US$1 billion syndicated loan presented before parliament
Provide Finance Committee with full documentation on what US$1 billion would be used for, Ato Forson
Chief Operations Officer at Dalex Finance, Joe Jackson, has added his voice to calls on parliament to approve the US$1 billion syndicated loan before the House.
He explained that the country is in a tight corner therefore, approving the US$1 billion syndicated loan would put the country in a survival mode before the financial assistance agreement between the International Monetary Fund (IMF) and Government of Ghana.
In a tweet sighted by GhanaWeb, Joe Jackson said, “Ghana is in dire straits. Maybe we should be reviewing the legitimate objections to the recent govt. USD 1b loan presented to parliament. We should be in survival mode. Let’s approve the loan."
The Finance Committee of Parliament on Friday, July 15, 2022, deferred government’s request for approval of a US$1 billion syndicated loan agreement.
The Finance Ministry sought parliament’s approval for a US$750 million dollar loan facility agreement between AfreximBank and a US$250 million dollar loan agreement from a syndication of banks to finance capital and growth-related expenditures in the 2022 budget.
The loan, according to government, is critical to fixing the economy in the short term before a bailout can be agreed upon with the International Monetary Fund (IMF).
The Ranking Member of Finance Committee, Dr. Cassiel Ato Forson, said government should provide the Committee with full documentation on what exactly the money would be used for to enable them to make a meaningful decision.
Chief Operations Officer at Dalex Finance, Joe Jackson