Parliament has by a resolution at an emergency sitting held on Tuesday, 2nd May 2023 approved seven financial and loan agreements to finance developmental projects in the country by the Government.
The financial and loan agreements that were passed includes the On-Lending Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the Development Bank Ghana (DBG) for an amount of One Hundred and Seventy Million Euros (€170,000.000.00) to support the establishment of the Development Bank of Ghana, Loan Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the Government of the Republic of Korea (acting through the Export-Import Bank of Korea (Government Agency for the Economic Development Cooperation Fund (EDCF) for an amount in Korean Won not exceeding the equivalent of Thirty Million United States Dollars (US$ 30,000,000.00) to finance the Medical Equipment Provision Project in response to COVID-19, Financing Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the International Development Association (IDA) of the World Bank Group for an amount of One Hundred and Fifty Million United States Dollars (US$ 150,000,000.00) to finance the Primary Healthcare Investment Project.
The others were the Financing Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the International Development Association (IDA) of the World Bank Group for an amount of One Hundred and Fifty Million United States Dollars (US$ 150,000,000.00) to finance the Public Finance Management for Service Delivery Program and the Financing Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance and the International Development Association (IDA) of the World Bank Group for an amount of Two Hundred Million United States Dollars (US$200,000,000.00) to finance the Ghana Digital Acceleration Project.
The financial agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the International Development Association (IDA) of the World Bank Group for an amount of One Hundred and Fifty Million United States Dollars (US$150,000,000.00) to finance the West Africa Food System Resilience Programme – Phase 2 under the Multi-Phase Programmatic Approach and the financial agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the International Development Association (IDA) of the World Bank Group for an amount of Sixty million six hundred thousand United States Dollars (US$60, 600,000.00) to finance the Ghana Covid-19 Emergency Preparedness and Response Project.
The Minority Caucus led by their Leader, Cassiel Ato Forson, made strong reservations about the rate at which loans were been contracted especially looking at the current economic situation of the country.
The Majority Leader on the other side argued forcefully for the need to approve the financial agreement and loans by calling on members to vote for it to enable the Government to finance its policies and programs through these finance arrangements.
The House has since been adjourned Sine Die.