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General News Wed, 27 Nov 2002

What MPs said about the IFC loan retreat

Moses Asaga

Took the opportunity to take a few swipes at the government.

He said it was gratifying that the Ministry of Finance has now found it necessary to release the country from three months of suspension and a hope for what he termed "a non-existent loan facility".

Asaga also MP for Nabdam said if the Government had listened to the complaints and discussions at the Finance Committee and the subsequent debate on the floor of Parliament concerning the one billion-loan facility from the International Financial Consortium (IFC), it would not have assigned the reasons for its withdrawal now.

The Member said as an experienced banker, he felt it was necessary that the right advice was given but unfortunately the Minister refused to listen to advice when it was apparent that the loan was non-existent.

He said he was surprised that even the Governor of Bank of Ghana could not see through the deceit of the IFC and allowed to be taken for a ride, adding that the Governor could have rejected the offer as was done in the past.

Mr. Asaga said if the government wants to take credible loan facilities, there were many sources that the IMF would not be against, provided there was transparency in the transactions.

He said, he was ready to provide free consultancy as to how to access foreign loans and mentioned such organisations as the Professional Investment Bankers, Infrastructural Financial Facility and Departmental Financing that are all recognizable bodies and could come to the support of the country.

Ms Hawa Yakubu, NPP- Bawku Central

...Said he stand of the Minister was a clear testimony of the transparency and forthrightness of the government in taking bold decisions to salvage the economy.

She said it was government's plan to source for funding that would result in not only the socio-economic development of the country but also significantly achieving poverty reduction.

Minority Chief Whip Doe Adjaho, NDC- Avenor

...said the worry of the minority side was that there was no due diligence concerning the whole transaction of the IFC loan by the Bank of Ghana and the Ministry of Finance.

He said this was a clear case that the Parliamentary Committee of Finance was deceived and it was not enough for the Minister to state that he was discontinuing with the loan but he should be bold to go ahead and tender in his resignation as well as the Governor of Bank of Ghana.

Mines Minister, Kwadwo Adjei-Darko, NPP- Sunyani West

.... said the Minister of Finance needs commendation for been bold to withdraw the loan facility instead of hiding it from parliament and the public.

Dr. Kwabena Adjei, NDC- Biakoye

....said it is now clear that the minority was not always wrong and that the majority was not always right, adding that the Minority were only waiting for the right time that has now come, following the testimony of defeat by the Minister. He said there would be more confessions to be made by the Majority side and government but cautioned that care should be taken so that it does not come at a huge cost to the nation.

Dr. Adjei said with the trend of affairs now, he was worried about the national credibility and image of the country, the perceptions of the global world about the calibre of people managing the economic affairs of the country who could differentiate frauds as well as the image of Parliament and the current government.

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Source: newsInGhana
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