Parliament, in partnership with the UK’s Foreign, Commonwealth and Development Office (FCDO) and the World Bank, has launched a project to enhance its economic and financial governance capacity.

The “Building the Capacity of Parliamentarians for Economic and Financial Governance” project is backed by £800,000 in funding from the FCDO through the World Bank.

The project has, among the key objectives, to strengthen parliamentary oversight to improve fiscal management and deepen understanding of economic policies among Members of Parliament (MPs).

It will also equip parliamentarians, especially new legislators, with necessary skills and knowledge to foster effective governance, accountability, and transparent management of public resources.

“Economic governance that will enhance Parliament’s ability to evaluate allocations and uses of government expenditures and revenues, assess economic and distributional impacts of fiscal decisions, and ensure alignment with medium-term macroeconomic sustainability and inclusive development goals is another aim,” Mr Alban Sumana Kingsford Bagbin, the Speaker of Parliament, said at the launch in Parliament House on Wedneaday.

He said the project marked a significant step towards fostering good governance and sustainable development in Ghana, underscoring the confidence of development partners in the country’s commitment to strengthening its democratic institutions and economic resilience.

He added that the initiative would strengthen parliamentary oversight, improve fiscal management, and deepen understanding of economic policies among MPs over the next 18 months.

Among the project components will be a technical Support to provide assistance on economics, Public Financial Management (PFM), tax policy, and administration to key parliamentary entities; training and Capacity building to develop training materials, toolkits, and handbooks for induction and training of members of relevant parliamentary committees and entities.

“There will be the promotion of peer learning with other legislatures to enhance parliamentary capacity, transparency and accountability to support Parliament’s transparency and accountability efforts, fostering greater awareness and usage of published information by the media and civil society,” Mr Bagbin said.

Madam Michelle Keane, Acting World Bank Division Director, said the World Bank was glad to be part of the important initiative.

She said: “Members of Parliamentary committees require necessary skills and knowledge to enhance their ability to evaluate allocations and uses of government expenditures and revenues.”

Mr Keith McMahon, Chargé d’affaires at the British High Commission, in his address, said the UK firmly believed that only Ghanaians and their elected representatives could drive Ghana’s prosperity.

“We are proud to support both the public and parliamentarians to deliver the best economic outcomes for the country through this new partnership,” he said.