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Minority Raises Concerns Over $75 Million Loan Contracted Outside Appropriation and Parliament Oversight

 

In a recent parliamentary session, Hon. Isaac Adongo of the Minority raised a red flag, bringing attention to a $75 million loan that was allegedly contracted outside the appropriation process and held away from parliamentary scrutiny. The revelation, made on November 30, 2023, has sparked concerns over financial transparency and adherence to established legislative procedures.

According to Hon. Adongo, the loan was secured without the necessary parliamentary approval and oversight, bypassing the Finance Committee and the broader parliamentary review process. This has raised questions about the legality and procedural compliance of the loan agreement.

Members of the Minority have called for an urgent investigation into the matter, emphasizing the need for accountability and adherence to established financial protocols. Hon. Adongo highlighted the importance of parliamentary oversight in ensuring responsible financial management and preventing unauthorized expenditures that could impact the country’s fiscal stability.

The nature of the loan, its purpose, and the identity of the lender have not been disclosed, further adding to the concerns raised by the Minority. They argue that such lack of transparency raises suspicions and undermines the principles of good governance.

The Finance Committee is expected to launch an inquiry into the circumstances surrounding the $75 million loan, with Hon. Adongo and other Minority members pushing for a thorough investigation to ascertain the facts and hold those responsible accountable.

The revelation comes at a critical time when financial management and accountability are in the spotlight, with the Minority urging the government to prioritize transparency in all financial transactions. The outcome of the investigation could have significant implications for the credibility of financial processes within the country.

As the story unfolds, stakeholders, including civil society organizations and the general public, are keenly watching developments, expecting a comprehensive inquiry and transparent communication from relevant authorities regarding the alleged irregularities in contracting the $75 million loan.

story filed by: Nana Kwaku Duah

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