Parliament, earlier today, approved a $750 million loan agreement sought by the government to finance capital and growth-related expenditures in the 2022 budget.

The Minority in Parliament had resisted the approval of the facility and for weeks progressed stalled on the deal.

But government had grown in desperation to get the lump sum of $1 billion dollars loan to shore the country's foreign reserve and also support the 2022 budget.

Following weeks of back and forth between both sides of the house, some consensus was reached as the Minority softened their stance.

The major part of the deal, a $750 million loan to be sourced from the AfreximBank has now been approved.

According to the report of the Finance Committee which has been adopted by the plenary, Finance Minister Ken Ofori-Atta told the members the loan was critical and urgent.

"The Minister of Finance explained to the committee that the approval of the facility is urgently needed to avoid the country going bankrupt and help the country meet its debt obligations."

According to the Chairman of the Finance Committee Kwaku Kwarteng who urged his colleagues to approve the loan, the facility was critical to enable government to deliver on its responsibilities.

Kwaku Kwarteng had earlier said on Joy FM's Top Story that without the loan, salaries could not be paid and debt obligations could not be met.

Members of Parliament on the Minority side although supported the approval of the loan agreement, raised significant concerns about the country's current debt situation which they say has become unsustainable.

The Finance Committee will continue to meet to find common grounds on the 250 million dollar component of the deal which has stalled because of some concerns raised by the Minority.