The General Secretary of the People’s National Convention (PNC), Bernard Monah has advised government to find other options to finance projects earmarked under the $3 billion China Development Bank(CDB) loan facility.
Speaking to Citi News, Mr. Monah advised government to “look at other sources of raising money to be able to cover the kind of developmental projects that the 3 billion CDB loan was meant for.”
Government on Tuesday announced its decision to halve the $3 billion loan facility to $1.5 billion.
The Finance Minister, Mr. Seth Terkper on Tuesday explained that unrealistic demands by the CDB compelled government to take the decision.
While others believe it is a step in the right direction, some have argued government could have saved the country millions of dollars from the payment of interest on the loan.
Speaking to Citi News, Mr. Monah further described the decision as a prudent one.
“If our legal persons did not look at the agreement and they signed the contract before we even got the loan then I think it is prudent that they have reduced it from 3 billion to 1. 5 million,” Mr. Monah explained.
Meanwhile a member of the Convention People’s Party (CPP) Finance Committee, Ekow Duncan opined that government should have carefully evaluated its options before going for the loan in the first place.
By: Marian Efe Ansah/citifmonline.com/Ghana
Follow @EfeAnsah