[ 2015-03-30 ]

AfDB Exposed In Major Cover-Up Attempt For Govt
t has turned out that the denial by the African
Development Bank (AfDB) that Ghana was never
sanctioned by the bank was part of a major scheme
to cover up the truth from Ghanaians, as two
documents from the bank has indeed proven that
Ghana was sanctioned by the bank for failing to
settle its bills with the bank.

The exposure of the bank, after the appearance of
the documents, comes after a spirited attempt by
the bank and officials of the John Mahama
government to deny the issue after it was first
raised by Dr Mahamudu Bawumia, who in his lecture
-- titled ‘IMF Bailout – Will the Anchor
Hold?’ -- revealed for the first time that Ghana
had recently been sanctioned by the AfDB, a
development which ensured that Ghana joined the
likes of Zimbabwe, Djibouti, Sudan and Somalia on
the sanctions list.

The AfDB issued a statement saying Ghana’s
inclusion was a mistake which took place on
February 18, 2015.

This could not be true because Dr Bawumia has
produced an internal memo dated February 17, 2015
in which various directors of the AfDB were
informed of the list of sanctioned countries as at
January 31, 2015, a list which included Ghana.

The second document which seems to have settled
the matter is a letter from the AfDB’s Loan
Accounting Division dated February 18, 2015 which
notified government that Ghana had been sanctioned
for failing to pay up its bills.

The letter, which had as attachment of many sheets
detailing Ghana’s accounts with the bank, was
titled ;APPLICATION OF SANCTIONS - ARREARS ON
BILLS DUE ON JANUARY 1, 2015,’ and was addressed
to the Ministry of Finance through the Director of
the Debt Management Division of the Ministry,
Samuel D. Ameyaw.

According to the accounts, Ghana owed a total of
968, 620.73 UAC (Unit of Accounts) as at February
1, 2015, based on which Ghana had to be sanctioned
until it paid up.

The UAC or Unit of Account is a virtual currency
used by the AfDB for accounting purposes in its
dealings with states. One UAC, according to
records of the bank, was equivalent to US$1.4 or
GH¢4.6 in February when the sanctions were
imposed and government informed.

The rate of the UAC to the dollar and cedi means
that Ghana owed over $1.3 million or some GH¢4.5
million to the bank as at February.

Source - The Finder

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