The editor of the Crusading Guide newspaper Kwaku Baaku Jnr. says the opposition National Democratic Congress is guilty of the $5.5 billion allegations against President J.A. Kufuor even though the party has officially denied complicity.

The Weekly Standard, a private newspaper, published by Victor Smith, over the week accused President Kufuor of misappropriating some $5.5 billion of an Arab Finance Company in an illicit business.

He further alleged that the President had paid $4 billion but was dragged to The Court of Arbitration at the Hague when he failed to pay the remaining $1.5 billion.

The Press Secretary to the President Andrew Awuni denied the allegations, giving the National Democratic Congress an ultimatum to provide evidence or retract and apologise, failing which the president would take 'appropriate' legal action.

The NDC had apparently made reference to the allegations in an official statement released by the party.

In an interview with Joy News, Hannah Kpodah Tetteh, who is part of the communication's team of the Atta Mills campaign said the NDC in its statement only asked the President to respond to the allegations but did not peddle them.

She further asked the President to direct his legal suit to the Weekly Standard newspaper, the originators of the story.

But the editor of the Crusading Guide newspaper says there is enough evidence to hold the NDC liable to the allegations.

Speaking on Joy Fm's news analysis programme News File on Saturday, Abdul Malik Kweku Baaku accused Alban Bagbin, the Minority Leader in Parliament, of confirming the allegations on another radio station even though he admitted he was yet to finish investigations.

"We have credible information that support the story put out by the Weekly Standard, credible information to the effect that the President had indeed engaged in private investment in a Kuwaiti Investment, we are firming up our information to begin an impeachment proceedings against the president," he quoted Alban Bagbin.

Mr. Baako further cited a statement, alleged to have emanated from the Central Regional Branch of NDC signed by one Allottey Jacobs which stated "President Kufuor is trying to create a diversion because of the credible report that a company belonging to him is owing a Kuwaiti oil to the tune of $5.5 billion. This credible report shows the scale of corruption and greed of the NPP and Mr. Kufuor," the statement said.

Mr. Baako questioned why in the face of these pronouncements, the NDC was claiming innocence of the allegations.

"I didn't know NDC was made up of cowards, but this clear, I feel sorry for Victor Smith, he has been abandoned by his party to fight this war alone," he added.

He described the allegations as 'sick joke' lacking substance.

But a member of the NDC, Seth Ofori, who was also on the programme denied abandoning Victor Smith.

"The NDC will stand by any member of the party," he maintained.

He said the President was not immune to corrupt practices and called for an investigation into the allegations for the truth to come out.

Asked if the burden of proof lied on the accused, Mr. Ofori said "it is debatable, depending on the nature of the case, the burden of proof could change."

He challenged the president to carry out its court action and the NDC would respond appropriately.