$35m DIC saga We're saving Ghana from paying GH¢1bn judgment debt - Trade Ministry

  • Published:
Trade Minister, Ekow Spio Garbrah play

Trade Minister, Ekow Spio Garbrah

The Ministry of Trade says it is saving Ghana from paying over GH¢1 billion in judgment when it resorted to domestic companies to contribute $35 million each to assist government clear a GH¢197 million debt.

24/7 Live - Subscribe to the Pulse Newsletter!

The Ministry of Trade says it is saving Ghana from paying over GH¢1 billion in judgment when it resorted to domestic companies to contribute $35 million each to assist government clear a GH¢197 million debt.

A statement signed by the Acting Director of Communication and Public Affairs, Nana Akrasi-Sarpong, said the move is “trying to help save the people of Ghana from an evil plot by some businessmen and politicians to rape the country's Treasury.”

Below is the full statement:

MOTI is Saving Ghana from More than GHC One Billion Payment of Judgement Debt
The attention of the Ministry of Trade and Industry (MOTI) has been drawn to articles and commentaries in the media especially Daily Guide of Saturday June 20th, 2015 regarding a correspondence the Ministry has exchanged with Destination Inspection Companies (DICs) on the payment of a judgment debt owed Bankswitch. The imports of such reports and subsequent commentaries have given the impression that the Ministry is involved in transactions that may be improper or which may constitute bribery.

The facts are that a company called Bankswitch has succeeded in receiving a Judgment debt against the Government and people of Ghana in the amount of approximately GHC 197 million. The judgment debt was for the termination by the Prof Mill administration of a contract awarded under the Kufuor Administration for services in the trade facilitation arena.

The Prof Mills administration was of the conviction that the contract was improperly awarded and that Bankswitch had not performed the services for which it was contracted to perform. Bankswitch sued the Government in international courts and won a judgment debt amounting to approximately GHC 197 million. Due to delays in paying this judgment debt and the accumulating interest, this debt is rising.

As the Government has been unable to pay this judgment debt this far, Bankswitch has been negotiating with Government on alternative payment arrangements. Until recently, Bankswitch sought to have the Government pay the entire judgment debt over a 5-year period, and in addition for Government to award Bankswitch 0.35% of the FOB values of all Ghana's imports over five years.

This supplementary award of 0.35% of FOB imports over 5 years, were it to be accepted by the Government of Ghana, would imply a contract to Bankswitch that would be worth more than GHC One billion cedis over five years. This additional over payment to Bankswitch of more GH₵ One billion Ghana cedis would be over and above the full settlement by the Government of Ghana of the GHC 197 million debt, whether paid in one lump sum or over a number of years.

It is this 0.35% of Ghana's import trade bill that Bankswitch would wish to be awarded that the Ministry of Trade has invited Destination Inspection Companies interested in paying off the Bankswich debt to present expressions of interest so as to prevent the people of Ghana from being bilked an extra GHC One billion for no work done.

MOTI's open and transparent invitation on official Government of Ghana letterhead to five destination inspection companies to express interest in pre-paying the GHC 197 million was motivated by the national interest in saving the country more than GHC One billion in overpayments that Bankswitch is seeking from the people of Ghana.

Members of the NPP government who negotiated and signed the Bankswitch contract, some current NPP MPs, their associates in civil society and friends in the media, who wish Ghana harm can distort MOTI's action and pretend it is some kind of bribe or scandal.

However, when it is understood that MOTI is rather trying to help save the people of Ghana from an evil plot by some businessmen and politicians to rape the country's Treasury, then right-thinking men and women should sit up. If MOTI were interested in any scurrilous and scandalous business, it would not do so on Government letterhead and address the same opportunity to five independent and separate businesses to respond in writing.

The Minister of Trade and Industry is consulting his lawyers and is prepared to take swift legal action against any media house or commentators who wish to toy with and damage the hard-earned global reputation for hard work, creative problem-solving, professionalism, competence and integrity of Dr Ekwow Spio-Garbrah.

The Ministry is of the view that, the issue at stake should be discussed, taken into consideration the payment of judgement debt through no work done. The question is, should we pay judgement debt in excess of GH₵ 1 Billion through no work done by Bandswitch?



SIGNED

NANA AKRASI-SARPONG

AG. DIRECTOR

COMMUNICATION AND PUBLIC AFFAIRS

Recommended Articles

Recommended Videos





Top Articles

1 Mike Oquaye Ghana's Speaker of Parliament is a "big fool" - Sekou Nkrumahbullet
2 REGSEC Coordinator Attack Delta Force Leader apologises to Nana Addo...bullet
3 Cars for MDA's Prez Nana Addo halts purchase of new vehicles...bullet
4 AMERI Power Plant NPP reveals more fishy deal on AMERIbullet
5 Pension Pay 40 former MPs drag govt to court over pension paybullet
6 COCOBOD Matters Hackman shocked over GHc 70,000 salary for...bullet
7 AMERI Power Plant Here is the full report on the $510m...bullet
8 Wrong Robbery Suspected armed robber electrocuted at Oyarifabullet
9 Ghana's Legal System Judicial integrity badly damaged by...bullet
10 AMERI Power Plant NPP Committee report on AMERI power...bullet

Top Videos

1 Ghana@60 Agya Koo embarrassed Ghana at Independence Day - Asiedu Nketiabullet
2 Video Metro Mass bus catches fire on Cape Coast-Kasoa highwaybullet
3 Prophecy I predicted Kintampo accident - Prophetbullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 In Zimbabwe President Mugabe’s 70 year-old aide marries his...bullet
6 Meet Aisha the female mate who aspires to be a driverbullet
7 Health Alert Fufu is killing Africans - Mensah Otabilbullet
8 Meet "The Beast" President Obama's Cadillac that's more...bullet
9 Video Taxi driver terrified after an encounter with a ghostbullet
10 Obinim saga We had sex only once - Obinim victims confessbullet

News