Minority Demands Report On IFC From Governor

The Minority caucus in Parliament has officially written to the Governor of the Bank of Ghana to provide a detailed report on the background of Messrs Chemac Inc and the International Finance Consortium, which intends to make available a one billion dollar to loan. Messrs Chemac Inc on behalf of the International Finance Consortium submitted the loan agreement for one billion dollars for infrastructure development in the country.

The credibility of the International Finance Consortium and the terms of the loan agreement have been questioned by some members of the finance committee of Parliament and the opposition NDC. The letter to the Central Bank Governor requesting a Dun and Bradstreet report on the companies, says it would help clear the doubts about the genuineness of the company.

The agreement, which is in Parliament, was expected to be approved before the House rises for recess on Friday. With the current stalemate even at the finance committee level, sources say, the agreement might be rescheduled for approval or rushed through, despite the concerns expressed by some members of the public as well as Parliamentarians. Government has denied claims by the opposition NDC that the International Finance Consortium with the acronym IFC is a sham explaining that it is a reputable company recognised by the Bretton Woods Institutions, the UN and other governments.

Meanwhile, the Governor of the Bank of Ghana’s defence of the loan agreement before the finance committee of parliament has been described as unprecedented. Dr. Paul Acquah joined Finance Minister, Yaw Osafo Marfo to defend the loan agreement during its consideration at the committee level. It is the first time a Governor has appeared before Parliament to defend a loan agreement.