Parliament has approved a £17 million facility to finance the extension of the lease on the Ghana International Bank (GIB) building in London, a move aimed at securing Ghana's long-term presence in one of the world's leading financial centres.

The approval grants the government the financial backing needed to extend the lease agreement for the property, which serves as the headquarters of Ghana International Bank in the United Kingdom.

Government officials explained that the extension is necessary to protect Ghana's strategic financial interests and maintain the bank's operations in London, a key global hub for international banking and trade.

During deliberations in Parliament, supporters of the agreement argued that retaining the property would strengthen Ghana's financial footprint in the international market and ensure continuity in the bank's services to businesses and investors.

The Ghana International Bank plays an important role in facilitating trade finance, correspondent banking services, and investment transactions between Ghana, the United Kingdom, and other international partners.

The approval of the £17 million lease extension is expected to secure the bank's operations in London for years to come while reinforcing Ghana's position within the global financial system.