Former UN Secretary General Kofi Annan dead

Former United Nations Secretary-General, Kofi Annan is reported dead. He is said to have died in Switzerland, Saturday morning after a short illness.

Biography

Kofi Atta Annan was born in Kumasi, in central Ghana, Africa, on April 8, 1938. Since 1960 Ghana has been a republic within the British Commonwealth, a group of nations dependent on Great Britain. Named for an African empire along the Niger River, Ghana was ruled by Great Britain for 113 years as the Gold Coast. Annan is descended from tribal chiefs on both sides of his family. His father was an educated man, and Annan became accustomed to both traditional and modern ways of life. He has described himself as being “atribal in a tribal world.”

After receiving his early education at a leading boarding school in Ghana, Annan attended the College of Science and Technology in the capital of Kumasi. At the age of twenty, he won a Ford Foundation scholarship for undergraduate studies at Macalester College in St. Paul, Minnesota, where he studied economics. Even then he was showing signs of becoming a diplomat, or someone skilled in international relations. Annan received his bachelor’s degree in economics in 1961. Shortly after completing his studies at Macalester College, Annan headed for Geneva, Switzerland, where he attended graduate classes in economics at the Institut Universitaire des Hautes Etudes Internationales.

Early career

Following his graduate studies in Geneva, Annan joined the staff of the World Health Organization (WHO), a branch of the United Nations. He served as an administrative officer and as budget officer in Geneva. Later UN posts took him to Addis Ababa, Ethiopia, and New York City, New York. Annan always assumed that he would return to his native land after college, although he was disturbed by the unrest and numerous changes of government that occurred there during the 1970s.

Annan became the Alfred P. Sloan fellow at the Massachusetts Institute of Technology. At the end of his fellowship in 1972, he was awarded a master of science degree in management. Rather than return to Ghana upon graduation, he accepted a position at the UN headquarters in New York City.

Work with the UN

In 1974 he moved to Cairo, Egypt, as chief civilian personnel officer in the UN Emergency Force. Annan briefly changed careers in 1974 when he left the United Nations to serve as managing director of the Ghana Tourist Development Company.

Annan returned to international diplomacy and the United Nations in 1976. For the next seven years, he was associated with the Office of the United Nations High Commissioner for Refugees in Geneva. He returned to the UN headquarters in New York City in 1983 as director of the budget in the financial services office. Later in the 1980s, he filled the post of assistant secretary-general in the Office of Human Resources Management and served as security coordinator for the United Nations. In 1990, he became assistant secretary-general for another department at the United Nations, the Office of Program Planning, Budget, and Finance. In fulfilling his duties to the United Nations, Annan has spent most of his adult life in the United States, specifically at the UN headquarters in New York City.

Annan had by this time filled a number of roles at the United Nations, ranging from peacekeeping to managerial, and the 1990s were no different. In 1990 he negotiated the release of hostages in Iraq following the invasion of Kuwait. Five years later, he oversaw the transition of the United Nations Protection Force (UNPROFOR) to the multinational Implementation Force (IFOR), a UN peacekeeping organization. In this transfer of responsibility, operations in the former Yugoslavia were turned over to the North Atlantic Treaty Organization (NATO).

In recognition of his abilities, Annan was appointed secretary-general, the top post of the UN, by the UN General Assembly in December 1996. He began serving his four-year term of office on January 1, 1997. Joining him was his second wife, former lawyer Nane Lagergren of Sweden. She is the niece of the diplomat Raoul Wallenberg (1912–c.1947), who saved thousands of European Jews from the German Nazis during World War II (1939–45), when American-led forces fought against Germany, Italy, and Japan. Annan and Lagergren were married in 1985. The couple has one child.

Annan in a new world

Annan’s code of soft-spoken diplomacy was given a boost by the outcome of his talks with Saddam Hussein in 1998. UN observers wait to see how additional crises will be handled by the gentle but determined man from Ghana.

In the summer of 2001, the United Nations unanimously appointed Kofi Annan to his second five-year term as secretary-general. On October 12, 2001, the Nobel Peace Prize was awarded jointly to the United Nations and Kofi Annan. The Nobel citation pointed out that Annan had brought new life to the peacekeeping organization, highlighted the United Nations’s fight for civil rights, and boldly taken on the new challenges of terrorism and acquired immune deficiency syndrome (AIDS; a disease of the immune system).

NDC supporters stone Agyeman-Manu over ‘Mahama project’

Supporters of the main opposition National Democratic Congress (NDC) at Ajumako in the Central Region, on Thursday, 16 August 2018, hurled stones at the Minister of Health, Kwaku Agyeman-Manu, for going there to inaugurate a polyclinic and some health projects ostensibly started by the Mahama administration.

Some of the stones hurled by the NDC supporters injured some journalists who were at the gathering to cover the inauguration ceremony.

Multimedia’s Seth Kwame Boateng reported on Accra-based Asempa FM on Thursday that it took the intervention of the Member of Parliament for the area, Casiel Ato Forson, to calm the youth down.

Mr Forson, according to reports, explained to the youth that governance is a continuum irrespective of which party was at the helm of affairs and that the polyclinic does not belong to either the NPP or the NDC.

UT Bank collapse affecting my other businesses – Kofi Amoabeng

The collapse of UT Bank in 2017 has resulted in severe business challenges for other companies under the UT group, the group CEO Prince Kofi Amoabeng has revealed.

According to him, the UT brand has lost its past glory as the collapse of the UT Bank has “defamed” the UT brand.

Kofi Amoabeng said in a statement that the situation among other things has resulted in difficulties in servicing payments due its investors.
“The actions so far taken by the central bank have adversely affected the operations of the remaining group of companies of UT. The UT brand which was previously a superbrand a few years ago has been totally defamed. The situation has, for instance, led to difficulties in the servicing of payments due investors,” he noted in his statement.

He expressed regret that the collapse of the bank had left many of the bank’s staff with nothing to show for their years of dedication to the company.

More importantly to me today though, is the inability of several workers who once prided themselves as UT staff and now have little or nothing to show for their years of dedication and service; the negative impact on the other UT companies in the eyes of investors who believed in us and our vision to see a Ghanaian owned company become a successful global brand, he said.

The UT Holdings group has businesses including UT Properties Ltd, UT Financial Services Ltd. (Nigeria), UT Private Security Ltd., UT Logistics Ltd., and UT Collections Ltd., and Gateway Wealth Management Ltd.

UT Bank, as well as Capital Bank, were collapsed and handed over to state-owned GBC Bank in August 2017 because they had become highly insolvent despite receiving liquidity support from the Bank of Ghana totally over GH¢1.4 billion.

Among the challenges of UT Bank, according to a BoG commissioned report, the Bank had given loans to many of its related parties without due processes and given several other bad loans to external companies.

The report also cited poor governance structure; thus fewer than expected number of directors and a majority of directors who were not independent as expected.

The CEO of the bank, Prince Kofi Amoabeng was also accused of failing to disclose a GH¢5 million loan payment money he had received from one of the bank’s client to the board.

GHS5 million undisclosed fund was personal money

But Kofi Amoabeng denied the claim his statement said the money he received was not the payment for a loan but proceeds of the sale of his personal house at Roman Ridge in Accra to one of the bank’s clients.

“Kofi Jobs Gyebi was a client of UT Bank who secured a loan facility and subsequently paid off the loan with its accrued interest in full.

Mr. Gyebi, after paying off in full his commitment to the Bank, expressed interest in purchasing my personal residence at Roman Ridge in Accra, which I had put up for sale.

Due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity. I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports,” Kofi Amoabeng explained, he said.

 While expressing disappointment that the bank whose vision was to support Ghanaian businesses and become a global Ghanaian business had to collapse after 20 years of operation.

“Our brand was guided by a vision of assisting Ghanaian businesses and individuals to achieve their aims, based on sound values, principles, and discipline. We had always envisioned growing this company into a steadfast, international, Ghanaian-owned company. However, in our quest to support Ghanaian businesses and individuals, the company had challenges, and the central bank intervened.

He, however, indicated that he will continue to “co-operate with all state agencies probing the development for finality to be brought to this matter.”

Source:Citinews

Fatal Friday dawn road crash claims life of young lady

A gory accident at the Achimota intersection of the N1 Friday dawn left in its wake a badly mangled Honda Civic saloon car, and the body of a young lady.

Eyewitnesses say the speeding saloon car, on approaching the N1 flyover failed to stop.

A heavy truck with registration GN 9501-16, travelling on the main Abeka Lapaz to Tetteh Quarshie Roundabout road was also speeding on the outer lane of the motorway.

According to the eyewitness, the driver of the Honda Civic car, with registration GN 5001 – 15 – a lady in her late 20s – had tried to apply the brakes when she realized she had gotten too close to the heavy back tires of the tipper-truck approaching her, but it was too late. The saloon car was run over by the heavy track from the driver’s side, smashing and killing the lady instantly.

One of the eyewitness, Nii Kotei, said the truck driver stopped after hearing the sound of shattering glass and bending metal filled the early dawn air.

However, after grasping what had happened, he tried to flee the scene but was chased by another driver and forced to stop.

The truck driver has since been detained at the Tesano Police Station. The body of the unidentified lady was trapped in the mangled car when personnel of the Ghana Fire Service arrived at the scene.

UT Bank collapse: Prince Amoabeng breaks one year silence

The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017.

In his major public comment after the revocation of the bank’s license over a year now, Mr. Amoabeng said he is saddened by the turn of events especially with the fact that the organization he toiled so hard to build over 20 years ceases to exist.

A statement from Mr. Amoabeng to Citi Business News said that the 5 million cedis transaction rather involved the purchase of his personal property which the buyer agreed to transfer payments to his [Prince Amoabeng’s] personal account with UT Bank at the time at the time.

UT Bank is one of the two banks that had their licenses revoked in August 2017.

Outlining his side of the story, Mr. Amoabeng said that the said amount in question rather emanated from the sale of his property proceeds of which were supposed to be lodged in his personal account with the bank.

He explains that the move was also to help shore up the bank’s liquidity and therefore could not fathom why Boulders Advisors Limited could not capture his response in their conclusions for their report.

“Due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity. I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports,” excerpts of the statement said.

Ibrahim Mahama didn’t ‘collapse’ UT Bank; dismiss ‘skewed’ GHC302m loan report – Lawyer

The report by Boulders Advisors Limited also cited indebtedness to the bank including that of three companies belonging to Ibrahim Mahama to the tune of 302 million cedis.

But Ibrahim Mahama has since dismissed claims of owing the said amount.

His lawyers rather blamed the bank for breaching a contract of providing a credit facility to help the company carry out some major investment plans including the establishment of a cement factory.

Again, Mr. Amoabeng says he is saddened at the turn of events as he had wished to build an international Ghanaian owned company.

Meanwhile the former UT Bank CEO says that the move is impacting the operations of other companies of UT which has made it difficult to service payments due investors.

“The actions so far taken by the central bank have adversely affected the operations of the remaining group of companies of UT. The UT brand which was previously a superbrand a few years ago has been totally defamed. The situation has for instance led to difficulties in the servicing of payments due investors.”

However, Mr. Amoabeng says he will continue to co-operate with all state agencies probing the development for finality to be brought to this matter.

Audit Tamale Teaching Hospital, transfer heads – Eminent leaders

The eminent leaders of Tamale in the Northern Region have called on government to facilitate the transfer of all heads of department at the Tamale Teaching Hospital (TTH).

They are also demanding that government audit the operations of the hospital.

These demands were contained in a communiqué jointly signed by all Chiefs in Tamale, the Vice-Chancellor of the University of Development Studies (UDS), the Islamic Council in Tamale, the Anglican Diocese, Opinion leaders in Tamale and the Community for Development and Public Integrity (CDIP) and presented to the Northern Regional Minister, Salifu Saeed, on Wednesday, 15 August 2018 and copied the office of the Chief of Staff, the Minister of Health and the Metropolitan Chief Executive of Tamale.

The statement from the leaders comes in the wake of the recurring attacks on the hospital and its successive CEOs by the youth in Tamale.

The recent event happened on Monday when irate youth chased out the current CEO, Dr David Kolbilla from his office.

The eminent leaders condemned the actions of the pro-NPP youth groups and urged the Regional Security Council (REGSEC) to bring the culprits to book. They also reminded the youth that every Ghanaian voted for President Nana Akufo-Addo to become president of the country, and, therefore, any attack on a state institution is an attack on the mandate of the president.

They further recommended to the Ministry of Health and the University for Development Studies (UDS) to immediately transfer every head of department in the hospital and appoint new set of staff to manage the hospital.

The leaders also called on government to set up a Board for the hospital without delay.

The leaders suggested that medical doctors should not be appointed as Chief Executive Officers of the facility but professional health service administrators must take over that responsibility.

I’m very disappointed in Otabil, I expected him to rise above this – Ofosu Ampofo

The 1st National Vice Chairman of the opposition National Democratic Congress (NDC), Hon Samuel Ofosu-Ampofo believes the Founder and Leader of the International Central Gospel Church (ICGC), Pastor Mensa Otabil “should not have superintended over” the suspected malfeasance and potentially incriminating transactions that led to the collapse of Capital Bank.

While Pastor Otabil says his position as Board Chairman was not an executive one and therefore, was not involved in the day-to-day management of the bank, the NDC stalwart says he cannot be absolved from blame in the circumstances leading to the collapse of the bank on August 14, 2017.

The renowned man of God has been at the receiving end of verbal abuse on social media lately, following revelations that managers of the defunct bank diverted some GH¢620million the Central Bank had given them to stop the downward slide of the then-struggling financial entity.

Handlers of the bank are alleged to have diverted the money into buying properties and re-routing part back to the central bank to create another bank – the Sovereign Bank.

Since the collapse of Capital and Sovereign Banks, several state institutions -including the Economic and Organised Crime Office (EOCO) – have been working to arrive at a comprehensive understanding of what happened and who was responsible for what; for which reason Dr. Otabil has been invited to respond to queries.

In reaction to the hullabaloo, the inspirational preacher and former Board Chairman of the defunct bank, in a press release stated that he accepted to be Board Chairman in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. Click to read more

Speaking to the issue during a panel discussion on Peace FM’s morning show ‘Kokrokoo’, Wednesday, Ofosu-Ampofo said Pastor Otabil as the leadership of the board, had the mandate of ensuring that the bank functioned effectively and efficiently.

“The board cannot absolve itself…that is why I am surprised at what Pastor Mensa Otabil said. He is somebody all of us were looking up to as a transformational leader; and so I am very disappointed. I expected him to rise above this. He shouldn’t have superintended over this,” he stated

LEAKED: Gyan, Ayews dropped as Kwadwo Asamoah returns to Black Stars for Kenya clash

Kwadwo Asamoah has been named in Ghana’s 23-man squad after a four-year absence for next month’s 2019 Africa Cup of Nations qualifier against Kenya while Andre and Jordan Ayew as well as captain Asamoah Gyan have been dropped from the team, a leaked document has revealed.

The leaked document also shows that coach Kwesi Appiah will name three debutantes Obeng Reagan, Joseph Aidoo and Ernest Ohemeng for the match to be played in Nairobi.

For the first time in many years all the players including the goalkeepers play for foreign clubs but with domestic football grounded by government coach Appiah will not be criticised.

The list is completely made up of players who are playing regularly for their clubs abroad and who have recently played for the Black Stars in their friendlies.

Some other notable exclusions are Mubarak Wakaso, Jeffery Schlupp, John Boye, Albert Adomah as they will not be called for the match on 8 September.

Spain-based midfielder Emmanuel Boateng was included in the squad even though he is recovering from an injury that he won’t recover in time, raising eyebrows over the squad’s veracity.
Reagan plays for Inter Zapresic in Croatia while 22-year-old Ohemeng recently signed for Spanish Segunda B side CD Mirandes.

Aidoo is a top defender in the Belgium top-flight for Genk and has won many awards for his performances in the Belgian top-flight since last season.

Inter Milan midfielder Kwadwo Asamoah has not played for the Black Stars since the 2014 World Cup in Brazil citing injuries but he recently revealed that he will be returning to the squad.

As such the leaked document might have some legs to stand on as coach Kwesi Appiah has been keen on the return of the midfielder to the fold.

The exclusion of the Ayew brothers will raise concerns over the relationship between duo and coach Kwesi Appiah.

While supporters of coach Appiah says he wants to instill discipline in the squad the backers of the Ayews says the trainer and a long-standing axe to grind with the players.

Captain Asamoah Gyan is yet to hit his top form in Turkey which might have resulted in his exclusion but his pre-season form suggests he could make a meaningful contribution to the team.

Kenya have come up against the Black Stars 8 times, with the West Africans emerging victorious on four occasions with two matches drawn.

Harambee Stars’ only win against Ghana came in an international friendly match in 2003 played at Accra Sports Stadium.

Meanwhile, Ethiopia will host Sierra Leone in the other Group F encounter on Friday, September 9.

The 32nd edition of the tournament is set to be held in Cameroon between 12 January and 3 February 2019.

Kick-off is at 15:00 (EAT).

Full 23-man squad

Goalkeepers: Richard Ofori (Maritzburg United, South Africa) Lawrence Ati Zigi ( Sochaux, France)

Defenders: Andy Kyere Yiadom (Reading,England ), Rashid Sumaila (Red Star Belgrade,Serbia), Daniel Amartey (Leicester City,England), Nicholas Opoku (Udinese,Italy ), Kasim Nuhu (Hoffenheim,Germany), Joseph Aidoo (KRC Genk, Belgium ), Lumor Agbeyenu (Sporting Lisbon,Portugal)

Midfielders: Afriyie Acquah (Torino ,Italy ), Alfred Joseph Duncan (Sassuolo,Italy ), Thomas Partey (Atletico Madrid,Spain), Edwin Gyasi(CSKA Sofia,Bulgaria), Kwadwo Asamoah (Inter Milan, Italy), Nana Ampomah (Waasland Beveren,Belgium ), Christian Atsu (Newcastle,England ), Obeng Reagan (Inter Zapresic,Croatia ), Ernest Ohemeng (CD Mirandes, Spain ), Isaac Sackey (Alanyaspor,Turkey)

Strikers: Emmanuel Boateng (Levante,Spain ), Raphael Dwamena (Levante,Spain), Kwasi Okyere Wreidt(Bayern Munich,Germany), Frank Acheampong(Tianjin Teda, China)

Breaking News: Otabil speaks on Capital Bank collapse

Founder and General Overseer of the International Central Gospel Church (ICGC), Dr Mensa Otabil, has broken his silence on the controversies in the banking sector, specifically, his role in the collapse of the Capital Bank as Board Chairman of the defunct bank.

He has explained in a statement issued Tuesday that during his non-executive role as a Board Chairman of the bank, some decisions that were made turned out well while some did not turn out as well as had been anticipated.

“As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.

“My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives,” he stated in the nine-point statement.

He concludes in the statement, published in full below, that he will continue to cooperate with the state institutions probing the collapse of the bank.

Capital Bank, along with another indigenous bank, UT Bank, collapsed in August last year due to liquidity challenges and all their assets taken over by state-owned GCB Bank.

Capital Bank received GHS 610 million from the Bank of Ghana to cure its liquidity struggles, funds allegedly mismanaged, leading to its collapse.

The full statement is published below.


Re: Capital Bank And Related Matters

Greetings!

1. I have observed with concern, the ongoing media discussions regarding developments in the Banking Sector and my role either directly or indirectly.

2. I accepted to be Board Chairman of Capital Bank in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. I was excited about the prospects of a young man from a disadvantaged background who was daring to create opportunities and employment.

3. My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank.

4. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated. As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.

5. My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives.

6. Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully.

7. For some time now, many discussion platforms have made varied references to me and to my perceived role. Some have reached out to me for clari?cations regarding issues that have been raised. I have preferred not to respond in the public domain, not as an admission of guilt, but out of respect for the due process and the ongoing investigations.

8. Notwithstanding some unforeseen outcomes, I remain resolute in my belief in the Ghanaian and African entrepreneurial spirit. I will therefore continue to lend my support and mentorship to inspire others who dare to dream and work towards the promise of Africa’s growth and transformation.

9. Meanwhile, as a believer in the rule of law, I will continue to cooperate with the mandated institutions of state as they complete their investigations. I am con?dent that in the process, the national interest and the rights of all parties involved will be protected.

Shalom, peace and life to you.

Signed, Pastor Mensa Otabil. 14th August, 2018.

 

Source: Myjoyonline.com

PAC Chair, Finance Minister clash over GHC122 bn Ghana’s public debt

Ghana’s debt to GDP ratio as at December 31, 2016, Monday, August 13, 2018, became the subject of controversy when the Chairman of the Public Accounts Committee (PAC), Hon. James Klutse Avedzi, confronted a deputy Minister of Finance, Hon. Abena Osei Asare over the country’s true public debt.

The Minister for Finance, Ken Ofori-Atta in his 2017 budget presentation to Parliament puts the country’s total public debt at GH¢122 billion.

However, the Controller and Accountant General in the 2016 Auditor-General’s report for the consolidated fund puts the figure at GH¢120 billion, contradicting what was earlier announced by the Finance Minister.

In his bid to reconcile the figures, the PAC Chair sought clarification from the deputy Finance Minister by pointing out the discrepancy and accused Mr. Ofori-Atta for deceiving Parliament.

But Hon. Osei Asare in refuted the claims saying that Mr. Ofori-Atta used the exchange at that time to arrive at GH¢122billion.

Below are some excerpts from the PAC sitting:

PAC Chair: Domestic debt is GH¢52.179 billion and external is GH¢68.149 billion. The two put together will give you GH¢120.3billion. My question to the deputy minister – your minister came to Parliament to say that government’s total debt to GDP is GH¢122billion as at December 2016, why?

Deputy Finance Minister: Yes our Minister confirmed GH¢122bilion which is about 73.1%. Now there is a difference here of GH¢2 billion.

PAC Chair: The accounts of the Controller and Accountant-General confirmed GH¢120billion and the auditor also verified and confirmed that figure. My question is why did your minister say GH¢122billion when the actual debt is GH¢120billion?

Deputy Finance Minister: You know that a lot of these debts are foreign based or denominated and so these exchange rates differ. My minister reported this in March 2017 based on the current exchange rate at that time.

PAC Chair: I agree that he reported it in March 2017 but the reference point wasn’t in March 2017. The reference point was in December 2016 and there was an exchange rate as at December 2016, why?

Deputy Finance Minister: Hon. Chairman, as far as I know the difference had to do with the exchange rate.

PAC Chair: My dear sister you are not answering my question. I’m saying that reference point is December 2016 not March 2017. Did your minister use the exchange rate as at March 2017 to represent the figure as at December 2016? Is that what he did?

Deputy Finance Minister: Mr. Chairman, this was as at 31 December 2016. My minister’s statement came in March 2017. So, certainly he used the exchange rate …

PAC Chair: I just want you to confirm if your minister used the March 2017 exchange rate to represent 31 December debt and converted it.

Deputy Finance Minister: Hon. Chair, anytime you are quoting your current liabilities, you need to quote it at the current rate. Certainly, Ghana took some loans way back in 1999. We cannot use the exchange rate of 1999 when we are talking about that loan and making some repayment. So, certainly he will use the current exchange rate. And as you also confirmed that most of these debts here were external loan. So certainly if you use the existing exchange rate, the figures might go up or down but that notwithstanding, it remains the same that our debt to GDP ratio was high.

PAC Chair: I agree with you that the external portion of the debt must be converted into Cedis and exchange rate must be used at a point and the Controller and Accountant-General used the exchange rate as December 31, 2016. That is how he arrived at GH¢120billion as debt. Now your minister decides to use the current exchange rate at the time which is March 2017 and misrepresented to Parliament that the debt as at December 2016 was so much. The minister could have just done the exact thing by saying that by using the exchange rate as at December 2016, this should have been the debt GH¢120billion but as at the time of presenting the budget in March 2017, if you use the current exchange rate, it will be GH¢122billion and that is the answer he should have given. He didn’t do that.

Deputy Finance Minister: Hon. Chairman, certainly any day anytime when you are stating a loan, you state its current value and that is exactly what my minister did. My minister did not come to misrepresent issues on the floor of Parliament. He was current because when you are stating your debt, it has to be current.

PAC Chair: Alright let’s go on. You’re trying your best but let’s go on.

Deputy Finance Minister: No, I am just stating the fact as it is, Hon. chairman.

Source: kasapafmonline.com