Business News of Wednesday, 23 December 2015
Parliament will today reconsider government’s request to issue a one billion dollar Eurobond to fund a 3 billion cedis funding gap in the 2016 budget.
Motion for the approval of the sovereign guarantee was rejected yesterday following a headcount victory of rejection won by the minority in parliament.
The victory was however declared null and void because the house lacked the required 50 percent of all members of parliament to decide on the loan.
Speaker of parliament Edward Doe-Adjaho in his ruling on the matter after several hours of in camera meeting to resolve the issue failed said his decision is in conformity with the constitution.
“Because this is the first time we are confronted with this situation, I thought I should use this opportunity to clarify the law to clarify the practice of this House.
“We don’t have the constitutional number to take a decision and therefore no decision has been taken,” he added.
Joy News is however picking signals, the Minority will vote to reject the motion when parliament reconsiders it again on Wednesday.
Member of the finance committee, Dr. Mark Assibey Yeboah told Joy News the bond is not in the interest of the country.
“I, representing New Juaben South was not going to be part of this approval and I made clear on the floor to the point that if it came to walking out of the House, I was willing to do so.
“I will resist this to any extent that I can,” he added.
Dr Assibey Yeboah said borrowing at that rate to refinance maturing domestic short term debt “does not make sense.”