Ghana Parliament has approved $250million loan facility from World Bank

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 Parliament before going on recess, is intended to support reforms under the Ghana Energy Sector Recovery Programme (ESRP). 

Despite 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. 

Ghana Energy Sector Recovery Programme aims to address the government's dept in the energy sector, maintain power supply, and enhance economic growth. The program was developed in June 2023 by the Energy Ministry.