According to a statement from Parliament, $200 million of the loan will be used to finance the Ghana Digital Acceleration Project, while $150 million will be used for the West Africa Food System Resilience Programme phase 2 under the Multi-phase programmatic approach.
Additionally, $60.6 million has been approved for a third Additional Financing for the Ghana Covid-19 Emergency Preparedness and Response Project.
An on-lending agreement between the government and the Development Bank Ghana for an amount of £170 million Euros was also approved to support the establishment of a financially sustainable Development Bank.
The approved loan agreements also include a $150 million facility from the World Bank to finance the Primary Healthcare Investment Project and an amount of $150 million to finance the Public Financial Management for Service Delivery Programme.
The Ghana Digital Acceleration Project seeks to accelerate the digitization of the country's economy, promote digital entrepreneurship, and improve the delivery of public services.
The Ghana Covid-19 Emergency Preparedness and Response Project is aimed at strengthening the country's health systems to be better prepared for future pandemics.
Meanwhile, the Development Bank Ghana is expected to play a critical role in financing the country's economic recovery and promoting sustainable development.