World Bank approves sum of $60 million for funding Ghana’s energy and tourism sectors

Published on : Tuesday, July 17, 2018

World BankThe World Bank has approved a sum of $60 million for funding the Ghana Energy Sector Transformation Initiative Project and the Ghana Tourism Development Project.

The $60 million credit facility was approved for the purpose of strengthening the energy and tourism sectors.

Of the amount, $20 million has been specifically allocated to support the Ghana Energy Sector Transformation Initiative Project.

The World Bank’s Country Director for Ghana, Henry Kerali, said that the project would go a long way for improving Ghana’s energy sector.

To quote Kerali, “The project supports the government’s plan through a comprehensive package of regulatory, policy, and operational measures and platforms for stakeholder engagement to help the government address near-term challenges and lay the ground work for Ghana’s energy sector transformation. Electricity consumers will also benefit from enhanced sector governance and improved energy services and access.”

$40 million has also been allocated towards the improvement of the Ghana Tourism Development Project.

The project is aimed towards increasing the tourism sector’s offerings, diversify its impact, and help increase the contribution of the tourism sector to the Ghanaian economy.

Micro, small, and medium enterprises will also be supported by the project.

“The Tourism Development Project is expected to remove constraints and sustain improvements to the business enabling environment to help both domestic and international firms grow their operations,” said Douglas Pearce, World Bank Practice Manager.


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