Parliament, at its emergency sitting on Tuesday, approved seven loan agreements for the government, despite opposition from the National Democratic Congress (NDC) parliamentary minority.
The loans include US$150 million financing agreement between the government and the International Development Association (IDA) of the World Bank Group to finance the West Africa Food System Resilience Programme – Phase Two.
Others are US$170 million on-lending agreement between the government and the Development Bank Ghana (DBG) to support the establishment of a financially sustainable development bank under the Finance Contract Agreement.
The contract agreement is between the government and the European Investment Bank for US$170 million for the establishment of the bank.
The House approved the loan agreement between the governments of Ghana and Korea for an amount in Korean Won not exceeding the equivalent of US$30 million to finance the Medical Equipment Provision Project in response to COVID-19.
Primary Healthcare Investment Project
A US$150 million financing agreement between the Government and the IDA of the World Bank was also approved to finance the Primary Healthcare Investment Project and another US$150 million financing agreement to finance the Public Financial Management for Service Delivery Programme.
A US$200 million financing agreement between the government and the IDA of the World Bank was also approved to finance the Ghana Digital Acceleration Project.
The US$60.6 million facility, which the House failed to approve as a third additional financing for the Ghana COVID-19 Emergency Preparedness and Response Project before rising on 1 April, was finally approved at the extraordinary sitting.
The facility is a financing agreement between Ghana and the IDA of the World Bank Group.
Osei Kyei-Mensah-Bonsu, the majority leader in parliament and leader of government business, urged members of the House to approve the various loan agreements to enable the government to execute its agenda for the nation’s socioeconomic development.
Touching on the US$150 million financing agreement for the West Africa Food System Resilience Programme – Phase Two, the majority leader said the facility will go a long way to increase farmers’ access to agriculture technology.
Cassiel Ato Baah Forson, the minority leader in parliament, said looking at the huge debts which have saddled the nation, this is not the time to take more loans.
Haruna Iddrisu, the NDC member of parliament for Tamale South and former minority leader, said the nation should not borrow exceedingly beyond a certain threshold.
John Ampontuah Kumah, a deputy minister of finance, addressing the parliamentary press corps, said the loan agreements, which the House has approved, are not new loans.
He said, “These are loans that are already on our books but require parliamentary approval.”
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