Ghana's Parliamentary Stalemate Threatens Economic Growth, Delays World Bank Funding
Ghana's economic recovery efforts have hit a snag due to a parliamentary impasse that's stalled the disbursement of $300 million in World Bank funding. This funding is part of a larger financial support package aimed at stabilizing the economy, financing critical sectors, and addressing fiscal deficits.
The parliamentary deadlock has brought government business to a grinding halt, with the legislative body on an indefinite recess. The two main political parties are locked in a dispute over which side commands the majority of seats.
Finance Minister Dr. Mohammed Amin Adam expressed confidence that the impasse would be resolved soon, allowing Ghana to access the funds without significant setbacks. However, concerns linger that the current standoff could lead to a government shutdown next year, affecting public sector workers' salaries.
“We should have passed some legislations that should have qualified us for $300 million from the World Bank. However, the World Bank has not disbursed the money because those bills have not been passed because parliament has not been working as it should.
“This is just one example of how the impasse in the house has affected government business”, Finance Minister, Dr. Mohammed Amin Adam said during his monthly economic update on Tuesday.
According to him,the government is focused on delivering its policy priorities for sustained economic growth, as they await a resolution to the parliamentary stalemate to secure a confirmed date for the budget reading.
“It [budget] has been presented to Parliament. We are waiting for Parliament’s own time. If this current parliament doesn’t pass, the next parliament will approve it. Certainly, if Parliament is not functioning it affects the government.”
“To say that the economy has not been affected would be an understatement,'' he added.
Source: Florence Kyei / Lead News Online
