Parliament approves 7 loan agreements totaling $710m

During an emergency session of Parliament held on May 2, seven loan agreements were approved.

The approved facilities included a $60.6 million loan for the Ghana Covid-19 Emergency Preparedness and Response Project, $150 million for the West Africa Food Systems Resilience Programme, and €EU170 million to establish the Development Bank of Ghana.

Additionally, $30 million was approved to finance the Medical Equipment Provision Project in response to Covid-19, $150 million for the Primary Healthcare Investment Project, $150 million for the Public Financial Management for Service Delivery Programme, and a $200 million loan agreement with the World Bank to finance the Ghana Digital Acceleration Project.

The Ghana Digital Acceleration Project, is intended to aid the government increase broadband accessibility and improve the quality and efficiency of certain digital public services. The project also seeks to bolster the digital innovation ecosystem in Ghana, thus creating better economic opportunities and employment prospects.

In all, Parliament approved loan agreements totaling a sum of $710 million at the emergency sitting.

Meanwhile, Ghana is currently making urgent efforts to secure a $3 billion bailout from the International Monetary Fund (IMF)