Minority rejects $450m loan deal; demands withdrawal of $449m tax waiver

The Minority in Parliament has strongly objected to two loan agreements currently under consideration by the legislative body.

The government is seeking parliamentary approval for a $300 million loan from the World Bank to fund the First Resilient Recovery Development Policy and an additional $150 million for the ongoing Greater Accra Resilient and Integrated Development Project.

But Dr. Cassiel Ato Forson, the Minority Leader, expressed the caucus’s firm stance against endorsing the loans.

He emphasized that unless the government withdraws the $449 million tax waiver requests for companies involved in the One District One Factory policy, the minority will not support the loan approvals.

“I rise to vehemently oppose the motion for this house to approve a loan of three hundred million dollars. I do so with a good heart, I do so in the interest of our country. Our country is sinking in debt and is being mismanaged.

“We cannot in good conscience accept this country to be run at the ground. This same NPP government is calling on us to approve two loans today. If we manage the tax exemptions well that 449 million dollars that we are going to the World Bank to borrow, we can get it locally. They should withdraw these tax exemptions.”

Deputy Finance Minister, Abena Osei-Asare, however, has urged the Minority caucus to support the approval of the loan to help the government implement its 2024 budget.