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General News Mon, 25 Nov 2002

Why We "Took" IFC Loan ? NPP

The New Patriotic Party (NPP) says it took the controversial International Financial Consortium (IFC) loan to enable it to fulfill its campaign promises to Ghanaians. According to the party, such promises can only be actualized with money and the NPP government was not being scammed as some Ghanaians fear. NPP Chairman, Haruna Esseku who made this known said "we agree that it is the single biggest loan that Ghana has ever taken, and we had our eyes clearly opened when we were taking it".

"I can bet that those who think that this government with all the talents we have will go for a scam loan, will be disappointed, no, not this government".

When asked whether the IFC had given any other country such a huge loan before, he directed the reporter to the Finance Minister and Senior Minister, J. H. Mensah. His major concern was that the money was being made available to redeem the NPP's image.

"My interest is in ensuring that my party is able to fulfill the promises that we have made to Ghanaians and most of these promises can be fulfilled through the use of money".

Esseku assured that the projects on which the IFC loan will be expended have been itemized and would be made public soon. The opposition NDC announced at a press conference that the loan was a scam. This generated controversy with the NPP government announcing that the IFC is recognized by the World Bank and that the loan was not a scam. The World Bank however came out to deny any knowledge of the Consortium. In the end, part of the loan was approved by Parliament by a majority decision. The NDC minority voted against the loan.

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Source: National Concord
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