A $150 million loan from the World Bank's International Development Association, allocated for the West Africa Coastal Areas Resilience Investment Project 2, has received approval by Parliament.

The objective of the initiative is to enhance the socio-economic resilience of coastal communities through the implementation of effective coastal management practices.

It is in accordance with the government's dedication to reducing the vulnerability of coastal regions and enhancing the well-being of local communities along the coastlines of Ghana.

Chairman of the Finance Committee of Parliament, Kwaku Kwarteng, underscored the vital role of the loan in tackling challenges like tidal waves, particularly in coastal regions such as Keta in the Volta Region. Furthermore, the house approved a distinct $200 million loan from the World Bank Group for the financing of the Ghana Tree Crop Diversification Project.

A few weeks ago, the World Bank expressed sympathy for the victims of the recent flood disaster in regions along the Volta River, resulting from the release of excess water from the Akosombo and Kpong dams.

Approximately 30,000 residents were forced to evacuate, and the floodwaters devastated their farmlands.

At the 3rd Conference on Fisheries and Coastal Environment in Accra, the Operations Manager of the World Bank in Ghana, Liberia, and Sierra Leone, Ms Michelle Keane, said: "We can’t speak about flooding today without conveying the World Bank’s sincere empathy and concern for the ten thousand of people who have been impacted by the recent floods along the Volta River".

"The World Bank would want to express its readiness to support the government in its response to this crisis", she said.

She added: "In the longer term, developing a sustainability and risk management strategy for the Volta River and Volta Delta among other areas will be crucial to determine where it is safe for people to live and how their livelihoods can be sustained and grow along the Volta River supported by a healthy ecosystem".

"We hope that the government and its partners will take full advantage of the $150 million approved by the World Bank for Ghana under the West Africa Coastal Areas Management Programme (WACA)", she noted.

She said the financing is expected to become available "very soon after parliamentary approval".