Parliament approves $300 million loan facility
Masahudu Ankiilu Kunateh, Ghanadot
Parliament of Ghana yesterday ratified the $300 million
facility from the World Bank that would go to support the
budget.
The amount is part of the $535 million approved by the board
of the bank last Friday.
The whole House unanimously ratified the amount.
The Minority had threatened to stay away from voting on the
facility following allegations they received some monies
from the former government for voting to approve the 70
percent sale to Vodafone.
Meanwhile, the first tranche of $150 million is expected to
be released soon.
But the remaining half of the $300 million is expected to be
disbursed in where in September after government has
completed what the bank said are "actions" it has committed
to take.
These include establishing a single treasury account,
improving compliance with the public procurement law,
correcting any budget deviations that may have arisen at
mid-year through new fiscal measures, publishing fiscal
accounts with less than one quarter lag, and submitting to
Parliament the Freedom of Information Bill.
The entire amount is part of the $1.2 billion the bank plans
intends to support the Government of Ghana with over the
next three years.
Ghanadot
