Parliament to Approve $250 Million World Bank Loan for Financial Sector Recovery

The Finance Committee is poised to recommend the approval of a $250 million loan to Parliament, aimed at strengthening Ghana’s financial sector.

The recommendation follows a majority decision within the committee, according to Chairman Patrick Boamah.

The World Bank facility is designed to address the repercussions of the Domestic Debt Exchange Programme (DDEP) on banks and financial institutions.

This initiative is part of broader efforts to stabilize and support the financial sector amid ongoing economic challenges.

In contrast, the Minority in Parliament has called for the creation of a dedicated fund to oversee and manage these funds effectively.

However, Patrick Boamah stated that the Majority did not support this proposal, leading to the recommendation being made based on the prevailing majority consensus.

The anticipated approval of the loan underscores the government’s commitment to mitigating financial sector vulnerabilities and enhancing economic resilience.

The forthcoming parliamentary debate is expected to focus on the specifics of the loan’s implementation and the broader impact on the country’s financial stability.

Source: Norvanreports