Ghana’s Parliament has approved a $360 million financing agreement with the World Bank’s International Development Association (IDA), aimed at stabilizing the country’s economy and supporting the 2025 national budget.

The agreement, part of the Second Resilient Recovery Development Policy Financing initiative, was laid before the House on Tuesday by Deputy Finance Minister Thomas Nyarko Ampem. According to government officials, the funds are intended to enhance livelihoods, promote economic recovery, and help anchor macroeconomic stability following years of fiscal strain.

While the Finance Committee recommended approval of the facility, the measure was not without opposition. Lawmakers from the Minority expressed concern during debate, arguing that the agreement constituted a fresh loan under the guise of development assistance.

“This is a loan by another name,” said Kojo Oppong Nkrumah, the Ranking Member on the Committee on Economy and Development. “The government is relying on semantics to mask the true nature of the deal.”

Despite the pushback, Parliament adopted the committee’s report and granted final approval for the financing package, marking a key step in Ghana’s ongoing efforts to secure external support and rebuild investor confidence amid a challenging economic recovery.

Source:TheDotNews