Ato Forson Insists Government Must Account for Shortfall In $750m Afreximbank Loan

• Ranking Member of the Finance Committee, Dr Cassiel Ato Forson, wants the government to account for the shortfall in the $750 million facility
• In a tweet, Dr Forson insists Parliament never approved upfront fees amounting to $37 million
• The Ajumako-Enyan-Essiam MP was reacting to reports that the Bank of Ghana received $713 million instead of $750 million

The Ranking Member of Parliament's Finance Committee, Dr Cassiel Ato Forson, has called on the Akufo-Addo-led government to clarify the status of the $750 million African Export-Import Bank (Afreximbank) loan facility approved by Parliament.

Reacting to news reportage that the Bank of Ghana received only $713 million instead of the full loan component, Dr Forson expressed worry at the development.

The Ajumako-Enyan-Essiam MP insisted that the House never approved upfront fees amounting to $37 million.

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According to 3 News, its sources within the Central Bank confirmed that $713 million rather than the expected $750 million hit the national kitty leaving a shortfall of $37 million.

The news reportage also added that its source added that $13 million had already been paid as fees, so the $37 million discrepancy cannot be fees.

Taking to his social media handle, Dr Ato Forson demanded a detailed explanation from the Finance Ministry and the Bank of Ghana on the true status of the facility.

In a tweet, he quizzed,

"Can someone at the Ministry of Finance and the Bank of Ghana explain why only $713 million out of the approved $750 million hit GOG's Bank account? Where is the remaining $37 million?"

Bank of Ghana Receives $750 Million Afreximbank Loan To Strengthen Cedi Against Dollar

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Earlier, YEN.com.gh published that the Bank of Ghana has received $750 million from the African Export-Import Bank (Afreximbank), as a scarcity of the American green buck in Ghana puts pressure on the cedi. The Afreximbank loan hit the BoG account on Thursday, August 25, 2022, and is intended for infrastructure projects.

However, the central bank is expected to give out the cedi equivalent to the contractors and keep the dollars. This will firm up efforts to hold the cedi fall against the dollar.

Source: YEN.com.gh