Parliament has secured £800,000 in funding from the World Bank to support a new training programme aimed at strengthening the economic and financial oversight responsibilities of Members of Parliament.

According to a statement issued by the Parliamentary Service, the 18-month initiative, titled Building the Capacity of Parliamentarians for Economic and Financial Governance, was launched on Wednesday, June 18, 2025.

The programme is being implemented in partnership with the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO).

Speaker of Parliament Mr Alban Sumana Kingsford Bagbin said the initiative is expected to improve fiscal scrutiny and deepen MPs’ understanding of economic governance.

“This initiative will strengthen parliamentary oversight, improve fiscal management, and deepen understanding of economic policies among Members of Parliament. By equipping Parliament, especially new legislators, with needed skills and knowledge, the programme will foster effective governance, accountability, and transparent management of public resources,” Mr Bagbin said according to the statement.

The statement noted that support from the FCDO, channelled through the World Bank, will help deliver structured training over the next 18 months.

The aim is to support Parliament’s ability to carry out more thorough legislative reviews while promoting sound economic policy oversight.

Ms Michelle Keane, acting World Bank Country Director for Ghana, Liberia and Sierra Leone, stressed the usefulness of the programme for parliamentary committees.

“The World Bank is glad to be part of this important initiative. Members of parliamentary committees require the necessary skills and knowledge to evaluate allocations and uses of government expenditures and revenues.

It will also help them assess the economic and distributional impacts of fiscal decisions and ensure that economic policies align with medium-term macroeconomic sustainability and development goals,” Ms Keane stated.

Mr Keith McMahon, Chargé d’Affaires at the British High Commission, reaffirmed the UK’s support for Ghana’s progress.

“The UK firmly believes that only Ghanaians and their elected representatives can 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,” Mr McMahon said, according to the Parliamentary Service.

The statement noted that the Finance, Budget, Economy and Development, Assurances, and Public Accounts Committees are expected to benefit from the programme.

Support will also be extended to the newly created Office for Parliamentary Analysis and the Citizens’ Bureau.

The Parliamentary Service outlined several aims of the initiative. It will provide technical assistance in areas such as economics, public financial management, tax policy and administration, as well as growth and development. This support is intended to help MPs assess how macro-fiscal policies affect the country.

The programme will also support Parliament’s own initiatives that promote the careful use of public funds for national benefit. Training materials, toolkits, and handbooks will be developed to assist with the induction and capacity-building of members and staff of relevant committees.

Parliament will also benefit from opportunities to engage in peer learning with other legislatures.

The programme is expected to help Parliament identify knowledge and information gaps and work with civil society organisations, think tanks, and private sector actors to address them.

According to the statement, the initiative also aims to improve public awareness and engagement by promoting greater use of parliamentary information by the media and civil society.

It is part of broader efforts to improve transparency and accountability in the management of public finances.

Mr Bagbin expressed his gratitude to the FCDO and the World Bank for their continued support, which he said reflects confidence in Ghana’s efforts to strengthen its democratic institutions and economic governance.

The Parliamentary Service described the initiative as part of Parliament’s broader efforts to support improved public policy outcomes and help MPs play a more informed role in shaping national economic direction.