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General News | May 3, 2004

Gigantic financial scam exposed

National Democrat

That the Kufuor administration is fast gaining the notoriety of dirtying its hands in dubious and fraudulent financial scandals has now become a reality with one of the most gigantic fraud involving $3000 million.

This latest financial scam that sounded more of the playback of the previous $1 billion “419” which the NPP cabinet approved in July 2002 from a supposed International Financial Consortium (IFC) and which Ghanaians vehemently protested till the government was compelled to withdraw if amidst humiliation and embarrassment.

So with the experience of the “IFC” scam loan of 2002 at the back of their minds, the NDC has once again blown the whistle of “Red Alert” to signal yet another fraud that could sink Ghana's finances down the drain. It would be recalled that on Tuesday, April 13 this year, Parliament gave approval to the NPP to contract a loan of $300 million from a private company based in the United Kingdom but with origins and roots in Hong Kong.

Addressing the press last week Thursday in Accra, Dr Nii Armah Josiah Aryeh, General Secretary of the NDC, noted that the NDC had closely re-examined the entire 9-part documentation in respect of the loan and had concluded that the NPP had allowed itself to be conned by some international fraudsters and conmen and their Ghanaian cohorts.

“We are convinced that we may have another “IFC” type scam loan on our hands, thanks to the incompetence and naivete of the NPP government” he said adding that Ghanaians had taken it for granted that the NPP would in future exercise greater circumspection in arranging loans for the country especially from private financial sources.

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