The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has revealed that several Ghana EXIM Bank loan transactions have been referred to security agencies over concerns about how the funds were approved and disbursed.
Speaking at the Government Accountability Series on Wednesday, January 21, the Minister said the referrals form part of a broader government effort to sanitise public financing, strengthen accountability, and address questionable lending practices within the state-owned development bank.
According to her, some loan disbursements could not be properly accounted for, raising serious red flags and triggering investigations by the appropriate security institutions.
“There are loans that we do not know how they were disbursed, and we have referred them to the appropriate quarters for the same to be dealt with expeditiously,” she stated.
Mrs Ofosu-Adjare stressed that the current administration has introduced strict credit creation rules at the Ghana EXIM Bank to prevent political interference and the misuse of public funds. She insisted that all loans must demonstrate clear economic value and repayment capacity.
“This is not money for the boys or money for the girls. You must satisfy the requirements and show that the credit you are taking will inure to the benefit of the economy, and that you can repay it. This is not free money,” she said.
She further disclosed that, alongside the referrals, the Bank has intensified efforts to recover defaulted loans, retrieving GH¢107 million so far. Legal action, she added, is continuing against other beneficiaries as part of measures to restore discipline and credibility in public lending.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Ernest Arhinful
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