Finance Minister denies wrongdoing in McDan’s GH¢10.45m ADB loan

The Finance Minister, Ken Ofori Atta has rejected claims that, he breached due process by approving a loan facility from Agricultural Development Bank to McDan Shipping Company Limited.

He argues that the bank’s credit committee was responsible for the ultimate approval or otherwise.

The Minority last Tuesday, accused Ken Ofori Atta for flouting public procurement rules by approving the GHc 10,459,500 loan for the company to undertake a government contract.

According to the Minority, the failings stem from the failure of the President to constitute the requisite governing boards, including that of adb, to oversee such transactions and called on the media “to probe further whether this contract was awarded through an open competitive tender process to guarantee and ensure value for money.”

The Minority also accused the Minister of reducing “the mandate and role of the Ministry of Finance to some credit disbursement entity in order that they can reward the political cronies.”

However, the Finance Minister said he did not break any law.

“That will be the purview of the credit committee of the bank, with banking transaction, the credit committee goes through and then makes their recommendation. I would imagine that on my part it was the right thing,” he said.