MPs keep approving loans like we're mad people — Nana Kobina Nketsia V

The Omanhene, Paramount Chief of Essikado, Nana Kobina Nketsia V, has said Ghanaians must know the full voting records of their Members of Parliament, especially on the approval of loan agreements.


Nana Kobina Nketsia V

According to him, Parliament cannot continue to approve all loan agreements put before it and refuse to accept part of the responsibility for the country's current debt crisis.

Speaking at a public forum as part of events to mark 30 years of parliamentary democracy in Takoradi in the Western Region, Nana Kobina Nketsia V said he would like to demand their voting records and the reasons behind their votes in support of loan agreements that have led the country to the current economic doldrums.

He said "Sometimes I even ask myself, should they sit in parliament based on party lines? One is Paapa Owusu Ankomah and the other one is Joe Ghartey. We are in debt. I would like to see their voting records.

"How many of those loans did they vote for and why did they vote for it? Has anyone told us what is Parliament doing about it?"

"We are in debt and anytime they bring the loans, MPs vote and accept it as if we are mad people in this country," he noted.

In May this year, Parliament by a resolution at an emergency sitting approved seven loan agreements to finance government projects.

The loans are expected to be channeled into public sector reforms, COVID-19 response, food security, and the digital acceleration agenda of the government.

The loans were approved by a majority decision both at the Finance Committee level and at the plenary as the Minority caucus opposed all the facilities.

The facilities are US$60.6 million as a third additional financing for the Ghana COVID-19 Emergency Preparedness and Response Project, US$150 million to finance the West Africa Food Systems Resilience Programme, and ꞒEU170 million for the establishment of the Development Bank of Ghana.

The rest are a US$30 million facility to finance the Medical Equipment Provision Project in response to COVID-19, US$150 million to finance Primary Healthcare Investment Project, US$150 million to finance Public Financial Management for Service Delivery Programme, and US$200 million to finance the Ghana Digital Acceleration Project.

However, the Bank of Ghana (BoG) has stated that its decision to take a 50 percent haircut on the government’s debt has saved the economy from collapse and sent a positive signal to external partners.

Dr. Philip Abradu-Otoo, Director of Research at BoG said the Bank of Ghana incurred a loss of GH¢55.12 billion in 2022, largely as a result of the government’s Domestic Exchange Programme (DDEP) after its non-marketable holdings of the government of Ghana instruments including long-term stocks, a COVID-19 bond and overdraft were subjected to a 50 percent haircut.