Ofori Atta defends McDan’s GH¢10.45m adb loan

Finance Minister, Ken Ofori Atta has rejected claims 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 has 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.

But speaking to journalists, the Finance Minister denied breaking the 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 explained.

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.

Addressing the press in Accra on Tuesday, the Minority Leader, Haruna Iddrisu, appealed to the media “to probe further whether this contract was awarded through an open competitive tender process to guarantee and ensure value for money.”

He also accused Mr. Ofori-Atta 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.”

“The minister usurped the authority and functions of the Bank and its Board of Directors, which has curiously not been constituted so we are concerned. So where are the Board of Drectors of the major financial institutions of our country?” Mr. Iddrisu queried.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Finance Minister, Ken Ofori Atta has rejected claims 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 has accused Ken Ofori Atta for flouting public procurement rules by approving the GHc ... Read Full Story