Deputy Minister for Finance, John Kumah has said that the 37 million United State Dollars out of the $750 million from the Afrexim money facility has been set aside for debt service obligations.
In response to a Facebook post by Hon. Cassiel Ato Forson, ranking member of Parliament’s finance committee, that only $713million was received by the government out of the approved $750m, Hon. Kumah admitted that “Government has received fully the total amount of $750m today Monday 29th August 2022 from Afrexim as approved by the parliament.”
“This arrangement is not new as the Ministry of Finance have from time to time created specialized Escrow accounts for specific purposes.”
In a tweet post, Hon. Kumah stated that all the documentations in connection to the arrangement were supplied to and was approved by Parliament.
Hon. Kumah assured the general public that funds will be applied specially to the specific infrastructure projects approved by Parliament.
The Afrexim bank facility is expected to boost the local currency by stabilizing the cedi.
The $750 million loan would be used to fund developmental projects in the health, railways, energy and roads sector as outlined in the 2022 Budget Statement and Economic Policy of Government.
