{"id":350886,"date":"2017-09-05T13:01:20","date_gmt":"2017-09-05T13:01:20","guid":{"rendered":"http:\/\/citifmonline.com\/?p=350886"},"modified":"2017-11-10T12:05:51","modified_gmt":"2017-11-10T12:05:51","slug":"ofori-atta-usurped-power-to-approve-ghc10-4m-adb-loan-minority","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/09\/ofori-atta-usurped-power-to-approve-ghc10-4m-adb-loan-minority\/","title":{"rendered":"Ofori-Atta usurped power to approve GHc10.4m adb loan &#8211; Minority"},"content":{"rendered":"<p>The National Democratic Congress (NDC) Minority in Parliament, has accused the Finance Minister, Ken Ofori Atta, of contravening best practice by approving a credit facility of GHc10,459,500 from the Agricultural Development Bank (adb).<\/p>\n<p>The credit facility in question was granted to the\u00a0McDan Shipping Company.<\/p>\n<p>According to the Minority, the failings stem from the failure of the President to constitute the requisite governing boards, including that of adb, to oversee such transactions.<\/p>\n<p>Addressing the press in Accra on Tuesday, the Minority Leader, Haruna Iddrisu, appealed to the media \u201cto probe further whether this contract was awarded through an open competitive tender process to guarantee and ensure value for money.\u201d<\/p>\n<p>He also accused Mr. Ofori-Atta of reducing &#8220;the mandate and role of the Ministry of Finance to some credit disbursement entity in order that they can reward the political cronies.\u201d<\/p>\n<figure id=\"attachment_312021\" aria-describedby=\"caption-attachment-312021\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"size-full wp-image-312021\" src=\"http:\/\/citifmonline.com\/wp-content\/uploads\/2017\/04\/Ken-Ofori-Atta.jpg\" alt=\"Finance Minister, Ken Ofori-Atta\" width=\"640\" height=\"464\" \/><figcaption id=\"caption-attachment-312021\" class=\"wp-caption-text\">Finance Minister, Ken Ofori-Atta<\/figcaption><\/figure>\n<p>Mr. Idrissu, during the press conference, made reference to a\u00a0letter that indicated that a credit facility of GHc10,459,500 was earmarked for McDan on the authority of the Finance Ministry.<\/p>\n<p>&#8220;This is to enable the company [McDan] to undertake its business operations, and in particular, to execute a supply contract awarded by the Ghana Cocoa Board,\u201d the stated.<\/p>\n<p><strong>No due diligence<\/strong><\/p>\n<p>The Minority Leader reminded that best corporate governance practices require that the Board of Directors approve financial transactions of the bank and not the Finance Minister<\/p>\n<p>&#8220;The minister usurped the authority and functions of the Bank and its Board of Directors, which has curiously not been constituted so we are concerned. So where are the board of directors of the major financial institutions of our country?\u201d<\/p>\n<p>Per the Minority&#8217;s assessment, Mr. Iddrissu added that \u201cit was clear that no due diligence was conducted by even the management of the bank before the minister\u2019s approval.\u201d<\/p>\n<p>&#8211;<\/p>\n<p>By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Democratic Congress (NDC) Minority in Parliament, has accused the Finance Minister, Ken Ofori Atta, of contravening best practice by approving a credit facility of GHc10,459,500 from the Agricultural Development Bank (adb). The credit facility in question was granted to the\u00a0McDan Shipping Company. According to the Minority, the failings stem from the failure of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,10,11],"tags":[9397,3,1161,129],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ofori-Atta usurped power to approve GHc10.4m adb loan - Minority - Citi 97.3 FM - Relevant Radio. 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