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Huge uproar from a packed Majority side greeted the New Patriotic Party (NPP) Member of Parliament for Assin Central, Kennedy Agyapong when he was asked by the Speaker of Parliament to make a contribution yesterday on a motion to allow the government to enter the international capital market to issue a $1billion Eurobond for some infrastructural projects. Majority members thought Ken Agyapong, who is known for always lambasting the ruling National Democratic Congress (NDC) government on its policies, was going to use the floor to castigate the government again. However, when Kennedy Agyapong took the floor, he rather turned his attention to civil servants at the Ministries, Departments and Agencies (MDAs) and said those people, who are put in charge of the implementation of government programmes and �chop� the public funds as well as politicians should be made to suffer for it. He stressed the importance for all related ministries to urgently put in place necessary measures that would prevent the civil servants from getting the opportunity to siphon the $1billion Eurobond that would be earmarked for development projects since the Auditor-General�s report said civil and public servants misappropriated or embezzled over $1.3billion of public funds. His comments immediately drew huge applause and ovation from the packed majority members with a thunderous �yeeh yeeh�. He said it was very important to put in place checks and balances to ensure that the money to be accessed by the government for the listed projects was used solely for those projects without some finding its way into individuals� pockets. Tempers had been high in the debate to approve the $1billion Eurobond as the minority members thought the time was not appropriate for the government to go to the international market for the bond, but the majority said it was the right time since the nation needed money to invest in capital projects. The New Patriotic Party (NPP) Member of Parliament for New Juaben South, Dr Mark Assibey-Yeboah had strongly objected to the $1billion Eurobond, saying it would definitely add up to the country�s gargantuan debt stock, which in the last four years, had quadrupled from 9.5 billion Ghana cedis to over 38 billion Ghana cedis as a result of excessive borrowing. The New Juaben South MP said this year alone the country would pay GH₵3.9 billion Ghana cedis as interest on its loans, adding that the reason why the government was �rushing� for the Eurobond was because it had huge liquidity constraints and therefore wanted to have money to meet its payment obligations. According to Dr Assibey-Yeboah, there is currently a credit crunch in China and before the bond is accessed the nation has to look at its fiscal situation as well as external conditions to be able to have better arrangements. �The $1billion Eurobond is too big for the country looking at reserves and should be reduced because Nigeria with its economic might and reserves has also gone to the market to issue a similar $1billion Eurobond,� he said. The NPP MP for Sekondi, Papa Owusu Ankomah said the Minister of Finance was doing something contrary to the budget requirements. He, however, asked the Minister to come back later to parliament to brief members about the terms of agreement of the Eurobond. He expressed worry that about 90 per cent of the Eurobond was open to ordinary expenditure, stressing that as a serious nation the money had to be used to finance projects which would eventually yield dividends. The National Democratic Congress (NDC) Members of Parliament for Shama and Asunafo South, Gabriel Essilfie and Eric Opoku respectively supported the motion, adding that going to the international market for the Eurobond would free the domestic market so that local investors would be able to access loans to expand their businesses and employ more people. According to the finance committee�s report on the $1billion Eurobond, the 2013 has a funding gap of 8 billion Ghana cedis which is expected to be financed through borrowing and grants. �In a bid to reduce government�s over-reliance on short term domestic instruments to finance capital projects and to diversify its sources of funding, it has become imperative to re-enter the international capital market as an alternative source of funding capital projects at cheaper cost,� the committee�s report noted. Interestingly, there was a full house of the majority yesterday to give the nod to the Eurobond and it was accordingly approved by parliament after the pro and cons arguments on its viability.