The World Bank
The World Bank has acknowledged allegations regarding fund misuse by the Development Bank Ghana (DBG), a beneficiary of the Ghana Development Finance Project funded by the International Development Association (IDA). The bank is engaging stakeholders to clarify the issues.
Bright Simons of Imani Africa alleged improper contracting caused over GH¢400 million in losses. However, DBG refuted these claims, emphasizing its strict procurement policies and financial transparency.
It stated it has maintained profitability, with GH¢80.1 million earned in 2023, and clarified that World Bank and European Investment Bank funds were strictly used for on-lending.
Separately, the World Bank approved $250 million for Ghana's Energy Sector Recovery Programme to improve electricity distribution and promote clean cooking solutions, aiming to enhance energy access, equity, and environmental protection. The initiative also includes subsidies for stoves and prepaid metering improvements.
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