Parliament approves two loans from World Bank; $150m for coastal resilience and $200m for Tree Crop project

Parliament has granted its assent to a noteworthy $150 million loan agreement with the World Bank, earmarked for the West Africa Coastal Areas (WACA) Resilience Investment Project 2. The financial infusion, sourced from the International Development Association of the World Bank, stands as a strategic response to the critical challenges of coastal erosion, flooding, and pollution plaguing West Africa’s coastal regions.

The WACA program, inaugurated in 2018, has been instrumental in offering solutions and financial support at the behest of several nations seeking to safeguard and rehabilitate the ecological, social, and economic assets of their coastal territories.

Its multifaceted approach encompasses initiatives to counter coastal erosion, avert flooding, and mitigate pollution, ultimately contributing to the stabilization of coastlines and the preservation of vital infrastructure, including coastal transport routes. Furthermore, the program champions the sustenance of flourishing coastal waters, crucial not only for food security but also for preserving the region’s natural capital.

With the green light for the second phase of the WACA project, the cumulative financial commitment from the World Bank to the WACA Program now stands at an impressive $492 million, spanning engagements across nine countries. These nations include Benin, Cote d’Ivoire, The Gambia, Ghana, Guinea-Bissau, Mauritania, Sao Tome, and Togo.

Chairman of the Finance Committee, Kwaku Kwarteng, expounded on the significance of the funds during parliamentary proceedings, emphasizing their instrumental role in addressing challenges such as tidal waves in vulnerable coastal areas, notably Keta in the Volta Region.

In tandem with this landmark approval, Parliament has also given the nod to a separate loan agreement of $200 million from the World Bank Group.

This additional financial injection is slated for the Ghana Tree Crop Diversification Project, a strategic initiative poised to augment agricultural productivity and foster sustainable practices within the nation.

The dual approval of loans by Parliament underscore the nation’s commitment to addressing environmental and economic imperatives, with an eye towards fostering resilience and sustainable growth.