Parliament approves 51
million dollars for sectoral activities
Accra, Nov. 29, GNA - Parliament on Wednesday
approved a loan agreement totalling 51 million
dollars between the Government and some local
banks for various projects including the
National Identification Programme.
The Cal Merchant Bank is to provide 10 million
dollars for the National Identification Project
while Merchant Bank Ghana Limited provides 20
million dollars for the rehabilitation of the
Ohene Djan and Baba Yara stadiums.
The Ghana Navy is to benefit from a
four-million-dollar facility from the Ghana
International Bank for some programmes and
Stanbic Bank Ghana Limited is providing 17
million dollars for the rehabilitation of some
Chanceries and the United Nations Peacekeeping
operations.
The Finance Committee, in its Report to the
House, observed that the loan facility for the
two stadiums would help to provide the needed
funds to ensure that everything was ready for
the CAN 2008 soccer tournament.
As to whether the Government's actions of
sourcing loans from the local banks would not
lead to the crowding out of the private sector,
the report said: "the Deputy Finance Minister
explained that the local banks involved are in
excess liquidity and that the private sector's
ability to raise loans from the banking sector
would not be affected.
"After careful consideration and deliberation,
the Committee is of the opinion that the
programmes and activities for which the requests
have been made are relevant and would be of
immense benefit to the country.
"It was also the view of the Committee that the
credit facilities negotiated by the Government
to fund the projects and programmes are
agreeable", the Report said.
GNA
