Minister of State in charge of Financial and Allied Institutions, Fifi Kwetey says there is nothing wrong for the President to make an ''open appeal'' to ensure that the processes for the CDB loan are fast-tracked by the China Development Bank (CDB).
''I'm actually wondering whether that will be the first time in the history of any negotiations that one group will be will be making an appeal to the other to ensure that the processes are fast tracked; there is nothing extraordinary about that.''
President John Dramani Mahama publicly appealed to the China Development Bank (CDB) to expedite the process for the release of the $3 billion loan to Ghana to support infrastructure development.
He made the appeal when the Chinese Foreign Minister, Mr Yi Wang paid a courtesy call on him at the Flagstaff House.
According to President Mahama although Ghana received only about $600 million from the $3 billion loan, the country continued to pay commitment fees on the whole loan. He, therefore, expressed the hope that the CDB team, which is expected in Ghana this week, would tie all the loose ends and facilitate the processes for the release of the loan.
But there have been arguments that if the government did all the due diligence, then there will be no need for the President to appeal to the Chinese to fulfil their part of the agreement.
Speaking on The Big Issue on Saturday, the Minister of State in charge of Financial and Allied Institutions said the President's plea was in the right direction.
''We need to appreciate that this is the first of such facility that this country has entered into so really its a learning curve for both Ghana and China,'' he noted.
So far, only $600 million of the loan has been disbursed although Ghana is paying commitment fees on the full amount.
<<Print>>