President John Dramani Mahama has provided $6 million (GH¢23m) to cater for the expenses of his Presidential Special Task Force set up to “pursue the release of the outstanding balance of $2 billion” from the controversial $3 billion Chinese loan.
According to a Cabinet Memo in possession of the Daily Statesman, the $6million covers three main cost components, with the areas of expenditure listed to include “Catered breakfast for Ghana team and visiting guests at negotiating venue; catered snacks for day-long meeting breaks; catered lunch for Ghana team and visiting guests as (sic) negotiating venue; courtesy dinner for visiting CDB team upon closure of negotiation meetings.”
Chinese fried rice is the most popular food served for lunch and dinner in a typical Chinese restaurant, while among the popular snacks is prawn crackers.
Membership of the Presidential Task Force, which is currently in China, consists of Ato Ahwoi (Chairman), Amarquaye Armar (Vice Chairman), Cassiel Ato Forson (Deputy Minister of Finance, member), Ambassador William Ntow Boahene (member) and Ambassador Anani Demuyakor (member).
Other important areas of expenditure for the Task Force’s travel to Beijing include “Hotel costs in Beijing for team members, as well as per diem for subsistence (DSA); Local Beijing in-city transportation for team from Hotel to CDB scheduled events or trips, comparable projects familiarization visits, etc., that tends to be mandatory in the course of negotiation visits.”
The mandate of the taskforce is principally to see to the release of the $2 billion. They are to first of all see to the release of the $500 million for the three projects already agreed and also for the release of the remaining $1.5 billion, which, according to a May 2016 ‘Decisions Memorandum’, “The President would determine the utilization of the $1.5 billion that will remain after the commitments above are made.”
It was in March 2016 that the President agreed to pay the amount of $6 million. He instructed that the Ghana Infrastructure Fund should be responsible for “the funding of the work of the Task Force established by the President to pursue the $3 billion loan, and as a consequence of GIIF taking over GoG obligations, for GIIF to allocate an amount equivalent of $6 million to fund the work of the Task Force.”
Meanwhile, the there is no sure sign that the Chinese will agree to reactivate the Chinese Development Bank facility.
In October 2015, the President set up the Task Force “to re-engage CDB with the aim of utilizing the remainder of the US$3 billion CDB loan.”
The $3 billion commercial loan was hastily signed, against the advice of the Parliamentary Minority, under a master Facility Agreement between the Government of Ghana and the CDB on December 16, 2011, following parliamentary approval in July 2011.
Since then, $1 billion has been released. $850 million was used for the Ghana Gas project in a deal that was awarded to Sinopec, a Chinese firm, without a competitive tender.
In addition, a whopping $150 million was also awarded to the Chinese to install “IT Enhanced Surveillance Project to provide aerial security for the oil and gas enclave in the Western Region.” Experts say the entire ICT infrastructure could have been done with $50 million, if it was not sole-sourced.
The agreement meant Ghana allowing the Chinese to lift 13,000 barrels of the country’s share of crude oil from Jubilee Fields everyday. Even then, the Chinese saw that as insufficient.
The hastily signed facility, as was warned by the opposition New Patriotic Party, suffered persistent disagreement between GoG and CDB, with the Chinese refusing to release any more funds.
Finally in 2015, the Mahama Cabinet approved a recommendation to reduce the facility to $1.5 billion to cover the two projects already under development and three, pending subsidiary agreements.
The three were: (1) spending $200 million to build just 12 fishing landing sites, (2) using $100 million in a dangerously discretionary manner as loans for SME Projects Incubation and (3) spending another $200 million on a scheme described as ‘Accra Intelligent Traffic Management Project.’
However, CDB did not agree to the Cabinet decision and refused to disburse any funds beyond the $1 billion.
“When Cabinet’s decision was transmitted to CDB, CDB in turn decided to reduce the facility to US$1.0Billion to cover the two projects that were under development, and crystallize it at that amount, as in the CDB’s opinion, the 13,000 barrels per day of crude oil that GoG had committed to the repayment of the Facility was not even sufficient to support the repayment of the committed US$1.0Billion,” a Cabinet Memo signed by Finance Minister Seth Terkper discloses.
Several other offers from the Ghana Government in 2014 went unheeded, until last year when Government saw a glimmer of hope, leading to the set up of the special Task Force.
The Mr Terkper confirms this in his memo to Cabinet: “At a meeting in Beijing in July 2014, GoG offered other resources such as LPG for CDB consideration; however, this was turned down by CDB. In April 2015, however, CDB by letter dated 30 April 2015, informed GoG that they would consider the suitability of LPG only after their own due diligence to determine its suitability as security for repayment of the Facility.
Further communication between GoG and CDB stalled at that point, until the appointment of the new Presidential Special Task Force, which revived discussions with CDB on the outstanding issues.”
Source: The New Statesman
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Simply put, a cabal of Tthieves.
But Jon Mahama is a uless President can you not see that because the figures don't add up about this guy Jon Mahama ; you see Jon Mahama 's sister Otiko Djaba came out clearly and said his brother 'Jon Mahama is an evil man' ; sometimes when a man or woman who is a relative evil you must confront the issue and tell him in his face ; hiding it makes worse ; this is what happening in the NDC today ; the NDC members do not tell the tRUTH in Jon Mahama's face ;they lie to JON MAHAMA all the time and so the man thinks he doing good whereas his priorities are all centered on GREED and acquire personal wealth for the Jon Mahama family; Jon Mahama and the NDC are DESPERATE TO GET THE LOAN QUICKLY BEFORE THEY EXIT ; because once you see that old hand At Ahoi involved then you know there are plans in place to CREATE :LUT and SHARE !!!!!!!ANOOTHER WOYOME SCAM !!!!!!! ; this is a FRAUDULENT LOAN and will put Ghana in worse position; but the chinesse are clever people and will not approve of loan yet until after the election ; THE CHINESSE ARE NO FULLS !!!!!!!!!;if JON Mahama and NDC get the loan they will take a big part of the loan provide excuses and share it amongst themselves ; THESE ARE THIFFS -BIG TIME !!!!!!!UNPRECEDENTED IN THE ANNALS OF GHANA !!!!!!!
This the worse deal ever. If on the average a barrel is $50 a day is $50 times 13000 which is $650,000 and lets say for 300 days a year is $195,000,000. Were these people asleep. Ghana could have made these loan in three years. Is it really true is 13000 barrels a day.
Nti Wei na mos3 JM Toaso yie? Apuuu
Whether some dealt with a hair saloon or not do we have to continue to do these things that only brings pains to Ghanaians, governance is meant to bring changes and improvement so one wrong does not deserve another if NPP made that mistake in 2006, we are in 2016 my brethren thing will have to be done better and not the opposite. if they cant perform why be there and waste our resources.
AT LEAST THE SUPPORTING DOCUMENTS COVERING THIS TRANSACTIONS IS IN ENGLISH, SO WE CAN ALL HAVE COPIES AND READ IT TO OURSELVES. AND WE ALSO KNOW THE SOURCE OF THE LOAN. IT IS CHINA,,,, NOT A HAIR SALON. SO IF THERE IS ANYONE WE CAN LISTEN TO AND TRUST. IT IS JOHN MAHAMA AND THE NDC,,, AND NOT A PARTY WHICH SIGNS LOAN DOCUMENTS IN FOREIGN LANGUAGE. THIS IS SIMPLE.
What makes me happy about this Chinese loan is that, Ghanaians know who they are dealing with. Can you imagine a whole Ghanaian government going for a loan in a "Hair Dressing Saloon"? Yet this same nations wreckers have the nerve to say monies are being expended to get the country some money to build our infrastructure. This is not 2000 when you used lies to get into government. Not to mention about high taxes, yet you came and increased it. Number of ministers were too much and came and did the unthinkable. Corruption, and you said it started from Adam. This time, when you say anything, we will go behind the scenes to check for ourselves.
THEY ARE SO DESPERATE TO GET THE MONEY SO THAT THEY CAN SHARE WHILST THEY ARE IN OPPOSITION. BAWUMIA/AKUFO ADDO SHINE YOUR EYES. THEY ARE SO DESPERATE TO LAND THE MONEY WHILST STILL IN OFFICE SO THAT THEY CAN CREATE LOOT AND SHARE. THEY HAVE LEFT THE WAYOME MONEY TO GO AFTER A LOAN
Uberk, if Mahama were your family member would you treat him that way. The evil that man do live after them. Remember.
Ojimifuo president paaa nie??? Heeerh Ghana !!