Basis Of The Eurobond Confusion In Parliament Yesterday

A_Ghana_parliamentEurobonds are international bonds that are denominated in currencies not native to the countries where they are issued. For example, Ghana’s Eurobond is not denominated in cedi.

Parliament was supposed to decide on the 2016 Eurobond which government has budgeted to finance most of 2016’s expenditure.

67 MPs voted against the motion whiles 66 voted for the motion. This means 133 MPs voted. This would have been a big blow to government since most of government’s expenditure for 2016 hinged on the Eurobond.

At all times, the constitution states that at least half of the 275 MPs (138) must be present for a vote to be considered constitutional.

However, after the vote yesterday, first Deputy Speaker of Parliament Hon. Barton Oduro drew the attention of the house to the fact that the MPs present at the time did not amount to half of the MPs.

The whole brouhaha has been that the minority won this major debate against the majority but in reality the vote was been deferred to today. However, the Eurobond was accepted today when Parliament conveyed again.

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