August 26, 2011

Parliament has finally approved the controversial $3 billion Chinese loan agreement on Friday 26th August 2011 after heated debate on the floor of the House.

The opposition NPP who had raised issues with sections of the agreement on Thursday succeeded in blocking debate on the issue when government withdrew the earlier agreement and replaced it with an amended one.

After several arguments on the deal, the controversial agreement was approved by voice count with the minority abstaining. The majority shouted ‘yeeh yeeh to the question put on the floor but the minority kept mute enabling the Speaker to rule in favour of the majority.

The minority was not convinced with the explanation offered by the Finance Minister Dr. Kwabena Duffuor, especially, on the upfront and commitment fees. They contended that the explanation from the minister contained several contradictions.

However the Majority did not share the minority’s concerns. Following a marathon debate on the floor, the Majority approved the Master Facility Agreement, which sealed days of hot exchanges and allegations surrounding the $3 billion loan agreement.

An amount of $1.8 billion out of the total amount would be channeled to funding key developmental projects in the Western Region.

By : Kwadwo Anim/