The Parliament of Ghana, in collaboration with the UK’s Foreign, Commonwealth & Development Office (FCDO) and the World Bank, has officially launched a new project aimed at strengthening economic and financial governance through legislative capacity building.

The initiative, titled "Building the Capacity of Parliamentarians for Economic and Financial Governance", will span 18 months and is backed by an £800,000 FCDO grant disbursed via the World Bank.

This was disclosed by the Director of Parliament's Media Relations, David Sebastian Damoah, in a press statement issued on Tuesday, June 17.

The project is expected to deepen the legislative understanding of macroeconomic policies, fiscal management, and public financial oversight, particularly among new Members of Parliament (MPs), thereby promoting better economic outcomes and greater accountability in the use of public resources.

Speaking at the launch event at the Institute of Parliamentary Studies, the Speaker of Parliament, Rt. Hon. Alban Sumana Kingsford Bagbin described the programme as timely and transformational.

“This initiative will strengthen parliamentary oversight, improve fiscal management, and deepen understanding of economic policies among Members of Parliament. By equipping Parliament, especially new legislators, with the required skills and knowledge, the programme will foster effective governance, accountability, and transparent management of public resources,” he said.

Representing the World Bank, Acting Division Director for Ghana, Liberia and Sierra Leone, Michelle Keane, underscored the need for technically equipped parliamentary committees, saying, “Members of Parliament need to be able to scrutinise how public resources are allocated and spent. This project will enhance their capacity to evaluate the economic and distributional impacts of fiscal decisions and ensure alignment with sustainable development goals.”

Keith McMahon, Chargé d’Affaires at the British High Commission in Accra, reaffirmed the UK’s support for Ghana’s democratic institutions.

“The UK firmly believes that only Ghanaians and their elected representatives can drive Ghana’s prosperity. We are proud to support this partnership, which will help parliamentarians deliver the best possible economic outcomes for the country,” he said.

Committees to benefit from the initiative include Finance, Budget, Economy and Development, Assurances, and Public Accounts.

Additional support will also be extended to the Office for Parliamentary Analysis and the newly formed Citizens’ Bureau.

According to Mr. Damoah, the project will deliver tailored technical support in areas such as public financial management, tax policy, and economic development. It will also produce training materials and handbooks, facilitate peer learning among legislatures, and enhance Parliament’s collaboration with civil society organisations, think tanks, and the private sector.

He said, crucially, it aims to improve the transparency and accessibility of parliamentary information for the media and the general public.

Speaker Bagbin expressed Parliament’s gratitude to both the UK FCDO and the World Bank for their commitment to strengthening Ghana’s institutional capacity and economic resilience.

“This partnership marks a significant milestone in our journey towards good governance, transparency, and sustainable development. Parliament stands ready to work with all stakeholders to ensure the successful delivery of this vital programme,” he said.