these facilities will be approved quickly by Parliament so that the expected impact is felt on some critical sectors of the economy.”