Parliament Approves $360m World Bank Funding to Support Ghana's Development Initiatives

Accra, Ghana - 1 July, 2025 - Ghana's Parliament has approved a $360 million financing agreement with the World Bank's International Development Association (IDA) to support the country's economic recovery efforts.

The funding, which was presented to the House by Deputy Finance Minister Thomas Nyarko Ampem, aims to improve the livelihoods of citizens, accelerate economic growth, and sustain macroeconomic stability.

The agreement, known as the Second Resilient Recovery Development Policy Financing, is expected to help Ghana curb inflation and restore economic growth. According to the Finance Minister, the funding will provide critical support to the government's efforts to stabilize the economy and promote sustainable growth.

The Finance Committee of Parliament recommended approval of the facility, although the Minority expressed opposition during debates. The Ranking Member on the Committee on Economy and Development, Kojo Oppong Nkrumah, raised concerns about the nature of the agreement, accusing the government of using semantics to disguise what he described as a loan agreement.

Despite the opposition, the House approved the funding following the Finance Committee's recommendation to adopt its report on the financing arrangement. The approval is seen as a significant step towards supporting Ghana's economic recovery efforts and promoting sustainable development.

The World Bank has been a key partner in Ghana's development efforts, providing funding and technical assistance to support the country's economic growth and poverty reduction initiatives. This latest funding agreement is expected to build on previous successes and help Ghana achieve its development goals.

Source: Lead News Online