Parliament has by a resolution at an exigency sitting that was held on Tuesday, the 2nd day of May 2023 approved seven fiscal and loan agreements to finance experimental systems in Ghana.
The financial and the loan agreements that were passed were made up of; the On-Lending Agreement between the Government of Ghana represented by the Finance Ministry and the Development Bank Ghana (DBG) for a sum of One Hundred and Seventy Million Euros (€170,000,000.00) so as to provide support to the establishment of the Development Bank of Ghana.
The Parliament has also approved a Loan Agreement between the Government of the Republic of Ghana represented by the Ministry of Finance and the Government of the Republic of Korea which was through the Export- Import Bank of Korea Government Agency for the Economic Development Cooperation Fund( EDCF) for a sum of money which is in Korean Won not exceeding an amount which is equivalent to Thirty Million United States Dollars. That is, (US$ 30,000,000.00m) which is to be used to finance the Medical Equipment Provision Project in response to COVID- 19.
The parliament has further made approval of a sum of One Hundred and Fifty Million United States Dollars (US$ 150,000,000.00m) to finance the Primary Healthcare Investment Project by the Ministry of Finance and also, the International Development Association (IDA) which is part of the World Bank Group.
The others were the Backing Agreement between the Government of the Republic of Ghana (represented by the Ministry of Finance) and the International Development Association( IDA) that is part of the World Bank Group for a sum of One Hundred and Fifty Million United States Dollars (US$ 150,000,000.00m) to finance the Public Finance Management for Service Delivery Programne and the Financing Agreement between the Government of the Republic of Ghana which is represented by the Ministry of Finance and the International Development Association( IDA) of the World Bank Group for an amount of money which is Two Hundred Million US Dollars (US$ 200,000,000.00m) to finance the Ghana Digital Acceleration Project. Also, another financial agreement between the Government of the Republic of Ghana which represented by the Ministry of Finance and the International Development Association( IDA) of the World Bank Group for a sum of One Hundred and Fifty Million United States Dollars (US$ 150,000,000.00m) to finance the West Africa Food System Resilience Programme – Phase 2 under the Multi-Phase Programmatic Approach and the agreement on finance made between the Government of Ghana that is represented by the Finance Ministry and the International Development Association( IDA) of the World Bank Group for a sum of Sixty million six hundred thousand United States (US$ 60, 600,000.00m) to finance the Ghana Covid- 19 exigency Preparedness and Response Project.
The Minority Caucus led by their Leader,Hon. Cassiel Ato Forson, made strong reservations at the rate at which loans were been contracted especially looking at the current profitable situations the country. The Majority Leader on the other side argued strongly for the need to authorize the fiscal agreement and loans by calling on members to bounce for it to enable Government finance its programs and programs through these finance arrangements.
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