Finance Minister must resign over “smelly deal” – Minority

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PRINCE KWASI ADADE (OFIE P33) 8 years ago

AUTHOR: STEPHEN DONKOR -------- Hei, NATIONAL DEMOCRATIC CONCERT(NDC) should be ready to stay in opposition for eternity. Considering the prudent economic foundation the NPP has started to put in place by reducing taxes, tack ...
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AUTHOR: STEPHEN DONKOR -------- Hei, NATIONAL DEMOCRATIC CONCERT(NDC) should be ready to stay in opposition for eternity. Considering the prudent economic foundation the NPP has started to put in place by reducing taxes, tackling the Banks policy rates and the lmplementation of the One District One Factory policy to curb the menace of employment in Ghana. The free High School program the National Health Insurance Scheme and many more programs to ease the suffering and hardship that the criminal Mahama administration unleashed on Ghanaians. Do you think we Ghanaians would be fooled again to throw our bones back to you dogs? Solve the puzzle NDC goons.
Stormborn 8 years ago

BUSINESS U Should Do Right Away!
Small business you say?.NGN 30k(about $100 min) average daily is possible &more! U do the sum for what is being averaged per month! Most people, even graduates ignore daily income services se ...
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BUSINESS U Should Do Right Away!
Small business you say?.NGN 30k(about $100 min) average daily is possible &more! U do the sum for what is being averaged per month! Most people, even graduates ignore daily income services sector. All they see is the dirt, presumed indignity on those who do them. An empty pocket from no job or an underpaid job is far more indignifying. Educated? Start small but grow, package it well, employ others, while U supervise.This is guaranteed with depth of skills & acumen in smartphones & Tablets Repairs business.. Visit a good Phones & Tablets Repair centre & open your eyes. You will see what I mean! Get " Mobile Phones & Tablets Repairs : A Complete Guide for Beginners & Professionals " 2day! Visit Amazon, Barnes & Noble, eBay etc
Akonoba 8 years ago

Meaningless words. No conflict of interest.

Meaningless words. No conflict of interest.
KING JUSTICE 8 years ago

No reasonable Ghanaian should mind this mindless NDC, they just jealous of the achievement of the NPP. NDC is just a waisting party.

No reasonable Ghanaian should mind this mindless NDC, they just jealous of the achievement of the NPP. NDC is just a waisting party.
PAULO 8 years ago

The NDC is a motley collection of jokers. They are misfits in the political game and would do better taking over the Late Bob Okalla's concert party. They are a waste of everybody's time.

The NDC is a motley collection of jokers. They are misfits in the political game and would do better taking over the Late Bob Okalla's concert party. They are a waste of everybody's time.
JAY 8 years ago

Yes definitely a conflict of interest issue, the finamce Minister and Attorney General should have resigned as directors of the Enterprise Group when they realised Templeton was part of the bidding process,you can't be a Mini ...
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Yes definitely a conflict of interest issue, the finamce Minister and Attorney General should have resigned as directors of the Enterprise Group when they realised Templeton was part of the bidding process,you can't be a Minister of State while you still being a director of a company which is benefiting from a Government project at the same time
Uncle Pee 8 years ago

The question the Minority should ask themselves is whether the outcome of the bond helped Ghana? Keep humiliating yourselves, Minority members.

The question the Minority should ask themselves is whether the outcome of the bond helped Ghana? Keep humiliating yourselves, Minority members.
UNCLEJOE 8 years ago

ndc people are jokers. they will stay very very long in opposition. they cannot learn from their mistakes. they must know propaganda cannot win votes.

ndc people are jokers. they will stay very very long in opposition. they cannot learn from their mistakes. they must know propaganda cannot win votes.
Penti 8 years ago

The devilish thieves have begun their work.
They will soon be sent back to the opposition where they perform better.
They will jail, prosecute, and harass anybody in good position unless the one is in their camp. Foolish NP ...
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The devilish thieves have begun their work.
They will soon be sent back to the opposition where they perform better.
They will jail, prosecute, and harass anybody in good position unless the one is in their camp. Foolish NPP, thieves will clear anybody in their way.fraudulent
Stephen Donkor, New York. 8 years ago

The noose is being tightened around the necks of the criminal NDC operatives, their illegal financial network are gradually getting shut down by the shrewd finance minister. They enrolled their criminal operatives on the gov ...
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The noose is being tightened around the necks of the criminal NDC operatives, their illegal financial network are gradually getting shut down by the shrewd finance minister. They enrolled their criminal operatives on the governments payroll at the expense of the poor but hardworking Ghanaian employees, oh what a shame !. This is the reason why workers were not getting paid on time, sometimes for two years or more. Even Kwasi Pratt, Arku Gunn, Bobby Ansah, Alister Nelson and a host all these blah!!! blah !! blah! NDC stooges were illegally enjoying these largesse. Now Ghanaians should be ready for flimsy excuses that these crooks will use to stage demonstrations because they are EYE RED. Their financial free flow is shattered and I guess a hungry man is an angry man. Hoolalaa!!!!!

yaya 8 years ago

you should be ashamed of yourself . Ask NDC what they did with Ghana money.You cannot take us back , we are moving forward. If you know how to creat jobs start doing it now, There is no rosy bed any where in the world . we ...
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you should be ashamed of yourself . Ask NDC what they did with Ghana money.You cannot take us back , we are moving forward. If you know how to creat jobs start doing it now, There is no rosy bed any where in the world . we are fed up with this politicians. Please make Ghana great.
Stephen Donkor, New York. 8 years ago

Stupid minority goons. You connived with your criminal operatives and milked a whole bank to death, then turned around and aquired the said bank for a pittance. Who are the faceless people behind that FORTIZ EQUITY GROUP?

Stupid minority goons. You connived with your criminal operatives and milked a whole bank to death, then turned around and aquired the said bank for a pittance. Who are the faceless people behind that FORTIZ EQUITY GROUP?
lee 8 years ago

Opposition ohhhh stop fooling

Opposition ohhhh stop fooling
Quayson Taadi 8 years ago

These are well established people. Educate us what is wrong about it, bunch of empty barrels NDC

These are well established people. Educate us what is wrong about it, bunch of empty barrels NDC
Abena 8 years ago

NDC you are really desperate. This will not help you .Have you heard Ibrahim Mahama begging yeterday at EOCO .We have started and all who stole our monies will vomit them .IDIOTS

NDC you are really desperate. This will not help you .Have you heard Ibrahim Mahama begging yeterday at EOCO .We have started and all who stole our monies will vomit them .IDIOTS
Kofi Jay 8 years ago

Your mother wai. You think Ibrahim is a small boy

Your mother wai. You think Ibrahim is a small boy
Citizen 8 years ago

Of course Ibrahim isn't 'a small boy'. Perhaps he's a big man thief.

Of course Ibrahim isn't 'a small boy'. Perhaps he's a big man thief.
cka 8 years ago

NDC,must shut the fuck up, nobody is resigning and they can go to court,and who can not wait for four years,NDC must forget about coming to power again forever.

NDC,must shut the fuck up, nobody is resigning and they can go to court,and who can not wait for four years,NDC must forget about coming to power again forever.
Amega 8 years ago

Ato Forson is almost always holding useless conferences.

Ato Forson is almost always holding useless conferences.
Keane 8 years ago

Mmmmmm not sure about this yes investigate but not to be boring make sure you spend time getting Rid of AMERI POWER THE crooks and save Ghana US$150 million in the so called "broker fee"
AMERI What a surprise ...after bribin ...
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Mmmmmm not sure about this yes investigate but not to be boring make sure you spend time getting Rid of AMERI POWER THE crooks and save Ghana US$150 million in the so called "broker fee"
AMERI What a surprise ...after bribing everyone to go on a visit to review the contract ....one minute going to negotiate now no negotiate ........they set the company up to SCREW Ghana the world is laughing at Ghana ...how many other multi million dollar contracts have AMERI ACHIEVED...ZERO how many other contracts has that crook His Royal Highness Sheikh Ahmed Bin Dalmook Al Maktoum, received a deal of $150 million commission ZERO ... why did the witness a known crook UMAR FAROOQ ZAHOOR witness contract then they say no no no he is not the crook he is s different man then a few days later he is removed ftom web site and resigned for personal reasons . Full story on Norwegian newspaper Verdens Gang (VG so corrupt bribery greedy NDC just screwed Ghana so CONTRACT is a FRAUD GET them all arrested for loss to state ...if nothing happens then NPP HAS ACCEPTED A BRIBE TO shut up? Now they have paid the committee hotels expenses and flights to investigate ....conflict of interest!!! (More bribes) apart from all the goings on the executive I trimmer from that EVIL corrupt ex president mahatma (agreeing to a project costing $300million more than any other project in the world EVER) the contract reads if AMERI do not like the government or whatever they can MAKE the government BUY the project ....so that's $300 million more than ANY other similar projects in the world ...TOTAL CORRUPTION TOTAL DISGRACE..100% within a few years they will attempt that clause as the project does not work $900million at one minute 12 cents then 14.5 cents per pkh for power (400mw at $600million oh dear Ghana ....EVERY ONE INVOLVED IN BRIBE-corruption PAST AND PRESENT WATCH THEM TALK RUBBISH TO CLOSE THE CONVERSATION DOWN

(Ofori Atta wildly removes 50,000 ghost names from Ghana's public payroll and it is good news)(still no arrests still no return of money even if $500 a month over 8 Years with NDC (they admitted in 2016 that they removed 27,000 ) so thats $462 million paid out and stolen by whoever withdrew the funds from those ghost accounts .
And not one mother fucker arrested or or 1 Cecilia recovered ...fucks sake ?!!!!

Source imani-
Friends, do not take the silence of AMERI’s supporters on this platform and in the open media to mean aloofness or nonchalance.
They have been hard at work, especially on WhatsApp and in private briefings, doing all they can to discredit IMANI’s campaign to persuade the public to view the deal as the “greatest swindle of the Ghanaian state in at least two decades”.
Since our responses have been fragmented across different posts, discussion threads, and ripostes across multiple platforms, we have been advised to assemble them all in one place in order to vindicate our campaign. We now have the pleasure and duty to proceed to do so.
Let us take just the main arguments that are being canvassed by pro-AMERI activists.
They have said that IMANI’s analysis of the financial terms of the deal is shallow because it assumes that such a deal can only be assessed in one way, when in fact different methods can show that it is a very fair deal.
IMANI is underestimating the cost of installing the turbines and exaggerating the profits made by the middle-men (brokers) because it does not understand IRR, NPV, and Discount Rate analysis, they insist.
How do we plead to this charge? Firstly, no one, at least, disputes the cost of the TM2500+ mobile aeroderivative gas turbines that were bought (in actual fact, the TM2500+ is the composite ‘power plant in the box’; the turbine itself in that box is the LM2500 aeroderivative engine).
And that is because no one can. Right there in Annex A to the agreement, its supplier and specifications are fully provided. The machine was acquired from APR, a recommended supplier of GE, by the brokers. APR openly lists the price of these machines. There is thus no dispute that the machines together cost $220 Million, and most likely less if bought in bulk.
As to why Ghana had to go to AMERI for AMERI to go to METKA for METKA to go to APR in order to acquire GE equipment, let’s leave that aside for now. Anybody with the most basic training knows that if something costs $22 million each and you want to acquire ten of them you would normally be entitled to a discount.
You can prove the point by walking to Kingdom Stationery and ordering 10 workstations at a go. I assure you a 15% discount off the catalogue price would be yours, but let’s even assume that the original procurers were obtuse enough to pay $220 million.
(Indeed in the World Energy Outlook database, per MW capital cost for gas turbine power is $500,000, so the $900,000 implied by the catalog price is precisely what you expect to see at catalogue price level, but let’s not over-flog the point.)
The $220 million is the engineering cost. Everyone knows that even if a machine, such as this one, has been designed as turnkey (literally, buy today, turn the key, and voila it starts working) one still need specialists to install, test and then commission it.
One also needs to plug it into whatever network is supposed to receive the output the machine generates. Also if somebody buys something on your behalf they deserve to be paid what in Ghana is called T&T.
Note however that in this case, unlike the case in a normal power plant, all that was needed was to integrate the turbines with the national grid equipment.
In fact, GE offers to install the machines for you in eleven days or even three days if as a user you don’t need a test run! You don’t have to have more than a JHS education to understand that what we are talking about here is not the building of Akosombo dam and township.
It is literally assembling a bunch of gizmos for cooling, firing up, and transmission of the generated power into the national grid.
As far as the transformers, civil works, utilities and sewers/tubing/tunnelling are concerned, Government of Ghana was responsible for bearing that cost. Supposing you bought a generator plant for installing in your factory for $22,000.
How much will you pay to install it? In Ghana’s case, continuing this analogy, we paid $14,000 because somehow we felt that even that part of the project should be handled by someone else and be billed as additional. But that is not even the main quarrel here.
Many anti-AMERI activists are not even taking the deal makers to task for paying $140 million on top of the $220 million to install a plant that from our analysis of several deals involving a EPC contractor cost of procurement, installation and commissioning almost never cross 10% of the total cost.
We are tearing our hair out because the government then went ahead and paid AN ADDITIONAL $150 million on top of things, citing something called ‘NPV analysis’ and ‘Balance of Plant’.
Yet, all one has to do is take a look at Annex E of the agreement and it is clear that the main core of this ‘balance’ that needs to be added to the turbines for the system to be complete and operational comprises merely of the exhaust module, the air intake nozzles and the data logging platform in the control room, all of these being assembly units clearly stated as standard and pre-packaged with the turbines!
All that is required, external to the weatherproof package and its trailer mounts, and in lieu of a complex structure, is the piping for coolant and fuel filtration and transmission.
So the “balance of plant” essentially refers to the fuel and coolant (‘demineralised water’) storage and dispensing system/controls that can be acquired for a few hundreds of thousands of dollars; and the earthing and electrical cabling works.
We are not talking here about giant buildings; or treatment systems; fire control was provided; ventilation is integrated, as is instrumentation; and security and fuel logistics handling is minimal because the plant is housed at the existing Takoradi Thermal Power station and shares its facilities.
And at any rate, the government of Ghana was billed separately for civil works, drainage and sewerage etc! So what serious ‘balance of plant’ are we talking about here exactly?
For a project that the manufacturer of the system says can take between 3 and eleven days from start to finish, we decided that for the work done in acquiring the plants and installing them (EPC), we will pay the brokers 65% of the total equipment cost due to our unwillingness to procure our own financing and then hire any EPC contractor for a few hundreds of thousands of dollars to commission the plants.
Anti-AMERI activists are willing to accept this $140 million dollar charge as pure financing costs (since the engineering, procurement, construction and commissioning activities in this project are hardly of serious note).
And had we left things there, the NPV analysis using an 8% discounting rate would have netted a decent aggregate profit of $72 million cool profit for the dealmakers, showing a 32% return in 5 years. Indeed, readers are welcome to take a look at how reasonable this rate of return is in a period of serious constraint in the energy plant financing industry. It is important to bear in mind when reviewing these calculations that cashflow from the investment is assured on a monthly basis; a graduated interest rate structure is required to fully appreciate the fixed cashflow; AMERI sought and secured exemptions from ALL domestic taxes in relation to the project; we are in a period of unprecedented low global interest rates; and there is a standby letter of credit to cover any defaults under every conceivable scenario in the one-sided agreement that was foisted on the Government of Ghana. AMERI enjoyed all of this PLUS a Performance Bond too (yes).
In fact, under the agreement, AMERI gets paid whether or not fuel from the government to produce electricity is forthcoming, and regardless of faults in the national grid.
It is easy to see how generous the deal at this level would have been when one benchmark against reference data globally.
The discount rate in Turkey itself is 5.25%. But the Ghanaian dealmakers felt that such prudence would not earn them any applause for being spectacular. So they upped the ante, and agreed to an additional $150 million on top of this for AMERI.
The party that did not procure the equipment, install a pipe, or turn even a valve on, but rode on the back of METKA and APR to secure the equipment and on PPL and Engineers & Planners to install and turn it on, gets a cool $122 million in NPV terms just for having swag! Frankly, that is where NPV analysis leads us.
And it sure as night follows day exonerates no one. In fact if we use as the discounting rate the cost of borrowing in the local USD credit market and compute the NPV of the margin for AMERI on the deal (relying on our generous EPC project value of $250 million), we get exactly $150 million! That is precisely the amount we overpaid if we measure against the alternative of borrowing from a consortium of local banks to buy the plant outright and getting the authorised supplier, APR, to install and commission. Any which way pro-AMERI analysts dice this, a $150 million loss cannot be argued away. For further clarity, see below a table providing comparative lending rates for various projects in the energy sector. But pro-AMERI analysts seem to believe that they have one ace up their sleeves. In some of the briefings, we have seen the argument appears to be that AMERI is producing cheap power and that cannot be the case if the capital cost of the plant is bloated (though as you can see from the other table attached, the capital cost is indeed the highest in Ghana). Fair point: how can an exorbitantly priced machine produce cheap trinkets? When some of us first heard this argument, frankly, we thought it was a joke. On top of selling the machines to Ghana at an exorbitant price and compelling us to provide fuel to power it, AMERI then went ahead and inserted a cool 0.5 US cents per kilowatt hour charge for the power that we shall be producing from equipment that we are paying for using fuel that we are supplying, netting them a neat $16.6 million a year! And though the agreement says that the plant gets handed over to the Government of Ghana if we keep up with all our payments, they still managed lock the power tariffs in the post-transfer period in an obvious ploy to ensure that even after handing the plant over to us they can still run the show (hence the efforts to get another plant at the Takoradi Power Station handed over to them). The combined tariff of 62 pesewas per kilowatt-hour that AMERI itself discloses in the agreement may be compared with the 2016 August Bulk Generation Charge that PURC has allowed other power plants in Ghana to charge on average: 35.97 pesewas! AMERI is thus, in fact, nearly 75% more expensive than the average power plant in Ghana. And we haven’t even factored in the cost of fuel. Consider that without a revision of the agreement, AMERI will be operating what is, in essence, a separate price-gouging regime in the country, in defiance of the PURC, that shall see Ghanaians paying almost twice for its power if we don’t act soon to shave off some of the $102 million a year it has managed to squeeze out of our diffident State. In view of all the foregoing analysis, IMANI’s simple view is that the Government of Ghana should not relent until it has managed to shave off two million dollars from each monthly payment. Duty calls on every Ghanaian to join this campaign

AKWE 8 years ago

NDC- PARTY OF THIEVES

NDC- PARTY OF THIEVES
REGINA 8 years ago

NDC IS A SHAMEFUL PARTY TO EVEN TALK. YOU ARE ALL GOING TO BE PROSECUTED

NDC IS A SHAMEFUL PARTY TO EVEN TALK. YOU ARE ALL GOING TO BE PROSECUTED
Nana will win 8 years ago

Where you able to tell the incompetent NDC era finance minister to resign even when it was evidently clear that he is steering us to ditch and mersing up our economy.

Where you able to tell the incompetent NDC era finance minister to resign even when it was evidently clear that he is steering us to ditch and mersing up our economy.
Kojo Billy Duncan 8 years ago

The issue is clear to honest people. Ghanaians must wisen up to the financial shenanigans of the NPP before it is too late. This is corruption involving $2.25billion, no mean sum. It will only benefit a few people and impover ...
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The issue is clear to honest people. Ghanaians must wisen up to the financial shenanigans of the NPP before it is too late. This is corruption involving $2.25billion, no mean sum. It will only benefit a few people and impoverish 99.99% of the population. The writing was on the wall ages ago,when schemes like "Abbott Pharmaceuticalsgate", were being nurtured.
Mr Bond 8 years ago

Those NDC fools did not call for conflict of interest when our most corrupt president in Ghana history John Dramani Mahama when he ordered the stealing of $250 million from $1billion Eurobond to UBA band confirm by Seth Terkp ...
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Those NDC fools did not call for conflict of interest when our most corrupt president in Ghana history John Dramani Mahama when he ordered the stealing of $250 million from $1billion Eurobond to UBA band confirm by Seth Terkper and former governor of bank of Ghana.Ghanaians are seeing how corrupt and hypocrite are exposing themselves to Ghanaians.Did those criminals as thief Mahama to resign?
James Armstrong 8 years ago

Even if we have been doing business with the entity for 10 years, the entity was then not connected but now it is and giving them 95% of the total is scandalous and unethical. No right thinking person can say it is right.

Even if we have been doing business with the entity for 10 years, the entity was then not connected but now it is and giving them 95% of the total is scandalous and unethical. No right thinking person can say it is right.

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Finance Minister must resign over “smelly deal” – Minority

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