Finance Minister responds to Minority over GH¢10.45million McDan Shipping loan

The Minister of Finance, Mr Ken Ofori-Atta has refuted accusations by the Minority in Parliament that he breached the law in the award of a GH¢10.45million Agriculture Development Bank (ADB) to McDan Shipping Company Limited.

According to him, the approval of the loan lay solely on the bank’s credit committee.

The Minority at a press conference on Tuesday claimed that Mr Ofori-Atta singlehandedly approved the credit facility to McDan Shipping Company for the purpose of executing a supply contract awarded to it by the Ghana Cocoa Board (COCOBOD).

According to the Minority, the loan directive and the award of the COCOBOD contract to MacDan at a time the two institutions did not have their boards in place were illegal as they were done without due processes.

But in an interview on Accra-based radio station, Citi FM, Mr Ofori-Atta said his actions did not violate the procurement law.

“That will be the purview of the credit committee of the bank…with banking transaction, the credit committee goes through and then makes their recommendation. I would imagine that on my part it was the right thing,” he explained.