Gabby Asare Otchere Darko says his comments are based on facts and figures inherent in the amended $3 billion loan agreement and so owes nobody any apology.
Government has issued a statement calling for an immediate retraction and apology for the comments in which Gabby alleges "chop chop".
Government spokespersons have been denying the allegation while others have hinted legal remedies if Otchere-Darko fails to retract and apologise.
Deputy Finance Minister, Seth Terkper said Otchere-Darko’s claims can only be false. He said nowhere in the agreement is a facilitation fee assured.
His colleague at the Information Ministry, Samuel Okudzeto Ablakwah, has also described the comments as reckless and vicious which should not go unchecked.
He said government is open to criticism of the loan but will not under any circumstance allow corruption motives to be impugned.
He said the Government of Ghana is dealing directly with the Chinese Development Bank and “there is no arrangement fee or facilitation fee in this whole terms and conditions of this loan.”
Okudzeto Ablakwah maintained the only motive behind this loan is driven by the unfettered desire to improve Ghana’s infrastructural deficit.
“So to say that somebody somewhere needs to get $30 million that is why we are rushing this loan is very disingenuous and unacceptable,” he lamented.
He said Gabby Otchere Darko must either retract or apologise or be willing to substantiate the allegations. Otherwise, he should be ready to face possible legal action from stakeholders.
While agreeing it is not out of place for facilitation fees to be paid in similar loan agreements, he was emphatic that this Chinese loan agreement has no such facilitation fee attached to it.
Quoting relevant portions of the agreement, Mr Darko said Ghana has to pay upfront fees immediately the loan is approved by Parliament- fees totaling $37 million.
“At page 27, paragraph 11 (1) it talks about upfront fees. The upfront fees is 0.25 per cent of the total commitment of $3 billion which must be paid within 20 days after the execution date. That works altogether $7 million. It talks about another arrangement fee of one per cent which must be paid within 60 days after execution date which works out as $30million. Altogether $37 million.
He explained this amount is the only commitment which Ghana has to pay as guarantee for the loan.
Unfortunately, there is nowhere in the agreement where a definition of commitment fee has been attempted, he said.
“So if commitment fee is not defined, yet it takes as much 0.25 per cent and also as much as one per cent and it amounts to $37 million which must be paid up front, am I wrong to say that that is the only thing that is guaranteed?”
He said he merely quoted the relevant portion of the agreement and challenged the government spokespersons to rather change those 'incrminating' portions if they deem it wrong.
From: Nathan Gadugah/Myjoyonline.com/Ghana
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