World Bank Fines Ghana $40m

Ghana is to pay a fine of $40 million as penalty to the World Bank for not presenting the true statistics of the country's economy to them. Mr. Isaac C. Edumadze, Central Regional Minister, who revealed this at Agona Swedru last Monday said because the NDC government failed to present the appropriate figures of the economy hence the consequence of paying the penalty by the new administration.

The Regional Minister toured Nyakrom, Nsabaa and Swedru as part of his familiarization tour of the Agona District where he addressed Assembly Members, Heads of Department and staff of the District Assembly. On the Highly Indebted Poor Country (HIPC) initiative the Minster said it is not the intention of the New Patriotic Party (NPP) government to enslave Ghanaians but to help improve the socio-economic advancement of the country.

Mr. Edumadze mentioned that the NDC government informed the World Bank that each Ghanaian earns a daily wage equivalent to one thousand dollars, which was absolutely false. He quoted Senegal's per capital income as $620, Cote D'Ivoire $500 and Ghana $370, and asked that if these countries whose per capital income is higher than Ghana have opted for the HIPC initiative, what about Ghana who is below $500? He reiterated the need to probe all the twelve District Assemblies in the region very soon and said those found to have performed creditably for the benefit of the people will be honoured but those found to be guilty of misappropriation of funds through illegal means will be handed over to the police for prosecution.

With regards to the Poverty Alleviation Fund he said it was created to mitigate abject poverty facing the people in the rural areas but said the concept has been diverted and abused by the previous government. He therefore warned all those who have taken loans from the fund to do well to settle them as quickly as practicable to avoid embarrassment.