By Godwill Arthur-Mensah
Accra, July 01, GNA – Parliament, on Tuesday, approved a US$360 million loan facility from the International Development Association (IDA) of the World Bank Group to support the 2025 Budget.
The funds from the Financing Agreement between the Government of Ghana and the World Bank Group would be used to pay arrears owing road contractors, ensure safety net for the economy, support vulnerable groups and ultimately alleviate poverty in the country.
The Financing Agreement aligned with the ongoing International Monetary Fund (IMF) programme started by the New Patriotic Party (NPP) Government, in 2023, which the Government of Ghana requested US$900 million from the World Bank.
The World Bank disbursed the first tranche of US$300 million to the Government of Ghana on March 27, 2024.
Presenting Parliament’s Finance Committee’s report on the floor of the House on Tuesday, Mr. Isaac Adongo, Chairman of the Finance Committee, said the Financing Agreement was meant to finance the second resilient development policy financing of the Government of Ghana, and urged the House to adopt the Committee’s report.
Meanwhile, Mr. Thomas Nyarko Ampem, the Deputy Minister of Finance, said the government would also bring up another financing agreement of US$400 million in October this year, as part of the country’s economic recovery programme under the IMF programme.
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GNA
Edited by Benjamin Mensah