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General News of Sunday, 14 July 2002


IFC Loan: The People's Voice (Unedited)

POLL RESULT: International Finance Consortium (IFC) Loan: Scam or Genuine?

Where on earth is this International financial consortium listed, who are its directors, auditors, accountants? when was it founded? We demand to see its balance sheet over the years, and its website address. Ghanaians are clever than these crooks or WE SHOULD BE !
--B. JAY

Prosterity will judge one day.

I do not understand why this loan should spike off huge emotional feelings amoung the people it is suppose to benefit. NDC got ghana into this current economic mess. They got ghana indebted to IMF to the tune of over 6 billion dollars with nothing but extrem poverty to show for it. However, having said this the current government should make the agreement on this loan public to alay fears and concerns
--mantse sasu


There are a few things that does not seem right about this loan.

    1. $1 Billion is a huge sum of money (10% interest on that amount each year is $100 million ) Are we going to be able to generate that kind of revenue to pay interest on the loan?
    2. I have tried to locate information on IFC (Consortium) on the internet and I am yet to find anything directly related to that organization. The only thing I have found is an organization that acts as a representative of some "IFC" and I am not sure if the said "IFC" is the one in question.
    3. If the NDC thinks there is something wrong with the loan, and they were the ones originally approached by IFC, then is there something they know about this IFC loan that the rest of the country does not know about?
    4. Since the loan is so big, it would probably have been better if we all knew what it was been contracted for and also, enough discussion should have been made on the topic to determine if that were the most appropriate source of funding.
    5. I think there is not sufficient information out there to assure us Ghanaians that this is indeed a loan that would help us. Until that is done, I do not think this loan parliament should approve.
--Eric Yarboi

I think you will find that a vast majority of those who voted based their anxieties on a great deal of misconception in respect of the IFC especially in respect of the ill informed voices echoing from the NDC General Secreatary. If Ghanaians are to make a well informed judgement on such issues they should be presented the full facts on issues and not be subjected to making ill informed judgements based on alarmist comments.
My position is vindicated by the fact that Parliament passed the loan without hesitation when it was presented to the house recently.
Finally, i just want to say the Ghanaweb is my favourite site and want to congratulate all concerned on wonderful work being done in this very important moments in our democracy.
--Francis Poku jnr

After fiercely defending the loan in public, courtesy Dan Botwe and NPP gurus, now they have gone back to Parliament with a review in the terms, amount, and even the names of the lender. Isn't it hypocritical on the part of zero tolerance gov't to defend something only to change it looks? I wonder if there is any genuine politician left in Ghana. So is NDC vinidicated after all after being castigated by Dan Botwe as the Evil Forces (reminiscent of the President's statement)? Ei Oman Ghana!!!

The NDC party is desperate, and want to frustrate the governments effort to develop the country. The government should be careful with the NDC and deal decisively with them.
--samuel Afotey

It's de ja vu. We've been here B4. Boy, we must be cursed. They (our leaders) keep decieving us day in day out. All of them are greedy b***tards.
--Osei T

1. company not listed anywhere in the world
2. address not coplete
3. owner of Chemac also board member of IFC. Its unfortunate that our learned ministers could be fooled by such naked scam
-- Nana Brobbey


It is very difficult for anybody to say the agreement is a scam or geniune at this stage but my view is that the oppositon and the government through parliament should verify the authenticity of the company in question and their previous record in such agreements.
I do not agree with the P/NDC general secretary, Dr. Ayeh for his total condemination of the agreement without giving reasons for thinking in that direction.
Yes, it is appropriate for him to criticize, but for nad his party to use such very provocative words is unfortunate.
Now a days it is very dangerous to even do business with recognized corporation or company from America or elsewhere because of "corporate corruption" with companies like ENRON, XEROR, WORLDCOM etc. But we the poor countrie have nowhere to go for loans but the same corporations so we must be very careful to outright see any company as a "419".
One of American's contemporary economist, Mr. Friedman even see the IMF and the World Bank as a "scam" organization who go around the globe forcing third world countries to accept loans knowing very well that the condition attached to it could not be profitable for the poor countries in the long run.
It is not surprised that a country like Isreal has refused ever accepting any "gift" from the IMF, IFC and the World Bank.
I am also not surprised that the IMF and the World Bank are reacting negatively to the IFC because they would want to get the contract to finance the NPP supposed infrastrucure development at a "cut throat" price. You should know that Mr. JH Mensah is not a friend of the IMF that was why he was not allowed to join the team to USA during the P/NDC era.
I would want both the oppositon, the govenment and other institutions in Ghana to go deeper into the agreement and if it is found to be viable they should go for it. I absolutely disagree with Dr. Ayeh for the noise and nonsense that he and his party have resulted to.
I wish Dr. Ayeh would help Ghanaians to know the real owners of the so-called Gluf Stream Jet, which was negotiated for and on behalf of Ghana but the P/NDC party.
-- Kwabena Osei

In this present era it should not be too difficult to research the background of such an institution.
"Politrics aside", our leaders must be humble enough to thoroughly assess the merit of what the opposition is saying and plug any loopholes that may eventually cause financial loss to our HIPC nation.

The biggest scam ever to be pulled in any country. Are we (Ghanaians) that stupid or our Govt is plain greedy.
-- Ekow