Ato Forson Raises Alarm Over Disappeared US$37m from US$750M Afrieximbank Facility

Following reports that the Bank of Ghana had received US$713million in loan from the African Export and Import (Afriexim) Bank, Ranking Member on the Finance Committee of Parliament, Casiel Ato Forson, is raising questions.

Mr. Forson, through a tweet, has pointed out that a total of US$750million was what Parliament approved as far as the Afriexim Bank loan facility is concerned so that the US$713million that has hit the account of the BoG is minus a whopping US$37million.

“Can someone at the ministry of finance & the Bank of Ghana explain why only $713m out of the approved $750m hit GOG’s Bank account? Where is the remaining $37m? For the avoidance of doubt, Parliament did not approve upfront fees amounting to $37m,” he posted.

The post came after Accra based 3News had reported that the central bank had received the US$713million.

According to an earlier report by Accra based Joy News,  the $750 million Loan has been received by the Bank of Ghana. the transfer was received on August 26, 2022.

The loan facility is expected to be used for some infrastructure projects, therefore, the Central Bank will give the cedi equivalent to the government and use the dollars to address the local currency’s depreciation.