The administration led by Nana Addo Dankwa Akufo-Addo has been advised by the minority in parliament to stop trying to convince the House to approve a $1 billion syndicated loan.
A caucus member named John Jinapor asserted that his group will oppose any effort by the government to hasten the loan approval procedure in the same manner as the contentious E-Levy.
"In my opinion, the Majority and Minority must act appropriately and persuade the Finance Minister to revoke this request. We must follow all procedures, consider the genuine status of the economy and the reasons behind our current predicament, determine what should be borrowed, and precisely where those monies are being used.
Jinapor stated, "I hope MPs from all sides would put the nation first given the current situation and what they [the Finance Ministry] have offered, it's so opaque, not transparent, and does not stand the test of time.
The government will "pay about 50 million dollars as insurance and then pay around 1.75 million dollars as arrangement or agency charge," he said, assuming the loan is authorised.
The former deputy minister for power referred to the lending facility as "awful" and "inimical," and he demanded that it be repaid as quickly as possible.
"What's worse is that under the questionable Agyapa Deal, this administration has collateralized nearly all of its revenue sources and is attempting to collateralize even more, including our gold royalties.
We in the NDC are unable to endorse the $1 billion syndicated loan deal in light of the aforementioned factors. The NDC in Parliament will not support any more non-concessionary borrowing or loans that are not project-specific, we desire to serve notice moving ahead," he stated.
In order to finance Capital and Growth-related expenditures in the 2022 budget, the Finance Ministry is asking Parliament's permission for a 750 million loan facility agreement between AfreximBank and a 250 million loan agreement from a syndicate of banks.