Parliament approves $250m World Bank loan for Energy sector

Accra, Ghana - In a special emergency sitting, Parliament has approved a $250 million loan agreement from the World Bank to support the Ghana Energy Sector Recovery Programme.

The loan, initially rejected before the parliamentary recess, aims to stabilize and revitalize Ghana's energy sector, addressing long-standing financial challenges and ensuring a reliable electricity supply.

Despite Minority objections over a $90 million consultancy fee, the Majority emphasized the urgent need for funds to address critical energy sector issues, citing the importance of sustaining energy supply, reducing debt, and promoting economic growth.

The approved loan facility is expected to bolster efforts in revitalizing Ghana's energy sector, addressing financial challenges, and ensuring a reliable electricity supply to households and businesses nationwide.

Source : Lead News Online