Nana Konadu condemns government over UBA $250 million

Nana Konadu condemns government over UBA $250 million

The flagbearer of the National Democratic Party (NDP), Nana Konadu Rawlings, has launched a thinly-veiled attack on the John Mahama-led National Democratic Congress (NDC) government, following allegations that it illegally transferred $250 million to a private bank.

Nana Konadu condemns government over UBA $250 million

According to Dr Mahamudu Bawumia, who made the allegations, the government transferred $250 million of the proceeds from Ghana’s 1 billion Eurobond which was borrowed at an interest rate of 10.75% to the United Bank for Africa (UBA).

UBA in turn lent the money to government at an interest rate of more than 20%, he said.

The funds were ostensibly transferred to or “placed” at UBA on behalf of the Ghana Infrastructure Investment Fund (GIIF) and the instruction to the Bank of Ghana for the transfer of these funds came from the Ministry of Finance, he added.

Reacting to the development on Facebook, Nana Konadu, suggested that the government made an unwise business deal.

She said: "If you borrow money at a high interest rate to lend it to another at a low interest rate then borrow your own money back from them at a high interest rate, you are either not wise, a thief or both.

"No wonder their campaign message of "vote for us so they don't jail us."

"It's time to save Ghana from this criminality," she added.

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