Ghana’s current finance minister – Mr Ken Ofori Atta has revealed that Ghana will repay the €170m from the European Investment Bank which will be used in the establishment of a new national bank in 15 years time.
Last Thursday, the Ministry of Finance and the European Investment Bank signed an agreement for the provision of the €170-million facility for the establishment of Development Bank Ghana (DBG).
This news angered a lot of Ghanaians who took to the internet to lambast Nana Addo and the finance minister for collapsing 9 banks with GHS21bn only to borrow €170m to start another despite the ‘Ghana Beyond Aid’ mantra.
Reacting to these comments from Ghanaians, Ken Ofori Atta has explained that the €170m loan from the European Investment Bank is one of the lowest interest rates of just half a zero per cent with a maturity period of 15 to 20 years with a five years moratorium given to us.
Whiles speaking with Joy News, he also added that the Development Bank Ghana will begin it’s operations in July this year.
He said;
The essence of this is to ensure that institutions are able to borrow on their own credit history and balance sheet without further burden on the central government
Source: Gossips24.com
