New standing order: Parliament creates economic committee to scrutinise loan agreements

The committee will be constituted of Members of Parliament with expertise in economics

The new standing orders of Parliament have allowed the creation of an economic committee, which will have the primary function of scrutinising meticulously the implications of government loan agreements.

The committee will be constituted of Members of Parliament with expertise in economics, “to enhance Parliament’s ability to offer and seek professional advice economic wise”, Osei Kyei-Mensah-Bonsu, the Majority Leader, said at a media briefing in Parliament on Thursday (8 February).

Kyei-Mensah-Bonsu said: “We didn’t used to have a committee on the economy. We now have one. The reason is simple: when we contract loans and we refer the same agreements to the finance committee, they will come to us with the goodness or otherwise of the facility.

“Usually, they will relate to the terms and conditions of the loan, the payment schedule and the impact of the loan they don’t report on.

“And we felt that, no, we need a committee on the economy that will dive into this.

“Even if they don’t have the competency in its entirety to advise, we will engage experts who will go into this and inform Parliament accordingly, so that in making any decision on the approval of a loan facility or whatever facility, we will be so guided,” the New Patriotic Party MP for Suame told the media.

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