Parliament Finally Approves $1 Billion Eurobond

Parliament has finally approved a new $1 billion Eurobond, after disagreements on floor of the House on Tuesday prevented Members of Parliament (MPs) from going on recess.

The MPs could not break for Christmas because of a rumpus in the House over a vote on the Eurobond.

Proceedings in the House were suspended for several hours on Tuesday after Minority MPs kicked against a decision by the presiding Speaker, Ebo Barton Oduro, to nullify a crucial vote on the Eurobond.

A head count after an earlier voice vote showed 67 Minority MPs voted to reject the Eurobond whereas 66 Majority MPs voted in support of the motion.

But the first Deputy Speaker intervened and ruled the vote as “an exercise in futility” after citing constitutional provisions to argue that the House did not have the required minimum number of MPs present in the chamber for a vote.

The decision sparked Minority outrage and forced suspension of proceedings for several hours.

When the MPs resumed sitting on the matter on Wednesday, the approval was done through a voice vote, giving Finance Minister Seth Terkper the green light to go back to the international market to issue another Eurobond.

The Minister in 2015 alone, led four Eurobond issues, the last one, the $1 billion in October.

The yield for the October issue was 10 .75% as against the 11.5% investors demanded.

However at 10.75%, the yield on the bond is still much higher than government’s initial target of 8.5% and also higher than the previous one which had coupon rates of 8% and 8.5% percent for its $2 billion bond issued.

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By: citifmonline.com/Ghana

Parliament Finally Approves $1 Billion Eurobond

Parliament Approves GHC 300m Budget For Water

Parliament has approved budgetary allocations to the Ministry of Water Resources, Works and Housing for the 2016 fiscal year.

The House approved the allocations shortly after a debate by MPs on a Report that was submitted by the Water Resources, Works and Housing Committee chaired by the Member of Parliament for Shai Osudoku constituency, David Tetteh Assumeng.

Moving the motion for MPs to approve the allocations for the Ministry, the Minister said : “The Ministry of Works and Housing is responsible for the provision of potable rural and urban water, social protection, regular services, affordable housing schemes, and some water drainage programmes.”

“Mr. Speaker the Ministry has applied qualified programmes and projects in the 2016 budget in accordance with the Ministry’s sector medium term development plan taking into account the total envelope made available for the 2016 fiscal year. On this note I beg to you that you approve the total sum of GHC 374, 781, 612 for 2016.”

In his contributions to the debate, Minority Spokesperson on Water Resources Works and Housing, David Oppong Kusi, raised issues with previous budgetary allocations to the ministry and how they were expended.

He claimed various organisations and agencies under the Ministry have over the past years not received funds from the various budgetary allocations that have been done.

“The various organisations or agencies under the Ministry are being starved of funds. In most cases nothing was released to these agencies for their capital expenditure. It has also emerged that after spending lots of money to increase and improve our water treatment capacity, we do not look for the money to expand distribution capacity to the extent that most of these new water treatment capacity are performing under capacity.”

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citifmonline.com

Parliament Approves GHC 300m Budget For Water