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General News | Jun 3, 2004

Osafo-Maafo Defends CNTCI Loan

ISD
Osafo-Maafo Defends CNTCI Loan
...there was an error in the telephone number The Minister for Finance and Economic Planning, Hon. Yaw Osafo-Maafo, has debunked allegations in some quarters that the on-going loan agreement between the Ghana government and the CNTCI Limited is a fraudulent business and calculated to put the government in favourable lime light in the forth coming General Elections. He described the allegation as malicious, unpatriotic and intended to derail the pace of on-going development in the country. Hon. Osafo-Maafo said, there is nothing like upfront payment in the on-going loan agreement for the development of certain vital projects in the Ministries of; Roads and Highways, Trade, Industry and President's Special Initiatives and Rails, Ports and Harbours. He was addressing a press conference in Accra today in fulfilment of an earlier promise made to the press that his Ministry will give an in-depth explanation into the controversial CNTCI loan agreement. Mr Yaw Osafo-Maafo showing the picture of the CNTCI office to the media. The Finance Minister expressed surprise at the allegation by the General Secretary of the National Democratic Congress (NDC), Dr. Josaih Aryeh that the US $300 million loan being provided to the government of Ghana by the CNT Construction Investment Ltd.(CNTCI Ltd) was “drug” or “launded” money. Such comments he said, go a long way to discredit the country and put the government and Parliament to public ridicule and contempt. The Minister conceded that there was an error in the telephone number of the company's office in London, which does not change the address and the post code of the premises and assured the media which have been critical of the authenticity of the loan that it had been taken care of. He explained that the difficulty of some media personnel reaching the company via fax, was due to the fact that it has been “e-faxed”, meaning it can only be accessed by a code to secure the correspondence of the user, a practice known in many circles worldwide. Hon. Osafo-Maafo praised the media for their ability to defend the nation and assured them that Parliamentary approval is one of the many processes through which an agreement is completed. He assured the public that government will be guided by their comments and observation in ensuring that the nation gets the fullest benefit of loans of this nature. The Minster for Roads and Highways, Dr. Richard Anane, disabused people's mind of rumours being peddled around that the Tetteh Quarshie- Adenta road would not be constructed as part of the on-going national road construction. He assured that that road will not only be constructed but will be a dual carriage from Tetteh Quarshie interchange to Pantang.


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