Parliament has approved Ghana’s subscription of an additional 677 shares to the Capital Stock of the International Bank for Reconstruction and Development (IBRD), of the World Bank Group (WBG).

Out of the total, $78,311,416.60 is callable and $3,358,478.40 is purchase expected with cash.

The Capital Share Increase is part of the ongoing reforms at the Bank, which seeks to enhance the voice, participation and increase the voting power of Developing and Transition countries from 42.6 per cent to 47.19 per cent.

This is also aimed at reducing the share and dominant voting power of developed countries from 57.40 percent to 52.81 percent.

The IBRD is the arm of the World Bank that lends to developing countries.

Mr James Kluste Avedzi, the Chairman of the Finance Committee of Parliament, told the House that Ghana’s subscription to the IBRD capital share would increase the country’s voting power and current standing from 0.10 per cent to 0.12 per cent.

He said the move would raise Ghana from its current ranking of 91 position to the 88position and consolidate her permanent position as Senior Advisor to the Executive Director of Ghana’s Constituency within the Bank Group.

The total value of the shares has been fully incorporated in the 2016 Budget Statement and the Economic Policy of Government that was approved by the House, in 2015, as part of subscription payments.

Paapa Owusu Ankomah, the MP for Sekondi, who seconded the adoption of the report of the Finance Committee for the approval of the subscription, said the Government should make it a priority to set Ghanaian citizens at the World Bank to take up high positions.

This, he said, would enable Ghana to influence decisions to the advantage of the country.