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Finance Minister, Dr. Amin Adam has raised concerns over the economic impact of the ongoing parliamentary impasse, citing delays in critical legislation that have stalled $300 million in funding from the World Bank.
There has been a parliamentary deadlock for more than a month after Speaker Alban Bagbin declined a request by the Majority to reconvene the House earlier. However, the House is to sit on December 16.
Addressing journalists during the government’s monthly economic update, Dr. Adam said that the deadlock in Parliament, which has persisted has hindered governance and affected Ghanaians.
“When Parliament is not functioning, it affects the government and the people of Ghana. Parliament represents the people, and when there is an impasse, the work of Parliament is halted, leaving the people without representation,” he explained.
Dr. Adam highlighted that the failure to pass necessary bills into law has prevented the World Bank from disbursing much-needed funds, further straining the country’s economic management.
“To say that the economy has not been affected would be an understatement.
We should have passed certain legislation that would have qualified us to receive $300 million from the World Bank.
The World Bank has not disbursed the money, because those bills have not been passed into law, because parliament is not working as it should, and so this is just one example of how the impasse in Parliament has affected the management of the economy,” he added.
Despite these challenges, the Finance Minister assured that the government remains on track to achieve its fiscal objectives.
“The economy is strong, we are staying within the budget, and we will ensure we achieve the fiscal objectives for the budget year.”
He also added that restructuring of debts owed to the Independent Power Producers has also stalled as a result of the parliamentary standoff.
“We concluded negotiation with them and some of them have signed off and we are implementing the restructured PPA. Asogli also is about to sign off. What is outstanding is send power and Amandi, because they are required to go to Parliament for parliamentary approval. So until Parliament returns and approves those two PPAs, they will remain outstanding.”
source: myjoyonline.com
