The Majority Leader of Ghana's Parliament, Osei Kyei-Mensah-Bonsu, has announced the establishment of an Economic Committee as part of the parliament's updated standing orders. This committee, comprised of Members of Parliament (MPs) with expertise in economics, aims to strengthen parliamentary oversight on economic matters, particularly in scrutinizing government loan agreements.
Mr. Kyei-Mensah-Bonsu explained that the formation of this committee addresses a previous gap in parliamentary procedures. Previously, loan agreements were referred solely to the Finance Committee, which often provided limited insights into the broader economic implications of such agreements.
Speaking in an interview in Accra, Mr. Kyei-Mensah-Bonsu emphasized the importance of having a dedicated committee to thoroughly examine the terms, conditions, and impacts of government loan agreements. He stated, “Even if they don't have the competency in its entirety to so advise, we will engage experts who will go into this and inform parliament accordingly so that in making any decision on the approval of a loan facility or whatever facility will be so guided.”
The newly formed Economic Committee is expected to delve deeper into the economic ramifications of loan agreements, ensuring that parliamentarians are well-informed before making decisions on loan approvals. This initiative aims to enhance transparency, accountability, and effective oversight in Ghana's economic governance.