Parliament has given its nod to secure a $150 million loan agreement from the World Bank.
The fund, received from the International Development Association of the Bank, is for the West Africa Coastal Areas (WACA) Resilience Investment Project 2.
The WACA programme was launched in 2018 in response to some countries’ request for solutions and finance to help protect and restore the ecological, social, and economic assets of West Africa’s coastal areas by addressing coastal erosion, flooding, and pollution.
It helps participating countries to stabilize the coastline, prevent loss of critical infrastructure including coastal roads for transport, and to support healthy and productive coastal waters needed for food security and natural capital.
With the second WACA project approved, the total World Bank financing to the WACA Program amounts to $492 million covering engagements in nine countries, including: Benin, Cote d’Ivoire, The Gambia, Ghana, Guinea-Bissau, Mauritania, Sao Tome and Togo.
Speaking on the floor of Parliament, Chairman of the Finance Committee, Kwaku Kwarteng, said the money will help deal with tidal waves in coastal areas such as Keta in the Volta Region.
The House also approved a loan agreement of $200 million from the World Bank Group for the financing of the Ghana Tree Crop Diversification Project.