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.

  • Published:
Ken Ofori-Atta, Finance Minister play

Ken Ofori-Atta, Finance Minister

24/7 Live - Subscribe to the Pulse Newsletter!

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.

READ ALSO: Ofori-Atta appointed Deputy Managing Director for SIC

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.

READ ALSO: We will comment on SSNIT rot after expert advice - Minority

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.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Banking Sector UniBank takeover was ‘politically motivated’ – UCC lecturerbullet
2 uniBank Takeover Meet all the Unibank Executives who will lose their...bullet
3 Defamation Suit Ibrahim Mahama sues Owusu Bempah, UTV for GHc2m over...bullet
4 World Water Day Ghana to soon import waterbullet
5 Ponzi Scheme Thousands of Ghanaians lose millions to Savana...bullet
6 Taxes In Ghana VAT on condoms and 63 other commodities removedbullet
7 uniBank Take Over Here are the reasons why BoG took over uniBankbullet
8 Public Service Gov’t to check working hours of public...bullet
9 Banking In Ghana 705,000 depositors to lose GHC740m –...bullet
10 uniBank Take Over uniBank executives lose jobsbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Money Alert Meet Africa's richest womanbullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 Support Finance minister buys Kantanka carbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 Entrepreneurship How To Get Ready To Get Started |...bullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet