Minority angered by $1b Eurobond approval

The Minority in Parliament have been angered by the approval of a 1 billion dollar Eurobond, describing the process as affront to parliamentary democracy.

The numerical strength of the Majority in parliament played a major role in the approval of government sovereign guarantee to issue a 1 billion dollar Eurobond next year.

Government suffered an unprecedented defeat in its attempt to get the motion through Tuesday after the minority won a headcount but failed to get the required 50 percent of all members of parliament to pass such a facility.

When the issue resurfaced in Parliament Wednesday, the Majority made sure they were fully represented to pass the motion.

The 1 billion dollar facility according to the finance minister will help in addressing a 3 billion cedis funding gap in the 2016 budget.

Part of the money will also be used to manage domestic debt but the minority are convinced terms of the loan are not in the interest of the nation.

Member of Parliament for Atwima Mponua, Isaac Asiamah told Joy News the passage of the loan represents a dark day in parliamentary democracy.

“What happened [on Tuesday] was a victory for our democracy that for the first time we voted in this august House and at least the issue that was raised by the Minority was accepted and the generality of the members accepted and voted. We were happy that happened.

“What happened today [Wednesday] is a slap on our democracy,” he said adding “why the indecent haste, why the rush? We took a fantastic decision that has been hailed by all of us that this country is owes so much and that the country should be more prudent with the resources that we have so that there will be value for money,” he said.

He questioned why government will insist on borrowing when it has nothing to show for the numerous debts the country already owes.

In Mr Asiamah’s view, the decision is “a mockery of the House. What happened today affects the sanctity, credibility and dignity of this House.

“It is so unhealthy, so uncalled for that is why the Minority is weeping,” he added.

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