Yesterday, the Parliament reassembled for an urgent matter, and seven loan agreements totaling $750 million were authorized to further public sector reforms, food security, COVID-19 response actions, and the digital acceleration agenda.
The facilities were an on-lending agreement between the Government of Ghana (GoG) and the International Development Association (IDA) of the World Bank Group for an amount of $150 million to finance the second phase of the Multipurpose Programme Approach for the West Africa Food System Resilience Programme.
Additionally approved were agreements worth $60.6 million between the GoG and the IDA of the World Bank Group as a third additional financing source and a €170 million agreement between the GoG and the Development Bank of Ghana for the establishment of the Development Bank of Ghana.
to prepare for the COVID-19 emergency in Ghana.
A $30 million response project, an agreement between the Government of Ghana 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), a $150 million agreement between the Government of Ghana and the International Development Association of the World Bank to finance the Primary Healthcare Investment Project, and a $150 million agreement between the Government of Ghana and the IDA to finance the Public Financial Management Project are all in place.
A funding agreement between the GoG and the IDA for $200 million to support the Ghana Digital Acceleration Project was also authorized by the House.
urgent matters
The House was scheduled to ratify the loan agreements before it adjourned sine die on March 31, 2023. These agreements were already on the books.
On April 20, Alban Sumana Kingsford Bagbin, Speaker of the House, sent out a notice asking members to report back from vacation for a one-day emergency session.
In a recall document that Mr. Bagbin signed, it was stated that on Tuesday, May 2, 2023, the Members of Parliament (MPs) were to report to the legislative assembly to discuss "urgent parliamentary business."
Approval
The loan agreements were accepted when they reconvened after Kwaku Kwarteng, the chairman of the finance committee, presented the reports of the finance committee on the agreements and notified the House that the agreements had been approved by a majority, even though all of the minority's members opposed the accords. The committee reached its conclusion.
He made the resolution for the House to adopt the committee reports and approve the facilities after delivering the report.
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