Parliament has approved a $250 million loan agreement from the World Bank to support the Ghana Energy Sector Recovery Programme.
The facility, which was previously disapproved before the parliamentary recess, was a key reason for the recall of Parliament for a two-day emergency sitting.
The loan is intended to bolster efforts in stabilizing and revitalizing Ghana’s energy sector, addressing longstanding financial challenges, and ensuring a reliable supply of electricity to both households and businesses across the country.
During the proceedings, the Minority initially expressed strong reservations, particularly over a $90 million consultancy fee embedded within the loan agreement.
They argued that the fee was exorbitant and required further scrutiny before approval could be granted.
Despite these objections, the loan facility was ultimately approved, with the Majority emphasizing the urgent need for funds to resolve critical issues in the energy sector.
They highlighted that the recovery programme is essential for sustaining the energy supply, reducing debt, and promoting economic growth.
