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Parliament on Wednesday ratified a commercial agreement for the development of a free port at Atuabo in the Western Region, amidst heated debate and name calling. The majority National Democratic Congress (NDC) were all for the resolution to approve the agreement but the minority New Patriotic Party (NPP) expressed misgivings, and vehemently opposed it. There were heckles, catcalls and innuendoes, which were made and retracted as members from both sides contributed to the motion to adopt the report of the Parliamentary Joint Committee on Finance and Road and Transport on the agreement. In a voice vote put forward by Ebo Barton-Odro, the First Deputy Speaker, who sat in the chair, the Majority, however, carried the day with a resounding aye, while the Minority abstained. The agreement was �the Commercial Agreement of the Government of Ghana, Lonrho Ports Ghana Limited and the Atuabo Free Port Ghana Limited in Respect of Ghana Oil and Gas Freeport Project�. The agreement was presented to Parliament, on behalf of the Minister of Finance and Economic Planning, Mr Seth Terkper, by his out-going deputy Minister Mr George Kweku Rickets-Hagan, on June 26, and was thereafter referred to joint committee. According to the Report, the agreement is to facilitate the development and operation of a joint venture with the private sector and the Government of Ghana to build an Oil and Gas Free Port in Atuabo in the Western Region. The report said prior to Cabinet�s approval of the agreement last January, extensive engagements were made to determine the feasibility of the project, the requisite infrastructure and investment needed to develop the facility described as the �only petroleum/hydrocarbon logistics based port.� According to the report, Lonrho confirmed to the Government of Ghana that the project is viable. On the terms and conditions of the agreement, the equity in the project would be held through a Special Project Vehicle called Atuabo Freeport, a Ghanaian incorporated entity. Forty-five per cent shall be wholly Ghanaian-based, which would include 35 per cent of the initial capital contributions being made by Ghanaian institutions such the Social Security and National Insurance Trust (SSNIT), Ghana National Petroleum Corporation, the Volta River Authority, and the State Insurance Corporation. The Government of Ghana shall be given a 10 per cent stake of the initial share capital of the developer at a per value zero premium. The remaining 55 per cent of the equity would be held by international investors and will include Lonrho Limited, Africa Finance Corporation and China Habour Engineering Company. The agreement also caters for commercial tenure of 25 years. Some of the benefits highlighted by the report are employment generation, local content and local participation, reduction of logistics costs to other oil and gas developments in the Western Region.