Parliament to pass Int'l Transactions and Natural Resources Agreements Bill
By DL News
Published
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To tackle these challenges, lawmakers are working on the International Transactions and Natural Resources Agreements Bill, 2024.
Parliament is making significant progress in enhancing transparency in international transactions and addressing the ongoing issue of judgment debts related to non-loan agreements involving state institutions, particularly in the natural resources sector.
To tackle these challenges, lawmakers are working on the International Transactions and Natural Resources Agreements Bill, 2024.
This legislation aims to ensure that international economic agreements, especially those related to natural resources, undergo parliamentary scrutiny.
The bill, proposed by members of Parliament from both sides, is being prepared under the guidance of articles 181(5) and 268 of the 1992 Constitution and is expected to be passed before the current session ends.
Once enacted, it will broaden Parliament’s oversight to include not just loan agreements, but also economic deals entered into by state institutions, particularly in the natural resources sector.
To strengthen the bill, a stakeholder engagement was organized by the Parliamentary Service, bringing together representatives from key institutions and civil society organizations (CSOs).
The goal was to gather feedback and improve the draft. Participants included the leadership of Parliament, members from both political sides, and various CSOs such as the Institute of Economic Affairs (IEA), the Institute of Democratic Governance (IDEG), the African Centre for Parliamentary Affairs (ACEPA), the Centre for Democratic Development (CDD)-Ghana, and the Ghana Chamber of Mines (GCM).
Speaker Alban Bagbin emphasized that the bill mandates international economic transactions requiring parliamentary approval to be submitted to the House.
He noted that the bill would promote transparency and accountability by giving citizens access to details of agreements and their benefits to the nation. Bagbin also highlighted that this legislation would encourage more foreign direct investment by providing a clear legal framework that ensures fairness and protects investors' interests.
