Pulse.com.gh logo
Go


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

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: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Taxes In Ghana Don't rejoice; VAT has been hiked through ‘backdoor’ –...bullet
2 Kwabena Duffuor Official: Duffuor’s assets not being auctionedbullet
3 2018 Budget Review Prepare to pay 35% tax if you earn 10k and abovebullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Uche Ofodile Captain Planet’s wife heads MTN Liberiabullet
7 Nigeria To The World Ex-Nigerian Minister appointed to...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Salaries In 2018 Here are the dates public workers will...bullet
10 Ban On Fishing Gov’t isn’t wicked – Prof Boatengbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Support Finance minister buys Kantanka carbullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Money Alert Meet Africa's richest womanbullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 New Phones Nokia MWC 2018 Event in 5 minutesbullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet

Business