Mr Speaker, we are
informed by our history and we should be very careful what to do.
I want to state on record that anybody in principle is against collaterisation. First of all, I do not know the rationale for choosing 10 years when all governments have a maximum of four (4) years. So I do not know where the rationale for saying “not more than 10 years” -
We are going to have infrastructural deficits forever. Since the Government
is minded on collaterisation, what we ought to be asking is, what type of colla- terisation we should be doing? Let us give an example, on the STX. At least, the first 30,000 will not bring any income. So if you collaterise that, what it means is that, you will use all that amount, all of it for that purpose.
If you default, you have a problem; that is the thing about collateralisation that we have to be careful about. In the event of default -- you have put all your eggs in one basket, you cannot do any other thing. Here in clause 22, you have listed a couple of things, about 20 items that you want to use it for. So if you collateralise on one single project, you have constrained yourself completely: so we should be thinking about a limited collateralisation instead of what is implied here -- 100 per cent collateralisation.
If we do that, that is where we are going to run into trouble. You want to be able to do other things; if you want roads, you should be able to, on your own, do them without binding yourself. The thing about collateralisation is not when it works; it is when you default. If you have several other things that you want to do, why do you have to tie yourself towards one project? And that is the danger?
So my suggestion is that instead of thinking about unrestrained colla- teralisation, we should be taking some specific portions -- so that you will be limited, then it gives you room to be able to do the same things that you were doing.
You know that mortgaging all of it to one project is not the best? I think, as you said, it appears the Government is minded, and I do not have a problem with it. But I think if that is the path it is going to go, the more sensible thing to do is to limit that extent, not 100 per cent; that is dangerous. It does not allow Ghana any room to do anything else. So some foreigners somewhere can determine for
us what our prices are going to be and that is the danger of what we are doing.
Each Government, whether it is NPP, CPP, it is only selected for four years. Why do we want to bind somebody, especially if it is collateralisation for a period for ten (10) years when you know that you do not have a mandate of ten (10) years?
Let us be minded of the fact that when the Government itself went out, Mr Speaker, in this publication, the Government rightly said so, and I agree with them; they went out to seek opinion; that opinion points to a certain direction. Mr Speaker, it is not for want of nothing that in the survey, the majority did not want it. I am saying we should keep that in mind; even those who wanted collateralisation are talking about limitation
Mr Speaker, if you spent that much time to seek public opinion and then you turn round to say you are going to throw the public opinion out completely, I believe it is not serious policy-making.
I think to assure the public that we are conscious of their concerns, we must be moving towards limited colla-teralisation. If we completely ignore what the public is saying -- Mr Speaker, the public will be listening to us; we are coming out from election and I do not think it will be wise to ignore that. At least, to assure them that we are conscious of their concerns, we should be thinking about this amendment, to say that we would go from limited collateralisation, which is constrained within the mandate of a specific Government, so that that Government would be accountable for the time that they have been elected.
Mr Speaker, I want to tell Hon Members
of both sides of the House, that this is not political, and should not be partisan, and we should be doing what is best for the people of Ghana with our oil. When people stand up and say we will go for it, Mr Speaker, I want them to advert their minds that if they stay there, that they will go for it no matter what, the public will not take us serious.
So I think that this amendment should be further amended so that the people of Ghana can be assured that we the representatives are taking into account what they believe.
I thank you.