The African Development Bank (AfDB) has officially confirmed a ghanabusinessnews.com story that Ghana is not on its list of countries under sanctions. The country, the Bank says, is current on all its obligations.
A media advisory signed by Joe Kibazo, Director of Communications, issued from the Bank’s Headquarters in Abidjan, Ivory Coast, and copied to ghanabusinessnews.com March 25, 2015 says, “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. 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,” it adds.
This advisory is a confirmation of an earlier story by ghanabusinessnews.com citing anonymous sources in the Bank.
Dr. Mahamudu Bawumia, a former deputy Governor of the Bank of Ghana and former running mate of the opposition New Patriotic Party (NPP) has said in a public lecture that, Ghana has recently been sanctioned by the AfDB for failing to settled its debt to the Bank.
Delivering the ‘Distinguished Speaker Series Lecture’ at the Central University College March 24, 2015, Dr. Bawumia, who is also a Visiting Professor of Economic Governance at the university, said, “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 on- going projects and the granting of any new loans have been suspended until the situation is rectified.”
According to Dr. Bawumia, the sanctions were effective in January 2015.
Dr. Bawumia also provided a list of countries on the sanctions list. The list contains countries like Somalia, Sudan, Zimbabwe, and Djibouti.
“Ghana’s arrears on its AfDB debt obligations only serves to emphasize the pressure on government cash reserves as well as the poor debt management. You cannot treat external debt obligations in the same way as you treat your obligations to the NHIS, DACF, GETFUND or Road Fund,” he added.
The advisory, however, states categorically that Ghana is not on a sanctions list of the Bank.
By Emmanuel K Dogbevi