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Parliamentary standoff delays $300m World Bank funding for Ghana

 


The government has admitted that the parliamentary impasse has stalled the disbursement of $300 million in World Bank funding for Ghana.

This amount is part of a larger financial support package from the World Bank aimed at stabilising the economy, financing critical sectors, and addressing fiscal deficits. However, the funds remain inaccessible due to the unresolved deadlock in Parliament.

The legislative body has been on an indefinite recess as the two main political parties remain locked in a dispute over which side commands the majority of seats.

We should have passed some legislations that should have qualified us for $300 million from the World Bank. However, the World Bank has not disbursed the money because those bills have not been passed because parliament has not been working as it should.

“This is just one example of how the impasse in the house has affected government business”, Finance Minister, Dr. Mohammed Amin Adam said during his monthly economic update on Tuesday.

The Minister was confident that the impasse would be resolved soon, allowing Ghana to receive the funds without significant setbacks.

He also expressed its readiness to present the mini-budget despite the ongoing standoff in Parliament.

However, he awaits a resolution of the stalemate to secure a confirmed date for the budget reading adding that the government is focused on delivering its policy priorities for sustained economic growth.

It [budget] has been presented to Parliament. We are waiting for Parliament’s own time. If this current parliament doesn’t pass, the next parliament will approve it. Certainly, if Parliament is not functioning it affects the government.”

There are concerns that the current Parliamentary standoff could potentially lead to a government shutdown next year, particularly affecting the payment of salaries to public sector workers.

The Finance Minister was hopeful about a swift resolution to facilitate the timely delivery of the budget and ensure the smooth implementation of state policies.

“To say that the economy has not been affected would be an understatement”, Dr. Amin Adam admitted.

Parliament is expected to reconvene from its indefinite break on December 16, 2024.

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