Ghana’s Parliament Endorses $300M World Bank Loan for Development Policy

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The Ghanaian Parliament has sanctioned a significant $300 million loan from the World Bank, earmarked for the First Resilient Recovery Development Policy Financing. This loan is pivotal in aiding the government to carry out the policies set forth in the 2024 Budget.

The loan’s approval faced initial hurdles due to the minority’s demands for the government to retract a tax waiver request totaling over $449 million. However, after negotiations, the loan received the green light.

Finance Minister Mohammed Amin Adam, addressing the concerns in Parliament, clarified that the loan is not from the IMF but a concessional facility from the World Bank with a 25-year term, including a 5-year grace period and a low-interest rate of about 1.25%, with a grant element of 26%.

He emphasized that the loan is intended for budget support, consistent with the 2024 budget financing approved by Parliament, which amounts to 61 billion. Minister Adam committed to reviewing the tax exemptions and promised to return to Parliament with an update in two weeks, seeking support for the proposed adjustments.

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