News:
June 18, 2025
Parliament, in partnership with the UK’s Foreign and Commonwealth Development Office (FCDO) and the World Bank has launched the “Building the Capacity of Parliamentarians for Economic and Financial Governance” project to enhance Parliament’s Economic and Financial Governance.
The initiative is aimed at enhancing the economic and financial governance skills of Ghanaian Parliamentarians to strengthen Parliament’s oversight, resulting in a faster legislative review, and better economic governance and fiscal discipline.
The US$1.6m funding secured from the FCDO and the World Bank, will over the next 18 months be dedicated to implementing a comprehensive capacity building program for Ghanaian Parliamentarians in the areas of economic and financial governance.
Launching the project in Parliament House, today, Speaker of Parliament, Alban Sumana Kingsford Bagbin, emphasised the importance of the initiative, stating that, as the global and national economic landscapes have become increasingly complex and uncertain with the frequent surprises, so are the demands on legislative institutions, including that of government.
He noted that Ghana is not exempt from the challenges of the global financial sector which places issues of financial management, debt sustainability, good use of resources, and overall economic preservation at the center of democratic governments.
He stressed that these are not only demanding in nature, but also require a deep understanding, a mix of skill sets and competencies to manage the situation in the interests of the people.
The Speaker said the project is meant to equip parliament and its members and staff, particularly committees. “This initiative will strengthen parliamentary oversight, improve fiscal management, and deepen understanding of economic policies among Members of Parliament. By equipping Parliament, especially new legislators, with needed skills and knowledge, the program will foster effective governance, accountability, and transparent management of public resources, ” he stated.
He urged MPs and the Parliamentary Service to embrace the opportunity to build the capacity of all and the institution itself to deepen and sustain democratic governance and translate its dividends equitably among Ghanaians, leaving no one behind.
The Acting World Bank Division Director, Ms Michelle Keane said effective oversight of public finance is critical for prosperity, especially as Ghana’s economy continues to stabilise and rebound.
“Ghana has enormous economic potential, and we are excited by the opportunity to partner with such an ambitious, capable group of elected representatives to deepen the long-standing partnership between our countries and deliver mutual prosperity.”
Chargé d’Affaires, British High Commission, Foreign and Commonwealth Development Office (FCDO), Keith McMahon reiterated that effective oversight of public finance is critical for prosperity, especially as Ghana’s economy continues to stabilise and rebound.
“We hope that this programme will directly contribute a key recommendation from the National Dialogue, enhancing Parliament’s ability to drive accountability and curb corruption.” he said.
Ghanamps.com