The report of the Finance Committee of Parliament on the Long Term Loan Facility Agreement between the government and the African Development Bank for an amount of US$600 million generated heated debate on the floor yesterday.
Despite the fact that the Minority agreed in principles over the benefits the country would derive from the loan, they were of the opinion that some of the expenditure as captured in the report were either on the high side or unnecessary.
As a result, the House wanted the report to be accepted through a voice vote.
The Minority Chief Whip, Alhaji Mohammed Mubarak Muntaka insisted that voting on the matter should rather be on headcount, a situation that necessitated an adjournment on the matter.
Dr Mark Assibey-Yeboah, Chairman of the Finance Committee presenting the report, which also sought Parliament clearance to wave a Stamp Duty of 0.5 per cent amounting to US$3 million said the facility was part of the measures to ensure sustainability in the cocoa sector in terms of mitigating harsh effects of declining prices, building resilient and robust sector capable of rendering appreciable and sustainable benefits to farmers and the national economy.
He said the adopted strategies required immediate investment in critical areas that included farm productivity, enhancement and control of Cocoa Swollen Shoot Virus Disease, (CSSVD),
Others include increased storage and warehousing capacities as part of export control measures, promotion of processing and consumption to increase demand and establishment of a stabilisation fund to cushion the industry against unexpected declines in the world price.
Despite the fact that the Minority agreed in principles over the benefits the country would derive from the loan, they were of the opinion that some of the expenditure as captured in the report were either on the high side or unnecessary.
As a result, the House wanted the report to be accepted through a voice vote.
The Minority Chief Whip, Alhaji Mohammed Mubarak Muntaka insisted that voting on the matter should rather be on headcount, a situation that necessitated an adjournment on the matter.
Dr Mark Assibey-Yeboah, Chairman of the Finance Committee presenting the report, which also sought Parliament clearance to wave a Stamp Duty of 0.5 per cent amounting to US$3 million said the facility was part of the measures to ensure sustainability in the cocoa sector in terms of mitigating harsh effects of declining prices, building resilient and robust sector capable of rendering appreciable and sustainable benefits to farmers and the national economy.
He said the adopted strategies required immediate investment in critical areas that included farm productivity, enhancement and control of Cocoa Swollen Shoot Virus Disease, (CSSVD),
Others include increased storage and warehousing capacities as part of export control measures, promotion of processing and consumption to increase demand and establishment of a stabilisation fund to cushion the industry against unexpected declines in the world price.
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