Parliament Ratifies 10 Agreements In One Day

Members of Parliament (MPs) on Friday July 18, 2014 managed to ratify about ten agreements and reports including three petroleum agreements and the supplementary estimate of government for the 2014 financial year. The MPs sat from morning to night as reports and agreements between the government and other institutions were presented and taken through the various stages of approval. The first petroleum agreements was the petroleum agreement by and among the government, Ghana National Petroleum Corporation and Sahara Energy Fields Ghana limited for the exploration for and development and production of petroleum in respect of the shallow water cape three points block, offshore Ghana. The second agreement was between the Government, Ghana National Petroleum Corporation, GNPC Exploration and Production Company, A-Z Petroleum Products Ghana and Eco Atlantic Oil and Gas Ghana for the exploration for and development and production of petroleum in respect of the South-West Cape three points block. The third agreement was between Government, Ghana National Petroleum Corporation, GNPC Exploration and Production Company, UB Resources limited, Royalgate Ghana limited and Houston Drilling Management for the exploration for and development and production of petroleum in respect of the offshore cape three points south block. Other agreements ratified were supplier�s credit agreement between the government and Liaoning Huanghai Automobile IM/EXP Company for an amount of US$40,030,463.00 for the acquisition of 200 Huanghai complete built-up Mass Rapid Transit City Buses for use by the Metro Mass Transit limited. Another agreement was the EKN Supported Export Credit Facility Agreement between government and HSBC Bank plc (as arranger, original lender and EKN agent) for an amount of US$93,433,416.00 to part finance the acquisition of 295 Scania buses and spare parts for the Bus Rapid Transit System and Intercity STC Coaches limited. Some other agreement was between the government, HSBC Bank plc (as arranger, original lender and EKN agent) and Ghana International Bank (as original lender) for an amount of US$17,300,000.00 to part finance the acquisition of 295 Scania buses, spare parts and related infrastructure for the Accra Bus Rapid Transit System and Intercity STC Coaches limited. The House also approved the second compact of the Millennium Challenge Corporation operated by the Millennium Development Authority of an amount US$498,200,000.00 from the United States of America and the government. Also, the on-lending agreement between the government and Kumasi Metropolitan Assembly for a US$172,512,500.00 to finance the Kumasi Central Market Redevelopment Project (phase 1) under the credit facility agreement among the government, Deutsche Bank, New York Branch and its affiliates supported by Segurado Brasileira de Credito a Exportacao and the Brazilian Official Equalization Programme was approved. The commercial contract among the government, KMA and Contracta Engenharia Ltda in respect of the Kumasi Central Market Redevelopment Project was also ratified. The House was also able to approve the President�s nominees for various ministerial and deputy ministerial appointments as well as the GHC3,196,855,671.00 supplementary estimate for the 2014 financial year. The House, after sitting for 24 working days rose on Friday night and is expected to resume for the third meeting on October 21, 2014.