By: Franklin ASARE-DONKOH
Deputy Finance Minister Mr. John Kumah has debunked rumors making rounds that a whopping $37M out of $750m Afreximbank loan is missing.
According to him, the government through the Finance Ministry received the full loan amount of $750 million from the African Export-Import Bank (Afreximbank).
The Deputy Finance Minister debunked rumors while responding to claims by the Ranking Member on the Finance Committee in Parliament, Dr. Cassiel Ato Baah Forson’s comments indicating the bank account had received only $713 from the total amount in the loan agreement.
Mr. Kumah in a statement on his social media wall refuted such claims and explained the Ministry of Finance occasionally generates escrow accounts for certain resolutions, in this situation the sum of $37million was set aside by the Finance Ministry for debt servicing.
“This arrangement is not new as the Ministry of Finance has from time to time created specialized Escrow accounts for specific purposes. In this particular transaction, an amount of USD37 million from the facility has been set aside for debt service obligations. All the documentation relating to this arrangement was supplied to and was approved by Parliament,” he stated.
He added that the government was appreciative of Afreximbank’s efforts and assured Ghanaians that the funds received will be used for infrastructure projects as Parliament agreed on.
Parliament approved a $750 million loan agreement with Afreximbank for funding infrastructure projects and budget support.
The loan is part of a $1 billion dollar facility, the government is seeking to shore up its reserves as well as to pay for several infrastructure projects across the country.