IFC Loan show-down expected in parliament

The minority group in Parliament is bracing itself for a fresh debate on the controversial IFC loan as Parliament resumes for its third sitting. The minority group plans to invite the Finance Minister to brief the House on the level of negotiations so far. The group has continued to oppose the $1billion loan agreement between the government and the International Financial Consortium whose credibility is still in doubt despite assurances from government.

The NPP administration has rejected the minority claims saying the necessary checks have been done on the consortium and that Ghana will not lose out of the deal as is being speculated. President Kufuor reaffirmed government’s position on the loan at his recent interaction with the media stressing that the money will definitely come.

However, the minority spokesman on Finance, Moses Asaga says the delay in the release of the loan has confirmed the minority’s position that due diligence has not been done.

Mr. Asaga also said information reaching the minority indicates that the finance minister is reviewing the loan.

“Our concern is based on an insider information that the Minister of Finance is now reviewing the loan agreement. If that is the case, a lot of international credibility will be lost. No one will understand that with the caliber of Finance minister we have, the Senior Minister and all the lawyers at the Finance Ministry, we could be deceived”.