Parliament has approved a resolution between the Government of Ghana and the Wardens and Commonalty of the Mystery of Mercers for the renewal of the head lease of Regina House in London for another 150 years.
The approval followed the adoption of the Finance Committee's report on the agreement on Tuesday, in accordance with Article 181(5) of the 1992 Constitution, which requires parliamentary approval for international business and economic transactions involving the government.
Speaking on the floor of Parliament, the Deputy Minister of Finance, Mr Thomas Nyarko Ampem, said Regina House, located in a prime area of London, had housed the Ghana International Bank (GHIB) and other tenants for nearly a century and remained a strategic national asset.
"Mr Speaker, this asset is one of the assets that our colonial administration handed over to us. We have held the property from 1957 and it is due to expire next year in 2027," he said.
Follow us on WhatsApp | LinkedIn for the latest headlines
Mr Ampem explained that GHIB and the Ghana High Commission had initiated negotiations with the Mercers for the lease renewal.
"Mr Speaker, the Ghana International Bank, which is one of the occupants of the property, together with Ghana High Commission have taken steps to approach the Mercers to negotiate for the renewal of the lease and it is that that we have brought before this House, and the request is for us to get approval to renew the lease for another 150 years," he added.
He disclosed that the renewal would cost the government £17.25 million, while annual rental income of £1.4 million from other occupants of the building would offset the cost within 12 and a half years.
Mr Ampem said accumulated rental income would subsequently be used to acquire other strategic properties in the United Kingdom.
In a related development, the Public Accounts Committee (PAC) urged the Procurement Unit of the Ministry of Food and Agriculture (MoFA) to include clear timelines in future agreements with farmers on the supply of fertilisers.
Presenting the committee's report on the Auditor-General's performance audit on the availability and accessibility of fertilisers to smallholder farmers between 2019 and 2023, the Chairperson of the PAC, Mrs Abena Osei-Asare, said delays in the distribution of subsidised fertilisers forced farmers to purchase more expensive fertilisers from the open market.
She said the delays also disrupted the timely application of fertilisers, resulting in lower crop yields.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Mrs Osei-Asare further stated that the committee found that the Plant Protection and Regulatory Services Directorate failed to adequately supervise quality assurance testing, leading to the distribution of substandard fertilisers.
She urged the directorate to institute a robust quality assurance programme, noting "This programme should involve regular testing of fertilisers before and during distribution to ensure compliance with quality standards."
Mrs Osei-Asare also called on MoFA to ensure that AMG Company replaced the 2,000 bags of substandard fertilisers it supplied to farmers in the Upper East Region.
