Parliament has approved seven loan agreements worth $710 million during an emergency business meeting on Tuesday, May 2, 2023.

Currently, information on where the majority of the funding is coming from is yet to be made public.

The breakdown of the loan agreements indicate that $60.6 million will be allocated to the Ghana Covid-19 Emergency Preparedness and Response Project and $150 million for the West Africa Food Systems Resilience Programme.

An amount of €170 million has been allocated for establishment of the Development Bank of Ghana (DBG).

In addition, $30 million was allocated to support the Covid-19-related Medical Equipment Provision Project, $150 million went toward the Primary Healthcare Investment Project, and $150 million was allocated to the Public Financial Management for Service Delivery Programme.

The House also approved a $200 million loan agreement with the World Bank geared towards financing the Ghana Digital Acceleration Project.

The project is to help government increase access to broadband, enhance the efficiency and quality of selected digital public services, and strengthen the digital innovation ecosystem in Ghana to help create better jobs and economic opportunities.

The approved Ghana Digital Acceleration Project will support a regulatory shift to create an enabling environment for digital inclusion and innovation; streamline governance and delivery of public services; and facilitate smallholder engagement in data-driven digital agriculture.

It is unknown the intricacies of the loan agreements, however, it is expected that these loans will add up to Ghana's already worrying debt stock.

Meanwhile, Ghana is still at the door of the International Monetary Fund (IMF) making frantic efforts to secure a $3 billion bailout as the country’s economy faces an unprecedented crisis.

Earlier this week, President Akufo-Addo asked Japan to help Ghana secure a deal with the IMF.

He said this at a meeting with the Japanese Prime Minister, Fumio Kishida

The Asian country is the latest of the tall list of countries Ghana is calling on for needed assistance.

President Akufo-Addo said the bailout will boost the recovery of Ghana’s economy.

“Ghana is also counting on the support of Japan in reaching a favourable agreement with the International Monetary Fund which will pave the way for the robust recovery of Ghana’s economy,” President Akufo-Addo told Fumio Kishida.