Parliament approves $300m World Bank loan amidst concerns of overborrowing from Minority

Parliament has by majority decision, approved a $300 million loan agreement between the government of Ghana and the International Development Association, IDA.

The facility according to the government is to support the financing of the 2024 budget.

The minority through its leader, Dr. Cassiel Ato Forson however kicked against the facility, arguing it will exacerbate an already precarious debt situation of the country.

The former Deputy Finance Minister rather charged the government to withdraw the over 7 billion cedis in tax exemptions it is granting to companies under the 1D1F program.

Deputy finance minister Mrs. Abena Osei-Asare argued the claims of the minority over the exemptions are untenable given the fact that the move is to stimulate industrial growth.

Ranking member for the Food and Agriculture Committee, Eric Opoku, questioned what such an amount can do given the billions borrowed in the past by the Nana Addo administration with virtually nothing to show.

Minister for Trade and Industry K. T. Hammond questioned why the minority was linking the facility with tax exemptions.

Ranking member for the Finance Committee Isaac Adongo, in a surprising turn of events, shredded the tax exemption claims of his colleague MPs arguing the rejection of the $300 million facility from the World Bank is because the government failed to present the $3 billion IMF bailout agreement to parliament for ratification.

Minister for Finance Dr. Mohammed Amin Adams, however, assured the minority that their concerns would be addressed.

The assurances led to approval of the loan but through a voice vote with the majority carrying the day.