Parliament approves $250 million World Bank loan to revitalise energy sector
The debate over the loan saw the Minority raise substantial objections, particularly criticizing a USD90 million consultancy fee embedded in the agreement as excessive.
Parliament has approved a $250 million loan from the World Bank to advance the Ghana Energy Sector Recovery Programme.
The approval followed an initial rejection and necessitated a two-day emergency sitting of Parliament.
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The loan is intended to address urgent issues within Ghana’s energy sector, focusing on stabilisation and revitalisation efforts to ensure a reliable electricity supply for both households and businesses nationwide.
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The debate over the loan saw the Minority raise substantial objections, particularly criticizing a USD90 million consultancy fee embedded in the agreement as excessive.
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They called for more scrutiny before the loan could be approved.
Despite these concerns, the Majority emphasised the critical need for the funds, arguing that the recovery programme is essential for resolving financial challenges in the energy sector, reducing debt, and promoting economic growth.
Source:classfmonline.com
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