Govt to Inject $250 Million World Bank Loan for Financial Sector Recovery – Patrick Boamah
Mr. Patrick Boamah, Chairman of the Finance Committee of Parliament, announced that the committee’s majority members have recommended the approval of a $250 million World Bank loan aimed at strengthening Ghana’s financial sector.
Boamah stated that this decision is to secure the World Bank facility to mitigate financial sector challenges, particularly those resulting from the Domestic Debt Exchange Programme (DDEP) impacting banks and financial institutions.
This initiative is part of broader efforts to stabilize and support the financial sector amid ongoing economic difficulties.
The Minority in Parliament, however, has called for the creation of a dedicated fund to supervise and manage these funds effectively.
But speaking at a press briefing in Parliament on Monday, July 29, 2024, Boamah noted that the Majority did not support the Minority’s proposal, thus the recommendation reflects the prevailing majority consensus.
The anticipated approval of the loan underscores the government’s commitment to addressing financial sector issues.
The forthcoming parliamentary debate is expected to focus on the specifics of the loan’s implementation and its broader impact on the country’s financial stability.
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Source: Felix Nyaaba // expressnewsghana.com
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