ADB Loan I did no wrong – Ofori-Atta

Finance Minister Ken Ofori-Atta said he did not flout any financial law in the country by approving the loan facility for from ADB to McDan Shipping Company Limited.

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Ken Ofori-Atta, Finance Minister play

Ken Ofori-Atta, Finance Minister

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The Finance Minister, Ken Ofori-Atta has said that he did not breach the country’s financial rules when he approved a loan facility from ADB to McDan Shipping Company Limited.

Ofori-Atta said everything was done according to the rules.

The Minority in Parliament on Tuesday (September 5, 2017) described the process through which a loan facility was given to Mc Dan Shipping Company Limited as illegal.

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The Minority argued that the Finance Minister Ken Ofori Atta usurped the authority of the board of ADB by approving GH¢10million loan facility for Mc Dan.

At a press conference held on Tuesday, September 5, 2017, the Minority leader Haruna Iddrisu alleged that Ofori Atta single-handedly, approved the loan facility, in breach of the country’s financial laws.

“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.”

“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 added.

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He called on President Nana Addo Dankwa Akufo-Addo to ensure the loan is reversed for the due diligence to be done.

“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.

However speaking to the media, Ofori-Atta said “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 added.

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