NDC MPs accused of approving ‘illogical’ and ‘unjustifiable’ loan

The Majority in Parliament has been accused of approving a loan from the second largest bank in Russia, VTB Capital, without conducting due diligence.

The Minority in Parliament leveled the accusation against the National Democratic Congress (NDC) members at a press conference on Tuesday, August 12.

Addressing the conference, Spokesperson on Finance and Member of Parliament for Old Tafo Constituency, Dr Anthony Osei Akoto disclosed that the bank, which has the Russian government as its majority shareholder, will serve as the lender, arranger, as well as facility agent.

“[This] engenders a conflict of interest situation on the part of VTB Capital," Dr Akoto Osei pointed out.

The Former Minister of State in charge of Finance stressed that the loan facility with the Russia bank is "illogical and indeed unjustifiable."

"The Parliament of Ghana acting through the majority NDC MPs has approved the syndicated loan without knowing the other members who have to provide funds."

He continued that since the co-lenders are not known, the VTB Capital's sources of funds and other details he described as "critical" are not known.