You are here: Home → News → 2001 12 21 → Article 20418

General News of Friday, 21 December 2001

Source: .

I did not foresee any financial loss in the Aveyime Rice Project

« Prev

Next »

Comments (0)

Listen to Article

Ibrahim Adam, first accused person in the Quality Grain trial, on Thursday said he never thought that the government would incur any financial loss if it guaranteed loans for the Quality Grain Company to establish a rice project at Aveyime in the Volta Region.

He said he did not have any "misgivings" about the project because Ms Juliet Renee Woodard, Chief Executive of the company introduced a team of technical experts in rice production to him when he visited the United States (US) in 1992.

Adam, former Minister of Food and Agriculture (MOFA), was concluding his evidence-in-chief at the Fast Track Court (FTC) in a case in which he is charged with conspiring with four others to wilfully cause financial loss to the state.

Adam said while he was in office between 1993 and 1996, he introduced Ms Woodard to former Finance Minister, Kwame Peprah, the third accused, as a potential rice farmer and who had expressed her desire to invest in the country.

Led by his counsel, Mr Samuel Codjoe, Adam said he discussed with Peprah how the lady could get a foreign guarantee for loans, which she had arranged with the Exim Bank in the US.

Accused said the company obtained the government's guarantee for 7 million dollars as the first loan after an approval by Parliament.He said shortly after the approval of the loan he was appointed the Minister of Trade and Industry.

Adam said he was, therefore, not at (MOFA) when the additional 14 million dollars was approved for the Company.

He denied that he conspired with any of the accused persons and repeated that all what he did for the company to establish the project was to implement a government's policy.

The other accused persons are, Dr Samuel Dapaah, Dr George Yankey and Nana Ato Dadzie, all former senior public officials.

They have all pleaded not guilty and each of them is on a self-recognisance bail.The court, presided over by Mr Justice Kwame Afreh adjourned proceedings to January 8, 2002 for the prosecution to cross-examine Adam.