Parliament has approved three loan agreements totaling $500 million to fund critical projects in Ghana. The agreements include financing for the Ghana Tree Crop Diversification Project (GTCDP), the Ghana Productive Safety Net Project II (GPSNP), and the West Africa Coastal Areas Resilience Investments program.
The loans, entered into by the Ghanaian government and the International Development Association (IDA) of the World Bank Group, aim to address various aspects of economic development. The GTCDP will enhance the production and value addition of seven strategic tree crops in selected regions.
According to Kwaku Kwarteng, Chairman of the Finance Committee, the GTCDP will focus on cocoa, cashew, shea, mango, coconut, rubber, and oil palm. The initiative is expected to benefit 52,775 farmers and their households, with women accounting for 40 percent of the beneficiaries.
The GPSNP, designed to complement poverty alleviation efforts, will support social intervention programs such as the Ghana School Feeding Programme and Livelihood Empowerment Against Poverty (LEAP). Approximately 3.8 million beneficiary children will receive school meals over two terms in the 2024 and 2025 academic years.
The West Africa Coastal Areas Resilience Investments program, funded with $150 million, aims to enhance coastal development and protection infrastructure. It aligns with the government's efforts to mitigate coastal risks and preserve natural ecosystems.
The loan agreements signify significant steps in addressing various development needs, ranging from agricultural diversification to social safety nets and coastal resilience. The approved funds are expected to contribute to sustainable development and the well-being of communities across the country.
They keep approving loans everyday, and they can’t see that they’re unable to pay, and they have nothing to show for all the money they’ve borrowed. How annoying