Some US$830 million will be approved by parliament and released by World Bank to Ghana to help with completing various projects before the year 204 comes to an end.
According to The bank, this will be done in tangent of parliament passing three loan agreements before the House for consideration currently.
Parliament failed to approve the bill before going on recess but there were also concerns raised by some members, which did not permit the house to agree on some terms.
The Board of the World Bank has been waiting for the necessary approvals from parliament before the disbursement is done.
Details of the loan agreement
The agreement encompasses $250 million for the Ghana Financial Stability Fund and another $250 million for Energy Sector Reforms.
Part of the loan will be allocated to support drainage projects in the Greater Accra region through the GAMA Water Project, while the rest will fund various initiatives outlined in the budget under the DPO program.
World Bank Country Director Robert O’Brien stated that the funds will be disbursed based on the procurement procedures approved by the bank’s Board.
“We have our portfolio and pipeline disbursement to Ghana, which some of these funds will come under. Ghana over the years had a very high disbursement rate, because of how they have handled their funds”, he said
World Bank on disbursements
In a conversation with JOYBUSINESS, Mr. O’Brien mentioned that the bank will begin disbursing the funds as soon as the approval is granted.
“We are hopeful that these facilities will be approved quickly by Parliament so that the expected impact is felt on some critical sectors of the economy”.
Mr. O’Brien emphasized the Bank’s dedication to assisting Ghana through these difficult times.
He also announced that in June 2025, the World Bank will approve a billion dollars for Ghana to fund crucial projects that will be outlined in the budget.