Haruna Iddrisu Vrs Kojo Oppong Nkrumah - #JoySMS on Joy FM (23-8-18)

in between mr. gryszek good morning thanks for joining us good morning and thank you very much for the opportunity and esteem lessness we as a minority concerned about Ghana the potential of Ghana being declared a depth distress country and we're mindful of the fact that even the Minister of Finance his own maiden majestic mentor Parliament was to point out what he described as the rigidities of the back-right interests Severson compensation statutory payment line and therefore the minority were compelled to write to an independent arbiter the International Monetary finally to have a better understanding of a conflict in the thoughts of government right and their inability to be forthright with their Ghanaian people missus used to hold the fire for a moment we will give their background to this so that we have the proper context when you when we are entering into this discussion but unless that whistle has really summarized for us what's the the crux of this discussion will be like the minority has written a letter to the IMF asking them to clarify whether or not the two billion dollar arrangement as Ghana has entered with sino hydro as Chinese well with the government of China I should say is it alone or it's a butter the Finance Minister can offer you a tab in the media budget review insist that this is a butter agreements between two countries but the minority wants this to be classified as a loan first of all why is that clarification necessary and going forward into what are the merits of their arguments this admin took place in Parliament maybe are going to the IMF why why not we're answering all those questions today on the two-part morning show I'll give me that you just walked in so I'll give me moments to catch his breath I'll play this quick message and then when we come back delve into the issues stay with us this is the super morning show oh hello I've been standing here knocking sir where were you oh I'm very sorry I actually saw you in my cameras when you were walking in but I was on a long-distance video call with a big cousin in the UK how are you able to do that haven't you heard of the broadband service from Telus all they offer fast speed with vast internet bundles to choose from and very affordable monthly rates Wow is that so yes so they offer both 4G and fibre broadband won't tell me more until a saw is fully gone in and Russian right away so contact them any more details yes you can contact al-assad today for further details on zero three zero three nine seven five three four two or three four four or toll-free on zero eight zero zero 900,000 or visit www.techyv.com tillis or 4g just a touch we have the L Whiffenpoofs and you're listening to the super morning show with Daniel does a live on joy 99.7 FM we are accent the IMF to provide us with gravity obviously looking at the perceived changes in the computation indention arrays and to find out if that is in lines what what was negotiated might have fun and in life as the nationally best asserted best practice that is all what we a second for because clearly from what they have presented to us as better agreement the evidence before us two initials that this is nothing but a debt is alone and we want to find out if indeed the fun is aware that this is a loan or a betta butta is the exchange of goods and services it is not exchange of goods with cars that becomes a trade so obviously what they have presented to us it's not butter but trade let us also be reminded that the bauxite revenues are government revenues and so if you have to sell bauxite revenue and decide to use a collateral for debt it should be recognized are dead since the revenue is government revenue government revenues and cannot be regarded as math agreement it is a debt that you just do the writing you see unfortunately that is why I Ghana is why we are if you are trying to do the right in the poor thinkers about politics while the government panic in India if they have nothing to hide because government is hiding that is why they are so much fun again they shouldn't panic I think they should do what is right we assisted that as minority will support the mind the government any day any time if they come to Parliament and sit for a loan for the purposes of thought in infrastructure we are parted at the next infrastructure so we support them but any attempt to hire public debt and create in person back it is something that is not certainly we will fight against it and that is why we're raising this for so those kids are lots of force in his minority spokesperson on finance explaining in a nutshell was the main opposition is however her net we sue him is here he would be giving us further and better particulates if I mean and when I said in the natural you have some difficulty we said the government is not forthright with their tax bill and the Ghanaian people Jenna hurry to do this wasn't the rectitude and resolve to be candid with the facts essentially what is butter it is alone who try and answer that we'll try and answer that question well and without a dictionary you will do something else but we want listeners to have a proper context of the school discussion and so Raymond a choir is here with me Raymond in a minute that let's just know about this for what we need to know about this horse I know how to do so you remember that government official somewhere around the beginning of the year went to China they were talking about song is it 15 billion or so big-time money no supposed to fix now infrastructure problems we've been discussing a gap of 1.5 billion virtually every year that ought to be dealt with no many are complained by this government had very little to show for when it comes to infrastructure projects and development contrary to the promises he made along the line prior to campaign and coming into office so I mean too many was exciting to have heard the first restart mentioned how this was going to happen and that two billion was coming this year he stretched that and I was supposed to do some road projects he took his time went through all of these road projects that were supposed to be the main projects to be undertaken under this project so he did so and then later on the put before the Parliament of the Republic of Ghana some an agreement an agreement which was titled the joint memorandum to Parliament by the Minister of Finance and the Minister for routes and highways on the approval of commercial agreement between the government of Ghana and sino hydrogen limited an amount of up to 500 million United States dollars for the construction of priority road infrastructure projects this one under the master project support agreement and this master project support arguments is what constituted a two billion dollar project in and of itself so the phase one was for the in this case and they are discussed that's going to be beyond this indeed if you go to even the master project support agreement which was on the next Tuesday what was presented to Parliament it stipulates in one point one that in consideration of and subject to the other terms of this MPs a sign I do agree to arrange for one or more loan facilities for payment of eighty five percent of the construction and project cost of the priority projects which aggregated construction and project cost is as a date of MPs a estimated to be two billion US dollars does the silo hydro arrange project facilities and proceeds to talk about how there's the 15 percent will also be dealt with so this is and let's not forget it when this was put before Parliament there's a huge debate on this it did raise the points that no no the classification of this was important and that government was secret among allow is to use the backdoor to bring on board more low facilities and yet not classified that as public debts I'm not like this will be important because we have a fiscal regime that was supposed to preach and I am I am a fire in America we also have a debt ceiling that we have recruited the IMF to deal with in this particular case our completion this year is dependent on these targets so if you do not do so we may be able to beat attackers if we do so you may miss some of these targets which would through a program with them in some Jupiter which may need an extension or something of that sort so desired so the fact that government does not want any extension and want to leave a deterrence of disagreements if it is not in it alone if it's not added to your public debt then it can be good for you on the other side they may actually negotiate or go for further engagements the IMF on this particular matter so that's the crux of the issue so far the idea is that if we bore beyond a certain point yeah we'll get in trouble with IMF very may have to extend the future you are a good target to the debts okay so that's where the difficulty is and they stipulate specific sections of not only what the minister said so what they did and I have seen them in their statement what I did is to compare what the minister said before Parliament of the Republic of Ghana and what the details of the agreement when he came to put the same Parliament and the Finance Committee men so some things agree to you where they see the mink where you come down a man is brilliant on this subject as a country beyond personal safety and security the most important matter particularly to ghanians and the private sector is prudent management of the economy and therefore we will support any effort of government as fiscal consolidation which includes government demonstrated superior depth management strategy the best that management strategy is to Guru responsibly we also has a minority well aware that Ghana has an infrastructure deficits of about two billion u.s. dollars annually and therefore it's important that we feather invest in infrastructure development to accellerate economic growth in order to address unemployment and to spare the private sector to contribute meaningfully to the development of the country what the minority have sought to do is to expose the grand deception of government that indeed they are burrowing and they lacked the rectitude and resolve to declare to the Ghanaian people and Daniel taxpayer that indeed there would be additional tax burden of two billion don't forget it has consequence on the payment of the interest burden and it has consequence even on competition of a per capita income okay so we are compelled to say clarity from an independent Abita because when we ask government said no this is not alone even though as usual speaking with a double tongue if you look at the master facility agreement they are next very more fair to say no hydro makes a committee meant to learn now it is not alone wherefrom arrangement fee there's an element fee and as an interest component of it the Finance Committee of parliament met and in their ways they said this will not add any additional burden to the depth stock of government that is practically impossible so I believe that our action is to demonstrate to the Ghanaian people that we are vigilant and we need to keep government in check and at this moment there is no institution better place to do that than the IMF if they shared the facts and clarify the issues so I think that Ganesh should just ignore the propaganda of government that endless minority is sabotaging - what game right and well that's how life is mega and he's been come as in his position there Kojo upon chroma is information minister-designate and he's joined us in studio as well it's not home from a good morning morning is a morning of surprises it's the morning of surprises I must see okay so I'll give a Miss upon Kumar in hair and moments to come in here but you have been mentioning how this has implications on our tax burdens as other other people and therefore you owe it for people to know that you are burrowing said more like a name in fact billion United States dollars will essentially are to Ghana's deaf stock and elevates the interest payment regime of government which will further true the economy of the country into distress now when we sought answers from government they treated this as some could be mamani or gender to metropolitan actual furnace by its talk and say how will it add to that stock how a imprinted as an eighty five percent interest regime of a loan and then to appreciate it better when they appeared for Parliament they invoked article 1 8 1 of the Constitution which is on loans and more importantly section 55 and 56 of the public financial management act at 9 to 1 which is on loans yet they somersault to say that this is not alone treat this I say but nobody is against government borrowing but I'm sure because the bastardize Bruin and bastardize the MDC for burrowing they have an obligation to shy away from the reality we know we've been in government before and every government has three vehicles to wait to fund his development projects particularly infrastructure you either up or raise taxes or you burrow okay all you rely on public-private partnership okay beyond s la the energy sector levies this government has not demonstrated any superior deadman administrator strategy and they them self admittedly even in the 2017 and 2018 budget to quote and paraphrase a minister of finances that aslha have made a significant contribution to dealing with some of this legacy that you have we just want government to be forthright that it is borrowing and that is brewing from China hydro China don't forget Andes have been to China before okay and therefore anybody anybody anybody a trouble gas is is a product of gonna channel collaboration which is also making significant contribution to the energy sector and therefore but that's not an exchange of tomatoes for oranges and I think that government should just one each one you mention article one absolutely across five watts go on each one says this article show with the necessary modification by Parliament apply to an international business or economic transaction to which the government is a party as it applies to alone and I mean tell you read one eight one one oh yes I haven't read that one to the public let them appreciate our says Parliament each one before we come to one our cup to five hours for let's go to one inch 1 1 so that we have that proper context Parliament's made by resolution supported by the votes of a majority all met the members of Parliament's authorized government to enter into an agreement for the granting of Elune out of any public fund or public account so Oscar won each one and basically spells out what's Parliament's must do and what God is going along allow me to finish when when it's going to Parliament so a lot Parliament to approve alone and then when it comes to Clause 5 it tells it says that the article as in the procedures here shalt with the necessary modification by Parliament apply to an international business or economic transaction to which government is a party as it applies to a loan so it says use these these descry tyria if you are if you are using it for any other direction explain that you may not be extend I mean to the extent that you say that this is not a name I've not said this is not a loan I'm just pointing you to article 1 is 1/5 is alone if you appreciate unconstitutional law read the head node of y8 one is on loans and a further added at section 55 and 56 of the public financial management Act and therefore government should just talk this grand deception and before tried with the Ghanaian people they should be candid that we are borrowing and we support them to burrow to build infrastructure but not hide under the guise of bata and also strongly deceptively and unfeelingly questionable state that they unaware this is not going to add any additional burden to that depth so don't forget which one as a member as a member of the IMF negotiation team in 2015 we've got the three easy affair with the IMF and I do know that there are ceilings to burrow in because of Ghana being declared very distressed at 70 percent of GDP borrowing right is essentially not the way to go so whether why each one five parliament has not even acted on it there is a Supreme Court ruling which of large Parliament so read read it says Parliament shall with an extra modification ya know some attempt and a speaker do a yahoo with Marietta brew as a Tony Jana with a president mama working together to do this modification to respond to it so our contracts of that nature can come under international economic transaction but alone is alone they cannot change the Lupus skin okay let me come to mr. Hodge upon coma a Minister of Information designee cesarean coming here so phone cause I I believe congratulations are in order Thanks great so your response then to what the minority is saying I seen that look II just am antics you call it a but about what it really is this alone let me start by saying good morning to night Relations Minister we look forward to you appearing before our community and then we take you to plenary and see the Parliament of Ghana listeners as well and I think as we start it's important to say that no government has not said in fact this the first time that government is responding to this action by the minority and I'm doing so because as I was listening to you I had my senior P and the studio and you know make some comments on on the subjects and I feel that compelled also to rely in national government is not already in this matter they have may I say proceeded with an action and I think already the action that they've taken is beginning to catch up with them and that's why they are feeling and pushed to respond to its now first of all the view of the administration is boy in his action this action that they've taken and we work with a minority in good faith in Parliament but this particular action this exercise of may I see Nico D mostly writing to the IMF trying to kill them or large them to stop this transaction at the time one Parliament is on recess and to finish you give me the opportunity to make my submissions I listen to you fully when Parliament is on recess and you deliberately do this it is an action that the administration finds disappointing and it smacks of bad faith indeed as I have been following social media commentary on the subject last night and this morning some of the expressions that people are using that this amounts to stabbing motherland' in the back was this this this action is on patriotic and the reason for which government finds this action disappointing is simple the arguments that my colleague guru maharaji sue makes here this morning your studio a lot new arguments they tabled all of these arguments in Parliament and the Parliament of Donna that represents the people of Ghana had an opportunity to interrogate it and come to a conclusion to pass a resolution that they agreement to the MPs a that had been signed between the government of Ghana and sign Hydra of China and what it said was essentially that this was a bad agreement was what it was and the Parliament of Ghana approves of it now our going to fear the fear of the substantive matters what is a loan or what is a battering when you can pick a dictionary you can google and find out the difference between a loan and a bata agreement now the reason for which they tried very hard to say that this is a loan is the fact that we came to Parliament and the memorandum says that we are here in Parliament and article 1 each one the moment we say we are here in Parliament on that to the one it was wasn't just article 1 its 1 no we said section 56 yes would all the publication management very well but I'm starting from the first part okay it was 55 and 56 in our view are procedural but one each one is what we stated in the memorandum now we are here under authority of article 1 each one the moment we said that our friends in the minority quickly went to one eight one one and two of course which deals with laws and made the argument that are then it's alone and I remember I was involved in the debates that we do the attention that no we are here in that school one eight one five says that the procedures that you have to go through when you are going for a loan an international law love that kind are the same procedures they have to follow when you are going for an international economic or business transaction so we are here under one each one five and if I just may read one each one five for the benefit of your listeners this article which is one each one five with the necessary modifications by Parliament applies to an international business or economic transaction to which the government is a party as it applies to a loan so the same procedures you go through when you are going for a loan at the same procedures you go through when you come for an international business or economic transaction and that's why we came to pilot mr. Obermann we said we so argues that these modifications have not been made these necessary modifications have not to be made officially by Paula it doesn't it didn't as to Parliament from approving international economic transactions in the previous Parliament it's the same article that has been used to approve international economic tractions of such as of various kind you can go for zackham you can go for all of the other ones that sometimes even when for arbitration there are international economic transactions police record any concern that go on it 105 secondly they made the argument that because the document says that data and creditor once you mentioned data in creditor then you are talking about a loan and we explain to them that a debtor is an entity that owes a debt one who is indebted I may be in if we go to court today and you lose a case and you are a judgment that I doesn't mean taking a loan a judgment creditor doesn't mean he has lent money necessarily to somebody so the use of the word debtor and creditor in the document is the open definition of those words an entity that was a debt or Huson indebted an entity that has a claim on the service of another is a creditor and we explained all of these ones to them in Parliament so for you at this time when we finished in parliament has passed the resolution to this effect you know the president is just a few weeks away from going to China to complete what's left of the transaction and then you write this nicodemus lead to the IMF is something that smacks of bad faith now number two the real objective of the minority is not an innocent asking of questions I was listening to the Navajo night do so very well and he says that there's a potential for death distress they are compelled to write to an independent arbiter to have an understanding of that conflict in the thoughts of government I was transcribing his words let nobody be deceived this action by the minority has a real motive behind it they may try to argue that it's an innocent request for information but it's not it is indeed an attempt to nudge the IMF to object to the transaction because indeed if you want fare them better particulates let's just assume for the purpose of argument that there's something about this transaction that you are not clear of even after Parliament had finished this debate and had passed this resolution who is structuring the agreement is a government of Ghana so if you want further and better particularly if they should have constituted a the Constitution gives you the right to write to the fine I know that the minority has written to the Finance Minister requesting information on other things if you want for them better patroclus you write to the government of Ghana seeing that perhaps I want clarification on X or Y or Z but when you know that you have already negotiated a deal with the IMF which is gonna end this year and you literally have some cups on it and you write to the IMF that did you consider this as a loan indeed they describe it I have a copy of the letter here they describe it as a misguided transaction and an illegality and that it is a loan and literally edge the IMF to consider it as such you are nudging the IMF to essentially tell Ghana as an immature interpretation of the letter that is exactly what they are doing that's not actually in your gut is exactly in your view because listen if indeed you are concerned about a potential for net distress do you know that debt to GDP ratio as at December 2016 he had crossed seventy percent that was when we were in debt distress we have brought it down now to about 69 percent and we are hoping to go down further okay you are the one i'm coming have a few points to go to you are the one who now writes to the IMF or sensibly to tell them that they should consider this one as a debt and therefore do it stop the transaction now initially we could have believed that this was a normal exercise of minority functions but now with what is beginning to happen the administration is beginning to form a certain view now what our friends in the minority seek to do is to tie our hands behind us or get the IMF to perhaps say that whether they won't go ahead with this transaction or they won't look favorably upon this transaction as it stands now this transaction as we have argued in Parliament etc and if you go to the master project support agreement it is clear that they will build two billion dollars worth of infrastructure for us and will pay back with two billion dollars worth of bauxite proceeds I've been very clear with that one if we send he makes reference to things in the document like arrangement fees and interest is true there in the document but again if you read the document the document says clearly and if you go to paragraph two one let me read that for the benefit of your listeners the financing terms and conditions under which sino hydro will arrange the sino hydro arranged project financing will be subject to the mutual agreement of the parties what that means is that cyanohydrin is raising their own funding to prosecute this transaction but we don't want to sit here in a situation where I know hydraboost and comes back and tells us that they arrange that funding at a rate of 20% of course I want a cut how much roots we are going to get so we have a transparency across and as I says that whatever they are doing we must have an opportunity to see through it whatever rates that they are underwriting we must have an opportunity to see through it so that in the end we don't end up being shortchanged that is the only reason for which you see these elements of our crea arrangement fee etc in this transaction so indeed if our friends want information well confirm is you feel all right not this route yes so let's need to do super monito 99.7 FM is 27 minutes to the top of the arm here in the studio with her net recent minority leader and coach upon chroma information - that designates I still have a few more questions particularly for mr. apone and Kumar but we'll take these important messages when we come back I'll allow % we should - and respond to other sit and then we'll come back stay with us this is the super morning show I want you to first think big not small think of how grits we can be when we work together together we can ensure that our hard work can we provide a better future together we can provide a foundation for you and your business to succeed regardless of its size together we can create opportunities for all good today and let's journey forward together forward together quality and we're celebrating in free starting from 50% discounts on appliances from any media showroom or authorized reseller join the celebration of media at 50 we have amazing home appliances and great discounts tabletop fridge is starting at four nine nine Ghana Cedis home better gas cooker starting at 799 Ghana Cedis just freezers are also starting at 799 Ghana Cedis blow the 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having to fend off visitors at meal times because of Lilly's tasty aromatic rice celebrate every mealtime by sharing with friends and family near or far Lilly tasty food happy family at all this advertisement has been vetted and approved by the Food and Drug for thority the association of Ghana industries AGI in collaboration with the Ministry of Trade and Industry and the Ministry of Foreign Affairs presents German industrial summit and exhibition 2018 under the theme international partnership for value-added industrial and local content development from the 18th to the 20th of September other coins National Conference Centre GIS he provides massive strategic networking opportunities for local and international participants plus an interactive knowledge platform of stakeholders and players in various sectors of industry sponsors GNPC Russell Tom VRA Deloitte Newmont's Ghana Republic Bank GCB band Barak ventures and buck press media partners joint business graphic communications BN ft and Union times for inquiries and exhibition space and conferences call zero two four four nine three three one zero six be a partner to drive industrial growth [Music] yeah you better watch my moves you're playing with it no concentrate too much why my brother tell me about it how could you need money with my wife this morning and you still want six children not that yeah it's hard for all of us but I manage better with your two children yes and I am saving and keeping them in Zoo couldn't afford even trophies the baby coming not yet okay I'll go back to the station then Pegasus she has been talking to you about what's family planning she wants a drink after this baby I've told it I was sick sugar just do not go Kwami hi so why not good Annette said she needed a break after this babe listen Lao hair for the sick of her health and your family let me call her now thankfully Becky was fine y'all back who agreed to go with head to the family planning clinic the nest went through a range of family planning methods implants for up to five years IUD for up to 10 years and other shots fam method IUD yes we kind of tried it for five years agreed oh I'm so glad we came back about a baby boy and I took them home I have decided to practice family planning and good life it's an everyday thing to us we needed was a push one of eternal songs the Jennifer Lopez's architects his maker and multiple award-winning rock star come on Eugene then darkness of Fanta can most rewarding music show beacons empty and hit makers season 7 download the hits maker app from Google Play stores register follow the prompts and stand a chance to win a whooping 100,000 grand CDs recording do send your comments on empty and hit maker apps at MC and hit maker on Twitter and Facebook our watch apostles your five five one three zero zero zero zero zero MC n hate maker 7 Ruth Mike everywhere you go MTN [Music] [Music] well tell you we have to [Music] it's not a fun [Music] [Music] welcome back to the super morning show enjoy 99.7 FM it's 18 minutes at the top of the are here I am Daniel desi here with Hyuna addressing minority leader of parliament and Kujo open kuma information minister-designate we're talking about our agreements that Ghana has entered with China we are going to give them bauxite and they are going to give us roads railways and other infrastructure projects two billion dollars involved is this alone or it's a button what is the effect on you the average Canyon what money are you going to pay on it we are trying to unravel all of these issues today so help us send us in a text centers in a tweet sent us in a whatsapp message send us in a Facebook post zero two four four three four zero four three seven zero two four four three four zero four three seven ATS joy 997 fm Africa is full of potential people are getting things done businesses are on the rise and absol group is tapping into this can-do spirit as one of the largest companies listed on the GSE top 40 index on Africa's largest Stock Exchange absolute delivers award-winning expertise to enable people and businesses to realize their possibilities daily as a group proudly serving Ghana as Barclays for more visit a WWF South Africa the boozy Institute for raw undemocratic development BIR DD and the entire Boozer family wish to advise the general public to the 40th anniversary lecture celebrates in the legacy of dr. Kofi a brief Abuja join us on Tuesday 28th August 2018 as 3 p.m. as the Accra International Conference Centre as we celebrate the life of dr. 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Frank Roma will come back to mr. Haruna III sue a number of issues happy really want to respond to them also that question on they in Tibetan on the taxpayer how much the Guinean who have to pay in terms of interest on what's happening thank you very much minister-designate for information there's a copy of my letter the West you use find them in it for me which was I said it was a nearly quietly those words you use none I know and is this my letter this is your cover letter and then you have an attached don't know this my like this but you have another occupies it is my letter then to Nicodemus what is Nicodemus when the letter you have your copy I do that so it's copied to the Minister for finance so how can you describe this as Nicodemus its my midnight witchcraft letter we formally O'Malley so Punk you are doing Minister for finance and indeed you can check right s 40 minutes off of the arm anything to how we not eat soup and you can check when we when the government closed a year on 2017 I wrote formula to the minister for finance for some information from the bank of Ghana on how their close I'm yet to have a formal response to that letter I make a copy available to you so for my colleague to describe this as Nicodemus it is the intransigence they insist is beta and we insist is alone and doesn't let me quote I'm holding the media review media fiscal policy review of the 2018 by Justin McConnell policy presented to Parliament 19 July 2018 by Minister for finance another Kano faretta and then read this mr. speaker are like to assure this August house at the two billion worth of infrastructure to be provided by Sano hydro will not add to the depth stock so the khatma that we are seeking as a minority to resolve is whether these two billion will increase the DEF stock for Ghana or not and whether an additional increase in the Deaf stock will not occasion additional burden for interest payment by government on behalf of the taxpayers of Ghana subsidies questions and absolutely because the Minister of Finance and government of Ghana have failed to provide reasonable and satisfactory answers we have not seen we have not seen a superior Dedmon immensely as I'm reading from media fiscal policy review this is what the minister stated to Parliament and we are simply saying that you owe the Ghanaian people transparency and credible information and sharing it we've been to China before don't behave as is not only government and Indian said I pointed it out to them a brief under present good form to add a 400 megawatts of electricity it was late in Parliament that agreement was alone I drew the attention to it then you are running away prolly different stratagems one good you see totally difference you and as our own beta we in Umbria Coco was used as Coco was use as collateral so here I which is your collateral bauxite no here bauxite is from his where he had used those words I'm reading from paragraph 5 this is a document issues of consent in managing from the transaction between government of Ghana and sino hydro as presented by the minority in trauma he has a copy here read paragraph 5 it says that by this misguided but agreement this what they wrote to the IMF Ghana will exchange refined bauxite with 2 billion worth of infrastructure including routes bridges interchanges hospitals housing and rural electrification to be provided by cyanohydrin group limited of China they first of all acknowledge that this is an exchange of these infrastructure projects for bauxite and then they tell the IMF dad this is misguided go to paragraph 10 that's my coming to that one following from paragraph seven and eight we will gladly want to draw the attention of the Honorable Minister to the fact that his so-called bata is alone and must be treated as such hence he will be engaging in 55 one and fifty six one of the public financial management our 2016 at nine to one polymerase respectively invited to consider approved under listed agreements in our quarters with article one eight one of the Constitution so if we couldn't find answers from government where else could we be you have asked government for finance at the close of the year on the Bank of Ghana transactions and in 2017 well you close that yeah you know I ran into a weekend I came to what happened in 2016 I needed some numbers to reconcile of Ghana and to the Minister for finance as I said you have not had any formal responses from any of them and I'm saying that the minority shares no regret in action for feather and additional clarification from an independent Abita whether or not that two billion dollar US dollar bills sought by government will add to government's public debts and location additional tax burden really respect of depth servicing obligations of government on behalf of the taxpayer is that clarification we will seek today let me add this question I'm reading from paragraph of your letter to the IMF he says we have identified a number of legal and technical issues that explicitly make the transaction alone beyond them the basis of article one each one and section 55 and 56 that's that's you can call that was taken to Parliament's that's the finance minister they don't to take to Parliament have you found anything in your reading of the women's to suggest you that the Ghanian would have would be have to pay anything other than yes there is an interest regime of 2.5% 23.3% laibach on who wait that's a commitment and his actual question and there's also an arrangement fee and as also in this document a commitment by sino hydro repaid to an other will for you scope and subject matter of the MPSP in consideration of in consideration of ansible to other terms of this mps and hydra agrees to arrange for one or more loan facilities so everywhere cyanohydrin sees loon they are still arguing no sign no hydro is an hour if I'm if I'm in support are we taking a loan I have seen in this document there's a creditor and there's a devta and I want to go exactly as to who is that creditor and with a devta in this transaction there is a burden to the government of Ghana nothing more they cannot offer any better explanation that they are not going for a loan we will not accept whoever the people of Ghana to be apprised of it we do know that go to page 2 is here nothing look at it policy interest rate and fees during repayment period six-mile USD LIBOR plus two point eight plus three point three VPS and when in turn ancestry this during repayment period finance and management fee cause fees and expenses there is repayment period and others and then that's it this is it okay there are public of Ghana represented by the Minister of Finance depta and then creditor Sano hydro conservation cyanohydrin no we do this is parties consent go to let me go to mr. pancamo with this question right this is not the only do that China is having with an African country I want to read we do at the opinion of become a Kensie which is a law firm in the USA and IJ globally leading trade publication for infrastructure projects it says here that almost half of the 19 billion dollars of China outbound loans poured into infrastructure projects in sub-saharan Africa since 2014 we meet in 2017 there is another baby genes cumulative loans to Africa since 2000 amounted to 124 billion I'm going to cut China Africa research internship initiative jonswap Singh Johns Hopkins University of Advanced International Studies in the United States forgive me an associate research at the janitzio she says that Chinese loans are channel to African governments and state owned enterprises via a complexity means finance matrix of Chinese banks companies and contractors the transactions don't always involve the the disbursement of absolute customs yeah so it says that China so what you are reading I was wondering where I could substitute butter for Lewis he so it is alone now to my colleague meshes patrut ISM we're not in this country when the New Patriotic Party questioned DeLauro infrastructure development for the western region to build an additional port for this country so where was patrut ISM at the time that today you are questioning our quests to seek for better particulars convinced that it is alone that you continue to call beta and then does it to interest you read article truces 8 of the Constitution in 50 seconds No we'll come back to Parliament every article juices juices 8 of the Constitution bauxite is a mineral they need to satisfy a condition precedent while we drew the attention to zero as usual minority that we are not there yet you will come back to s it requires two-thirds majority in parliament to do that when you can't grant any mineral silent hydro granted without the people of Ghana through Parliament inappropriately so we haven't granted all right allow him to answer the question who is doing the mining in the agreements I don't know if you're nothing has been brought okay let me move to you mr. Poe I don't deal with the speculative issues I'm dealing with constitutional and legal writers and I'm saying that article two six eight imposes an obligation on this government so does it let me in some whether is alone or not coming events they cast their shadows we will know and the people of Ghana will better know where the additional burdens would be occasioned by this act of government or not Martin Aragon young people should dismiss erratum the argument of government that this is intended to sabotage to what watch appreciate we appreciate we appreciate that there's an infrastructure deficit you can even go to my parliamentary debate from the public private policy argument two billion US dollars who've always stated it okay and therefore the ship must come clear that it is alone and they are assured that when we support them to borrow I've given you the example of we hydro project who asked the question for me in a heartbeat M what is your expectation of the IMF this letter you've written to them don't respond and yesterday my ranking member on Finance who has been very very supportive durable a24 sent his demonstrated def give me an indication diacid to pitch response from them I founded I just got back from tamale for eat for the idul adha sacrifice and for Salah best regards to all coming along with a ship for you - don't worry thank you thank you so you don't know the content of that - page response I have a red pocket it yet so we'll come back for this time by so Pat rots patriotic MPP where where where was / - thank you yes so the specific it seems like international analysts from different organizations all see these arrangements as loans if I no no no no no no I have advice you have read quotes from organizations that says that side which is what I have launched to Africa in various kinds this particular transaction as I've explained to you is captured in black and white in the master project support agreement that they will build two billion dollars worth of all of this infrastructure nor take you through some of them for us but that's not the first time and I which means like speaking yeah have you seen any such I'm not talking about hearing I'm telling you that here in Ghana there's a face I'm not talking about here is the first arrangement of this kind that we are structuring with China hydro and in Eckstein we are giving now Hyuna mentions Raymond fees interest payments I need to make that point clearly those are the obligations of cyanohydrin to their financing partners they are raising their money at those cost those arraignment fees to develop this infrastructure for us we were in Parliament when the Parliament of Ghana passed a bill to set up a bauxite Authority for Ghana it does that bauxite authority that we eventually be given mineral rights yes you are right and article 268 when that time comes we haven't gotten there today where we are is a structure between government of Ghana and cyanohydrin which we are not taking that they will do Express and we'll pay them back with why let me give you a bit of a historical context if you take the last decade mining and querying a long way of mind and mining and quarry alone to the tune of about 56 billion Ghana Cedis if you look through our budget you cannot find 56 billion Ghana Cedis worth of infrastructure development you know why because the old resource management regime is such that you find some company that comes to dig up the resources do pay you some royalties some income tax and that's it it will go drop in your big national budget is going to other items you cannot even correspond it with infrastructure development even from the communities where these minerals have been that front that is the principle behind this resource module which says that swap your resources for actual infrastructure there on the ground that we can all see and attest to now the minority as I mentioned to you initially try to create the impression that they were only asking for information I've demonstrated to you in what they are thinking they are calling this thing and illegality they are calling this thing a misguided bad agreement and the expectation is not just a responsive and a diamond but I have just read it to you this guy article said I know at the content I'm following from paragraph 7 and it will gladly want to draw the attention of the Honorable Minister don't think that his so-called barter agreement is alone and might be treated as such Han right he will be engaging in an illegality if he attempts to do otherwise fine okay so shall you know before I rush this Rush Street we have a few let's let's let's take our time and go through it for all of our stakeholders to understand it so we are doing is not an effort just to ask for answers because as I've explained if they want answers we have the answers here and and what they are really doing what they are really doing is telling the people of these beneficiary communities that they object to the structure who to provide them their routes that's what they are doing and that's why in Parliament we reminded them that the people in cape coasts will be looking at objection to our strategy to build the roots of okay okay gentlemen please and please please give me a moment I have turned the mics off let's let's have some let's have fun thank you very much yes sir what's your expectation as government of the IMF in response we have a track record of open clear negotiations with the fund you recall when the previous administration festival took us another ECF program and signed up to some conditions when we came back we've been able to even at very difficult times when for example they said they were going to you know classify a slightly different we start with them and explain to them that no you cannot classify it as a new debt and we explain to them because we understand how the fiscal tables are computed we are clear in our mind if the fund requests of us clarification on this we're happy to provide that for them but I think the big picture for em for for us and for everybody to note is that at this time when this is being consumed ated this is the action the reference but to judge them for it from what you know about this agreements do you expect the IMF to dismiss it no dismiss there no no no questions oh no we don't okay you expect me to consider mr. advisor yes we know you have to go so just give us a quick comment on this the collapse of seven banks and the investment world the bond of 8 billion Ghana Cedis that government has taken that's that's of the country and want to have an informed position and make public what a minority position will be on the matter therefore coming in a federal comment until I'm properly and adequately briefed by my Finance Group who've been working on it but our concern is to safeguard jobs to safeguard the banking sector to make a meaningful contribution to our national development life as for posterity to judge everybody whether NDC MPP as a government I agree like that batter or loan was related to are you aware that Parliament's is going to hold a hearing on this matter and it's being considered that it will be income line where that the Finance Committee is looking into the matter and they were guided by do you agree with the position that it should be in camera instead resume okay he's not answering my question let me let me come quickly to mr. Pawan Kumar miss Opoku ma'am am your comments on this back in sound before I do that you asked the question about the effect of this transaction on the average Ghanaian the effect is action on the average granny and is that the average canyon is going to get infrastructure in many of these communities that you have mentioned people are gonna get jobs in the process and the critical thing is that we don't do this by duping our current fiscal position that's one key thing that all of us must bear in mind with the current structure that we have developed yeah the banking saga and your comments on how things have unfolded so far I addressed a press briefing last week essentially to make the point that it is a regulated sector the regulator is taking actions to clean up challenges that have been their legacy challenges that have been there from as far back as 2013 which and I've had some of the discussions you have done in you know people are surprised at how the leadership of the regulator at that time was not able to deal with it the current leadership of the regulator the same Bank of Donna by the current leadership has taken the bold steps of moving into first of all protect depositors funds about 10 million depositors we are told and the government has backed that action by underwriting the first part of it which is the provision of about eight billion Ghana Cedis to be used protecting their positive front so that people don't lose their money's that is the first and important exercise to conduct second to ensure that we put in place mechanisms that leave us with a robust well-regulated well functioning financial services sector and then of course subsequently if it is found that any persons have been involved in criminality there are laws and the institutions that would deal with them there as well so from the point of view of government as we mentioned last week that's where we are but you and the Finance Committee of Parliament's which we'll be taking a look at this yeah do you agree with the position that those hearings should be in private my understanding of the committee's decision I was not there you know it came around the time when my nomination was announced and a transition process that so I was not there at the meeting but my understanding of the committee's meeting and proceedings is that they would want to go deeper into some matters beyond the ones that have been already messy leaked or put out in the public domain and they would want to do so in a contained manner and then subsequently publish whatever reports that have to be published the put before planner and I think that it is a decision that is not on toward the CDs dr. Kuya Santa says that if you're going to have these hearings in private we might as well not have them because there are other state institutions looking into them and as a lecture officials you must be seen to be representing and letting your people know what's the real issues are I think that we have to wait and see the outcome of that there's a hearing and see the report they come out with before we can make judgment on whether or not it was worth holding it in camera thank you very much kudos all for joining us is the information minister-designate I would say deputy from yeah so okay yeah w-4 vision minister now okay okay thank you very very much state minutes past 9:00 on a super morning show enjoy 99.7 FM we still have a lot to bring you on this show my surprise guests have brought us to eight minutes past 9:00 we will take this important messages when we go when we come back we will be taking you to a chimp aqua where former presidents Asante neo to force a two to the second and a number of other key individuals I'm making a historic visit to chibi auto faucets is the second in particular is making a historic visit to Chile as a guest of honor at a bar being hosted by a channel asaji for immunity of repinning to climax the 75th anniversary of the late king of a gym ibaka traditional area nana say o for yet we'll be back to deal with that and other matters including the playback of what happened at the Democrat Institute's forum yesterday

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Published: Thu Aug 23 2018