Parliament Approves $350 Million in World Bank Loans for Coastal Protection and Crop Diversification

Parliament has granted approval for two major loan agreements totaling $350 million from the World Bank to strengthen Ghana’s environmental defenses and agricultural diversity.

The first agreement involves a $150 million loan from the International Development Association for the second phase of the West Africa Coastal Areas Resilience Investment Project.

This funding is specifically designed to enhance the socio-economic stability of coastal communities by implementing sustainable management practices. Finance Committee Chairman Kwaku Kwarteng noted that these resources will be vital in addressing the devastating impact of tidal waves in regions like Keta, thereby reducing the vulnerability of those living along the shoreline.

In a concurrent move, the House also approved a $200 million loan agreement aimed at the Ghana Tree Crop Diversification Project. This initiative focuses on expanding Ghana’s agricultural exports beyond the traditional cocoa sector by investing in alternative high-value tree crops.

The investment is expected to modernize farming techniques and improve supply chains, ensuring that the country’s agricultural economy remains resilient and profitable in the face of changing global markets.