- The House of Parliament is about to approve a $22.5 million car loan for MPs
- The loan is to be secured from the Societe General Ghana (SGG) Limited
- The government of Ghana as well as the ex-gratia of the MPs are to be used as securities for the loan
The House of Parliament, will on Thursday, June 14, 2018, approve a credit facility worth $22.5 million for official vehicles for Members of Parliament (MPs).
According to a report by MyNewsGH.com, the loan facility is being secured by the Parliamentary Service from the Societe General Ghana (SGG) Limited with the Government of Ghana as the Guarantor.
YEN.com.gh understands that the ex-gratia to be paid to the MPs at the end of their 4-year tenure in office will also be used as a collateral for the loan.
Each MP may therefore walk away with about $80,000 or the cedi equivalent of about GHc376,000
The move is to enable the lawmakers acquire brand new vehicles to facilitate their work as some MPs have to commute long distances to their various constituencies and back to Accra weekly.
All the MPs are expected to pay back the loan within four years starting from January 7, 2017 to January 6, 2021.
Some of them expressed misgivings over the erroneous impression from the public that the cars are given to MPs for free.
According to them, the loans are expected to be paid back in monthly installments for four years, by which time their tenure of office in parliament would have come to an end.
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