At Long Last! Parliament Approves New Eurobond

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Ghana’s Parliament has finally approved a new $1 billion Eurobond, after disagreements on floor of the House on Tuesday which prevented Members of Parliament (MPs) from going on recess.

The MPs could not break for Christmas because of a fuss in the House over a vote on the Eurobond. On Tuesday, proceedings in the House were suspended for several hours after Minority MPs kicked against a decision by the presiding Speaker, Ebo Barton Oduro, to nullify a crucial vote on the Eurobond.

An unusual head count after an earlier voice vote showed 67 Minority MPs voted to reject the Eurobond whereas 66 Majority MPs voted in support of the motion.

However the first Deputy Speaker intervened and ruled the vote as “an exercise in futility” after citing constitutional provisions to argue that the House did not have the required minimum number of MPs present in the chamber for a vote.

The decision sparked Minority outrage and forced suspension of proceedings for several hours. When the MPs resumed sitting on the matter on Wednesday, the approval was done through a voice vote, giving Finance Minister Seth Terkper to go on the international market issue another Eurobond.

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