Government can establish National Development Bank without parliamentary approval-Assibey-Yeboah

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    The immediate past Chairman of Parliament’s finance committee, Dr.Mark Assibey Yeboah has okayed the government’s decision to establish a National Development Bank without prior approval from Parliament.

    According to him, the Development Finance Institution Bill passed into law by Parliament in 2020, gives backing to the establishment of the Bank.

    In an interview with CitiNews monitored by Dennislaw News, Dr.Assibey disagreed with the Minority’s decision to oppose the setting up of the Bank.

    “Parliament passed the Development Finance Institution Bill into law in 2020. It is that law that underpins the establishment of this bank.  There won’t be any need to go back to Parliament” he noted.

    On May 19, 2021, The Ministry of Finance and the European Investment Bank signed an agreement for the provision of a €170 million facility for the establishment of a new national bank.

    However, the minority in Parliament has announced its decision to oppose the establishment of the bank, describing the move as defeatist.

    The Minority leader, Haruna Idrissu indicated at a press conference last week that his side will not support the idea and referred to similar banks including the Agricultural Development Bank which was set up in 1965 by an Act of Parliament.