Minister of Finance, Dr. Mohammed Amin Adam, has revealed that the ongoing Parliamentary deadlock is denying government access to US$300 million in World Bank funding, vital for economic stability and managing fiscal deficits.An unresolved impasse has left parliament in an indefinite recess as NPP and the NDC dispute control of the majority of seats.

0

Mr Amin disclosed during his monthly economic update on Tuesday that the lack of progress in passing key legislation has halted Ghana’s access to a $300 million World Bank loan.“We should have passed some legislation that would have qualified us for USD 300 million from the World Bank.

1

However, the World Bank has not disbursed the money because those bills have not been passed, as Parliament has not been functioning as it should,” the Minister of Finance, Dr. Mohammed Amin Adam, said during his monthly economic update on Tuesday, December 3, 2024.However, he expressed hope that the deadlock would soon be resolved, enabling Ghana to secure the much-needed funds without major delays.

2

He further assured the public of the government’s dedication to implementing its policy priorities despite the ongoing political stalemate.“We are focused on delivering our policy priorities for sustained economic growth. The budget has been presented to Parliament. We are waiting for Parliament’s own time. If this current Parliament doesn’t pass it, the next Parliament will approve it,” the minister said.

3

He emphasised that: “Certainly if parliament is not functioning, it affects the government.”The deadlock in parliament has raised concerns over the tendency for a potential government shutdown next year, particularly impacting the payment of salaries for public sector workers.The finance minister remains confident that a prompt resolution will enable the government to present the mini-budget and prevent further delays.

4

“To say that the economy has not been affected would be an understatement,” Dr. Adam admitted, acknowledging the far-reaching consequences of the parliamentary stalemate.Parliament is set to resume on Monday, December 16, 2024, potentially clearing the path to resolving the impasse and unlocking the vital financial assistance for the nation.

5