A $250 million loan arrangement with the World Bank to assist Ghana’s Energy Sector Recovery Programme has been approved by Parliament.
Prior to the parliamentary break, this facility was first denied, which led to the recall of Parliament for an urgent two-day session.
Through the resolution of long-standing financial problems and the provision of a dependable electricity supply for homes and companies across the country, the loan seeks to stabilize and modernize Ghana’s energy sector.
The Minority brought up several important issues during the talks, mainly in relation to a $90 million consulting fee that was mentioned in the loan arrangement.
They contended that the cost was unduly expensive and required more investigation before being approved.
Despite these concerns, the loan was ultimately granted because the Majority emphasized how urgently these monies were needed to solve important issues facing the energy industry.
They emphasized how important the recovery plan is to preserving the energy supply, lowering debt, and promoting economic expansion.
