Ken Ofori Atta breached procurement law in over GHc10m loan to MacDan – Minority

Ken Ofori-Atta[/caption] The Minority in Parliament is questioning the basis for which the Finance Minister, Ken Ofori Atta gave approval for the Agricultural Development Bank to give a loan of 10,459,500 to a private firm, the MacDan Shipping Company Limited. Addressing the media on Tuesday, Minority Leader, Haruna Iddrisu said the action of the Finance Minister is a breach of the procurement processes and rules. According to him, the contract given to McDan Shipping Company, did not pass through the Central Tender Review committee as required by law. He said the action of the minister also amounted to usurping the powers of the Board of Directors of the bank as well as a “confirmation of the increasing cases of financial and procurement malfeasance being superintended by the Minister”. The Minority Leader therefore asked: “Does the Minister for Finance have the authority to assume the role of management and the Board of Directors of a listed company, in this case the Agricultural Development Bank, to approve a loan of such an amount? A letter addressed to the Managing Director of ADB dated June 9, 2017 said the money will “enable the company undertake its business operations and in particular to execute a supply contract awarded to it by the Ghana COCOBOD.” Members from the minority side are also raising concerns over what they called intrusion of the government in public and civil services. They therefore asked the president to reverse these actions. “We call on President Nana Akufo-Addo to direct a reversal of these illegal decisions and acts of malfeasance as well as take appropriate steps to restore good corporate governance practices in our state-owned enterprises, in this case ADB.” They also want the president to as a matter of urgency ensure that all financial and educational institutions are provided with boards and councils.

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Source: | Ghana]]>