News:
February 23, 2012
Parliament by a majority decision has approved the US$850,000,000 loan agreement contracted from the China Development Bank to facilitate work on the multi-million National Gas Project in the Western Region.
The amount is a first tranche of a total of US$ 3billion which the government is securing from the Chinese bank to finance the project.
The majority in moving for the approval of the deal, emphasized the good that the deal will do to the people of western region as it is expected to generate lots of jobs in the western region and also improve the living conditions of the people.
However the minority had issues with certain details of the agreement.
They contended that per the terms of the agreement, Ghana’s oil is to be collateralized beyond ten years which violate the Revenue Management Act (2011) which does not allow for collateralization of oil beyond ten years.
They added that even before the agreement received the nod from parliament contractors had already moved to the site and started working.
Upon a lengthy debate the issue was put to a vote, the Majority MPs shouted in support of the motion. Minority NPP MPs abstained, with none shouting either in support or against the motion.
Shortly after the motion was passed, Minority Leader, Hon Osei Kyei-Mensah-Bonsu, explained that his side’s decision to abstain was because of problems they had with the processes used in passing the agreement.
He added that their decision should not be interpreted to mean they were opposed to the project.
Kwadwo Anim/ghanamps.gov.gh