Parliment approves aquisition of extra 677 IBRD shares
Parliament has approved Ghana’s subscription to additional 677 shares of the Capital Stock of the International Bank for Reconstruction and Development (IBRD) of the World Bank Group (WBG).
Advertisement
The shares, comprising 213 Selective Capital Increase shares and 464 General Capital shares, have a total value of US$81,669,895 out of which US$78,311,416.60 is callable and US$3,358,478.40 is purchase-expected with cash.
The Capital Share Increase is part of ongoing reforms at the bank that seek to enhance the voice, participation and increase in the voting power of developing and transition countries from 42.6 per cent to 47.19 percent, and thus reduce the share and dominant voting power of developed countries from 57.40 per cent to 52.81 per cent.
Mr James Kluste Avedzi, the Chairman of the Finance Committee of Parliament, told the House that Ghana’s subscription to the IBRD capital share would increase the country’s voting power and current standing from 0.10 per cent to 0.12 per cent.
He said the move would raise Ghana from its current ranking of 91st position to the 88th position and consolidate the country’s permanent position as Senior Advisor to the Executive Director of Ghana’s constituency within the Bank Group.
The total values of the shares was incorporated in the 2016 Budget Statement and Economic Policy of Government that was approved by the House in 2015 as part of subscription payments.
Papa Owusu Ankomah, MP for Sekondi, who seconded the adoption of the report of the Finance Committee for the approval of the subscription, said the government should make it a priority to get Ghanaian citizens at the World Bank to take up high positions.
That, he said, would enable Ghana to influence decisions to the advantage of the country.
