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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Cancel CDB loan or re-negotiate terms – Minority

bycitibusinessnews
June 19, 2014
in Business, Top Stories
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The Minority in Parliament is asking the government to pull the plug on the three billion dollar Chinese Development Bank(CDB) loan or re-negotiate terms which will favour the nation.

They made the call at a press conference on the state of the economy after the Senchi forum on Thursday.

Addressing the press, the Minority Spokesperson on Finance,  Akoto Osei said the commitment fee of one percent does not favour Ghana thus the government either cancel the loan or re-negotiate it.

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The CDB agreed to provide Ghana with a loan of $3 billion for a package of infrastructural projects.

The loan was signed by CDB and Ghana on December 16, 2011.

A total sum of US$ 3 billion is expected from CDB but as at January only $600 million of the loan had been disbursed although Ghana was paying commitment fees on the full amount.

“Mr. President, it is only you who can make this request to the Chinese. We have thus far paid $54 million in commitment fees alone. And we continue to pay on the withdrawn balance” he revealed.

Some economists have also called for the loan to be renegotiated since China has already demanded an additional 2,000 barrels of crude oil to the earlier 13,000 barrels a day agreed between them and government.

The Minority also added that Ghana will pay close $ 100 million as the loan stalls in fees and charges by end of 2014.

The NPP MPs also called for a debate on the newly introduced austerity measures.

“Advocating for more austerity measures or restoring fiscal discipline requires hard choices for which sacrifices must be made by Ghanaians. The economic managers must therefore begin now to tell Ghanaians what options are available to us,” Akoto Osei said.

He further indicated that arrears exist in the system for wages, statutory funds, payments on social security for government employees, payments to road and non-road contractors, adding that the amount of money owed these bodies have not been fully disclosed to Ghanaians.

Mr. Akoto Osei criticized the government for the country’s economic woes saying, “the recklessness, the impunity in the economic management since 2009, the corruption, the thievery, the ineptitude, the maladministration, the leakages, the placing of square pegs in round holes, the nomination of Ministers designate… are the matters that have been combined to send this nation to such an abyss.”

 

By: Marian Efe Ansah/citifmonline.com/Ghana

Follow @EfeAnsah

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