The National Democratic Congress [NDC] Member of Parliament [MP] for Lower Manya, Ebenezer Oklitey Tei-Larbi, says though he has no qualms about government’s decision to access loans from international bodies for developmental projects, some of these loan deals will certainly not inure to the country's benefit.
To him, so far as Ghana is a developing country, it will need loans at all cost to better the economy, but not such financial agreements that will in the near future, be an albatross around our neck.
Hon. Tei Larbi was particularly critical over government’s recent bauxite deal with China.
Barter or Loan?
There has been a series of back and forth accusations over the deal which was finalised over the weekend after a meeting between President Nana Akufo Addo and China’s President Xi Jinping in Beijing.
Whies the Minority in Parliament is convinced it is a loan, government describes it as a barter arrangement. The trade deal saw the two factions trading words and calling each other names a few months ago.
Per the terms of the barter deal, government is leveraging on the Bauxite deposits in the country to offer a $2 Billion worth of Bauxite, Alumina and Aluminum to the SINOHYDRO Group Limited of China.
The Chinese company is expected to provide US$2billion of infrastructure including roads, bridges, interchanges, hospitals, housing andrural electrification in exchange for Ghana’s refined bauxite.
But concerns have been raised about the deal, with some even questioning its viability and value for money considerations.
Hiding A Supposed Debt From Ghanaians?
The Minority in Parliament is not convinced about the claim by government that the deal will not further inflate the already precarious state of the country’s debt to GDP portfolio, but rather see it as an attempt to hide a supposed debt from Ghanaians.
But the government has defended its decision to enter into the agreement because it is fully convinced that the right processes have been followed and the necessary due diligence have been done to ensure the nation gets the maximum benefit from its natural resources by adding value to them before exports.
Gov't Is Insincere
Contributing to a panel discussion on UTV’s ‘Adekye Nsroma’ programme, Hon. Tei Larbi accused government of not being sincere to the electorate.
“I have a strong belief that this Sinohydro deal is a loan and not barter trade as claimed because it is coming to add to our debt stock and we [minority in parliament] are concerned about the burden of additional borrowing cost on the over-burdened taxpayer,” he noted.
Source: Elizabeth Semiheva Bedi/Peacefmonline.com
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Massa; this is simple if you have studied economics and follow Barter economic trends in the world and also follow sunction regines policy strategy by the United Nation against counteries like Iran ; Iraq and Russia who refuse to be controlled by the US; historically barter economics amongst nations have been used for thousand of years ; these western economies after accumulating vast wealth from slavery decided to set the IMF to control the lesser economies like African economies ; loans which are advanced to African nation are stolen by ploiticians and finds its way back to these western economies and the IMF again ;China is attemting to change this corrupt system and help Africa by using batering economic quantifying system is simple but complex and based on average commodity prices on the world market market ;it is a non monetary development strategy which quantified by natural resource offered and the equivalent amount received from China ; so the total amount of machines ; human resources are calculated or quatified for a project ie Railways from Accra to kumasi and the equivilant bauxite value is quatified and a deal is struck ; in this case corruption and non performance is eliminated; massa read more on the subject because the information is there; it is a sensible way to go and avoids corruption by these corrut politicians .
Well this is not anything new to ndc as we all know them its even surprised that they didn't have press conference on this. It is also true that ndc members don't READ they just jump on to do PROPAGANDA. NDC YAAMUTU, NDCE YAAMUTU, NDC YAAMUTU, NDC YAAMUTU, NDC YAAMUTU, NDC YAAMUTU, NDC YAAMUTU
mmd ,what is your business on that? Nana Auo Addo will never misuse any natural resources from the strongholds of the NPP, we will never low ndc to steal those resources and hand it over to Ibrahim Mahama! that was fine with the ndc when John mahama handed over property of the Ashantis to Ibrahim Mahama but Nana Addo a son can not, go there and dig the bauxite to your stronghold so you can enjoy it and do whatever you want with it. Nkw*seafuo kwa! I just can't take these ndc people, the way they hate Ashantis but they think they are smart and are entitled to their resources because of Ghana,but never again, Ashanti must benefit from their resources so is Eastern, BA,Western and Central our leniency can't be sold for weakness. Ashanti and their cousins deserve better and they deserve the batter agreement to develop their areas. Ndc can go to hell if they don't get it!
What happens to the gold and diamond that will automatically be scooped up together with the bauxite. Do the Chinese get to keep them or will they hand them over to Ghana?
THEY WILL ROOT IN OPPOSITION FOREVER AND EVERRRRRRRRRRRRRRRR WITH ***barred word*** TALKSSSSSSSSSSSSSSSSSS, WHEN THEY DON'T CHANGE THEIR ATTITUDE HMMMMMMMMMMMMMMMMMMMMMMMMM
PLS DON'T BOTHER YOURSELVES WITH THESE FULLLLLLLLLLLISH TALKER, CREATE LOOT AND SHARE NDC PARTY PEOPLE. FOR THEY ARE AGAINST EVERYTHING THE NPP GOVERNMENT UNDERTAKES IN THE COUNTRY, SINCE FROM DAY ONE OF THIS GOVERNMENT LED BY PRESIDENT NANA AKUFO ADDO DANQUAH AND HIS ABLE BODY DR. ALHAJI BAWUMIA. SHAME LIARS AND THIEVESSSSSSSSSSSSSSSSSSSSSSSSS
How would the barter be monititarily quantified.
What is WRONG with these NDC riff-raff spokesmen/women because whether it is a loan or a barter is neither here nor there ; we have bauxite which is a natural resource and the china says we will come build roads ; railways hositals and other aminities for you guys based on the value of the bauxite which will be valued as and when it is dug out based on world prices ; what is the cost /benefit analsis of this deal ? the value of the bauxite is valued in monetry terms and equipmen and materials are all brought from China whilst the human resources is sourced in Ghana ; this has been done in Rwanda ; Uganda ; Somalia and other places in Africa ; how does this then become a loan and where is the evidence to show it is a loan ; NDC should provide us with evidence and STOP THEIR NUNSENSES!!!!!!
Can we have an independent organization or company to value the bauxite in question to give all ghanaians an idea of how much it is worth in monetary terms? Until such an exercise is conducted some of us cannot commend or condemn government in this deal.
Did NDC try to Acess a 3 billion loan facility from CHINA during JOHN Ford's tenure?