Ofori-Atta’s approval of ADB loan to McDan illegal – Minority

The Minority in Parliament has accused Finance Minister Ken Ofori-Atta of usurping the authority of the board of ADB in the approval of a loan facility to Mc Dan Shipping Company Limited.

According to the Minority, Mr. Ofori-Atta issued a letter to the Managing Director of ADB to grant GH¢10million to the shipping company to finance a contract with COCOBOD.

Addressing a press conference Tuesday September 5, 2017, the Minority leader Haruna Iddrisu claimed that the Minister of Finance single-handedly, approved the loan facility, in breach of the country’s financial laws.

Calling on President Akufo-Addo to intervene to reverse the illegality, he said “the contract for which authorization of the ADB loan was approved by the Minister of Finance, we are told, originated from the Ghana Cocoa Board.”

According to him, “serious question arise that seem to be whether they have demonstrated respect to our procurement processes. The breach is an affront to corporate governance processes and procedures in our country.”

He said the Minority considers the conduct of the Finance Minister as a gross illegality.

“We, therefore, call on President Nana Addo Danquah to direct the reversal of this illegal decisions and acts of malfeasance as well as taking steps to restore good corporate governance,” he pleaded.