{"id":127568,"date":"2015-06-23T14:13:55","date_gmt":"2015-06-23T14:13:55","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=127568"},"modified":"2015-06-23T14:13:55","modified_gmt":"2015-06-23T14:13:55","slug":"bankswitch-debt-spios-explanation-weak-casely-hayford","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/06\/bankswitch-debt-spios-explanation-weak-casely-hayford\/","title":{"rendered":"Bankswitch debt: Spio’s explanation weak – Casely-Hayford"},"content":{"rendered":"
Financial analyst, Sydney Casely Hayford has rejected\u00a0explanations by Trade and Industry Minister, Dr. Ekwow Spio Gabrah that he acted in good faith by asking destination inspection companies to advance government some $35 million to help settle a judgment debt.<\/p>\n
According to Mr Casely Hayford, what the Minister through “whatever authority,” sought to do is not right and should be condemned rather than defended.<\/p>\n
[contextly_sidebar id=”X5YfA1GkAkX9Bj3HaAnoPeHwLFX8eflF”]\u201cBy telling us that he is saving us money and that he is looking out for the interest of the people of Ghana, I think Dr. Spio Garbrah is not being very, very candid with the people of Ghana,\u201d he remarked.<\/p>\n
This comes on the back of a request by the Ministry to five Destination Inspection Companies (DICs)<\/a><\/strong>,<\/span> asking them to submit offers for settlement of the GHC 197 Bankswitch judgement debt in exchange for consideration in the award of contracts.<\/p>\n The sector Minister, Dr Ekwow Spio Garbrah has since explained<\/a><\/strong><\/span> that he took the decision because Bankswitch is demanding that, in addition to paying the judgement debt over a five-year period, an award of 0.35% of the Free on Board (FOB) imports over the same period of time which will result in a GHC 1 billion payment to Bankswitch.<\/p>\n