Ghana Parliament approves $910.6m loans in emergency sitting

A day after Ghanaians returned from a long weekend, padded by a public holiday – May Day, the country’s Parliament at an emergency meeting Tuesday May 2, 2023 approved seven loans amounting to $910.6 million.

The loans are the following:

• $150 million Financing Agreement between the government and the International Development Association (IDA) of the World Bank Group to finance the West Africa Food System Resilience Programme – Phase Two.
• $170 million On-Lending Agreement between the government and the Development Bank Ghana (DBG) to support the establishment of a Financially Sustainable Development Bank under the Finance Contract Agreement. The contract agreement is between the government and the European Investment Bank for the establishment of the bank.
• A loan agreement between the governments of Ghana and Republic of Korea for an amount in Korean Won not exceeding the equivalent of $30 million to finance the Medical Equipment Provision Project in response to COVID-19.
• $300 million Financing Agreement between the government and IDA of the World Bank for two projects. $150 million to finance the Primary Healthcare Investment Project and another $150 million to finance the Public Financial Management for Service Delivery Programme.
• A $200 million Financing Agreement between the government and IDA of the World Bank was also approved to finance the Ghana Digital Acceleration Project.
• A $60.6 million facility, which is the third additional financing for the Ghana COVID-19 Emergency Preparedness and Response Project. The facility is a financing agreement between Ghana and the IDA of the World Bank Group.