August 30, 2022

Missing $37Million: Finance Ministry Provides Further Explanations

The Deputy Finance Minister, John Ampontuah Kumah has for the second time responded to the Ranking Member on Parliament’s Finance Committee’s concerns about a shortfall of US$37 million on the US$750 million loan from Afrexim bank.

Addressing the concern that the loan agreement did not oblige the government to set up an escrow account and to pay $37million for debt service, the Deputy Finance Minister said that the payment is two folds.

First is the payment of the interest which begins after six months of receipt of the loan and the payment of the loan itself which begins after three years.

“Let me reiterate that it is the repayment of the principal which will be repaid after a moratorium of 3-years. The interest payment, however, starts 6 months after disbursement.

“Clause 11.1(a) of the agreement outlines as follows…. “the first interest period for a loan shall commence on the utilisation date of that loan and shall end on the date falling six-months after the date of this agreement.””

Source: Fuseini

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