Parliament Approves $360m World Bank Facility
Parliament has approved a $360 million financing agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank under the Second Resilient Recovery Development Policy Financing initiative.
The facility, presented to the House on Tuesday by Deputy Minister for Finance, Thomas Nyarko Ampem, is intended to support government efforts in improving livelihoods, accelerating economic growth, sustaining macroeconomic stability, curbing inflation, and restoring broad-based economic recovery.
The approval came following the Finance Committee’s recommendation to adopt its report on the agreement. However, the decision was not without contention, as Minority members of the House registered strong opposition to the facility.
Ranking Member on the Committee on Economy and Development, Kojo Oppong Nkrumah, criticised the government’s handling of the agreement, accusing it of employing “semantic gymnastics” to present the facility as a development policy support when, in his view, it constitutes yet another loan.
Despite the Minority’s concerns, the Majority side pushed through the approval, arguing that the funding is crucial to sustaining the gains made under the International Monetary Fund (IMF) programme and improving public sector performance.
The $360 million facility forms part of broader multilateral support for Ghana’s post-crisis recovery efforts, particularly under the IMF Extended Credit Facility programme and the World Bank’s ongoing development policy financing agenda.
