Ghana’s Parliament has approved a $250 million loan agreement with the International Development Association (IDA) for the country’s energy sector recovery program.
Following the Finance Committee’s report, this decision came after a heated debate after lawmakers failed to overturn an earlier rejection of the finance committee’s report, which had initially disapproved the loan on July 30.
Concerns from the Minority about insufficient consultation on the loan’s new developments led Speaker Alban Bagbin to refer the matter back to the Finance Committee for further review, prompting the recall of Members of Parliament from recess.
Although Majority Leader Alexander Afenyo-Markin sought a swift resolution, the parties did not reach an agreement until September 4. Finance Committee Ranking Member Isaac Adongo criticized the lack of engagement and pushed to uphold the original decision, while Energy Committee Ranking Member John Jinapor emphasized the need for a proper resolution.
The approval of the loan is a crucial step forward in Ghana’s energy sector recovery efforts.
