AfDB Denies Bawumia’s Claim

African-Development-Bank-logo1.jpg

The African Development Bank Group (AfDB) has denied reports that it has placed Ghana under sanction.

NPP vice presidential aspirant, Dr. Mahamudu Bawumia in a lecture yesterday announced that the bank has listed Ghana as one of the countries under its sanctions.

“It would also interest you to know that Ghana has recently been sanctioned by the African Development Bank (AfDB) for non-payment of debt obligations due. This sanction means that signature of new AfDB loan agreements, disbursements on all AfDB ongoing projects and the granting of any new loans have been suspended until the situation is rectified. The sanctions were effective in January 2015,” he said.

The economist who worked with the AfDB prior to his nomination as Nana Akufo-Addo’s running mate in the 2012 elections said Ghana’s arrears on AfDB’s debt obligations only serves to emphasize the pressure on government cash reserves as well as the poor debt management.

However, the AfDB has issued a statement on its website explaining that Ghana was erroneously added to the list.

“We wish to state that Ghana is current on all its obligations with the AfDB. Accordingly, Ghana is not on the list of countries under sanctions by the AfDB.”

The bank explained that “On 18 February 2015, due to an administrative oversight, Ghana was erroneously included in the list of countries under sanctions by the AfDB. However, the error was detected that same day and a corrected list was immediately issued in replacement.”

Share this:

Share News

submit to reddit