Parliament has given its resounding approval for Ghana to secure a $150 million loan from the World Bank to support the West Africa Coastal Areas (WACA) Resilience Investment Project 2.
This financial boost, granted by the International Development Association of the World Bank, will aid in addressing pressing challenges faced by coastal regions in West Africa.
Launched in 2018, the WACA program aims to provide sustainable solutions and financial assistance for the protection and restoration of ecological, social, and economic assets in West Africa’s coastal areas. This includes combatting coastal erosion, flooding, and pollution.
The second phase of the WACA Resilience Investment Project brings the total World Bank financing for the WACA Program to an impressive $492 million. This funding spans engagements in nine countries: Benin, Cote d’Ivoire, The Gambia, Ghana, Guinea-Bissau, Mauritania, Sao Tome, and Togo.
During parliamentary session, Chairman of the Finance Committee, Kwaku Kwarteng, highlighted the significance of the funds, emphasizing their role in addressing specific challenges faced by coastal areas, such as the recurring issue of tidal waves in Keta, Volta Region.
“The approval of this $150 million loan is a crucial step in fortifying the resilience of our coastal regions. It will enable us to protect critical infrastructure, stabilize coastlines, and ensure the sustainability of coastal waters for the benefit of both food security and natural capital,” Chairman Kwarteng said.
In a related move, the House also greenlighted a separate loan agreement of $200 million from the World Bank Group. This funding is earmarked for the Ghana Tree Crop Diversification Project, reflecting the government’s commitment to promoting sustainable agricultural practices and diversification in the country.