IT should help get information on IFC -Analyst

The Executive Director of the Centre For Policy Analysis (CEPA) on Wednesday called for a dispassionate discussion, based on knowledge, to ascertain the credibility of the International Finance Consortium (IFC), whose proposed one billion -dollar loan facility to the country has generated public controversy.

Dr. Joseph Abbey, who was speaking to journalists in an interview, in Accra said modern trends in information technology should make it easier for stakeholders, particularly media practitioners, to access the relevant background information that assist Ghanaians to make an informed decision on the credibility or otherwise of the company.

"It should be possible for instance to find out when the IFC was formed, whether it is listed on a stock market or not, its financial status, its directors, balance sheet and credit and other relevant information," he said.

Dr. Abbey said the research could have been conducted and the results forwarded to the appropriate persons such as the Governor of the Central Bank and institutions that have been assigned with the responsibility of protecting the interest of Ghanaians in such matters rather than putting it in the public domain with a political spin on the issue.


"I was very saddened and embarrassed when I heard the way the issue was handled in the media, but I was somehow comforted that, one radio station called the IFC to make some form of investigation," he said.


The National Democratic Congress, at a news conference on Monday called on its members in Parliament to reject the loan, which is before the Finance Committee of the House, describing it as a ?scam?.


Dr Abbey said Ghana, as a Heavily Indebted Poor Country (HIPC) seems vulnerable and could, therefore, be taken advantage of by fraudulent organisations that would hold themselves as saviours.

But we need to handle such issues without political biases to be able to seek the supreme interest of all Ghanaians, he said. "I cannot say whether this particular loan is genuine or not but the warning is clear; there are sharks out there. I have met them with their proposals in the various roles I have played for this country and we acted collectively as public spirited people to save the nation," he said, adding that if a mistake should be made it should be a genuine one.


Dr Abbey condemned the politicisation of the issue, saying that only served the emotional and parochial interests of the players.


He said he had some information that indicated that the proposal for the loan facility came up during the previous administration, therefore, it would be prudent for the National Democratic Congress to share information on its experiences with the IFC with Ghanaians to make an informed decision rather than it just issuing a distant warning.


Dr Abbey said the Governor of the Bank of Ghana had the constitutional mandate to reject any deal that he considered dangerous or bad, therefore, he should be entrusted with the ultimate responsibility to decide on the loan.