The World Bank has announced plans to disburse $830 million for various projects in Ghana by the end of 2024, but contingent on parliamentary approval of three key loan agreements currently under consideration.
Parliament was initially expected to approve the loans before its recess, but concerns raised by some members delayed the decision. The World Bank’s Board is awaiting these necessary approvals before moving forward with the disbursement.
The loan agreements include $250 million for the Ghana Financial Stability Fund and another $250 million for Energy Sector Reforms. Additionally, a portion of the loan will be allocated to drainage projects in the Greater Accra region under the GAMA Water Project, with the remaining funds supporting other projects in the national budget through the Development Policy Operation (DPO) initiative.
World Bank Country Director Robert O’Brien said the disbursement will follow the procurement processes approved by the Bank’s Board. He highlighted Ghana’s historically high disbursement rate, reflecting the country’s effective management of funds.
“We have our portfolio and pipeline disbursement to Ghana, which some of these funds will come under. Ghana over the years had a very high disbursement rate because of how they have handled their funds,” O’Brien stated.
Speaking to JOYBUSINESS, Mr. O’Brien expressed optimism that Parliament will quickly approve the loan agreements, allowing the funds to be used in critical sectors of the economy. He reiterated the World Bank’s commitment to supporting Ghana during challenging times.
Mr. O’Brien also revealed that the World Bank plans to approve an additional $1 billion for Ghana in June 2025 to support crucial projects that will be outlined in the national budget.
