Akoto-Osei dismisses claims World Bank loan is without conditions
By Joy Business Business/Finance | Thu, 02 Jul 2009
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The Minority Spokesperson on Finance has rubbished suggestions the $535 million facility approved by the board of the World Bank last Tuesday for Ghana is without conditions.
The facility is part of some $1.2 billion the bank has promised Ghana over the next three years.
At a briefing of members of Parliament's Finance Committee about the terms of the loan agreement, the World Bank Country Director, Ishac Diwan, detailed what he called triggers that would enable government secure the funds.
The triggers were also detailed in a statement announcing the approval of the facility.
Even though the Finance Minister also argues the so-called conditions are for ongoing projects being pursued by government, Dr. Anthony Akoto-Osei who is also a former Minister of State at the Finance Ministry tells Joy Business both the World Bank and the government are playing on words.
“People ought to know there is a cost to it. There are going to be increases in electricity and sooner prices sooner than later. Petroleum price adjustments was part of it; prices will go up and people ought to know,” he emphasised.
Dr. Akoto-Osei also expressed worry that the $225 million going into projects sponsored by the World Bank would add to more of such funds that have not being used by government.
The Finance Minister is also confident that with the funds coming in, government would no longer have to compete with the private sector in accessing domestic borrowing.
But Dr. Akoto-Osei says he is not so optimistic.
Source: Joy Business
The facility is part of some $1.2 billion the bank has promised Ghana over the next three years.
At a briefing of members of Parliament's Finance Committee about the terms of the loan agreement, the World Bank Country Director, Ishac Diwan, detailed what he called triggers that would enable government secure the funds.
The triggers were also detailed in a statement announcing the approval of the facility.
Even though the Finance Minister also argues the so-called conditions are for ongoing projects being pursued by government, Dr. Anthony Akoto-Osei who is also a former Minister of State at the Finance Ministry tells Joy Business both the World Bank and the government are playing on words.
“People ought to know there is a cost to it. There are going to be increases in electricity and sooner prices sooner than later. Petroleum price adjustments was part of it; prices will go up and people ought to know,” he emphasised.
Dr. Akoto-Osei also expressed worry that the $225 million going into projects sponsored by the World Bank would add to more of such funds that have not being used by government.
The Finance Minister is also confident that with the funds coming in, government would no longer have to compete with the private sector in accessing domestic borrowing.
But Dr. Akoto-Osei says he is not so optimistic.
Source: Joy Business
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