Osahen ‘Roasts’ Government Over $360m World Bank Cash

The Minority Leader, Alexander Afenyo-Markin, on Monday launched a blistering attack on the John Mahama-led government over its decision to seek parliamentary approval for a $360 million loan facility from the International Development Association (IDA) of the World Bank Group.

During his submission before the house on Tuesday, this week, he accused government of inconsistency, lack of transparency and betraying its own earlier stance on such loans.

“You told the people of Ghana it was bad to procure the same loan, yet today, you are doing exactly that. Where is your principle? Where is your consistency? ”he said.

The loan, which was laid before the House for consideration, is part of Ghana’s post-crisis economic recovery and resilience programme.

However, the Minority Leader questioned the rationale behind approving such a facility when it was not tied to any specific project in the 2025 budget, warning of the consequences of rubber-stamping unfocused borrowing.

Reading from the committee’s own report, Afenyo-Markin emphasised that the facility was not earmarked for any particular initiative or programme, a development he found deeply troubling. “Mr. Speaker, the committee noted that the $360 million facility is not dedicated to any specific project in the 2025 budget. How sure are we about how these funds are to be used?”

He added that during deliberations, the Ministry of Finance failed to provide clear justifications or a breakdown of how the funds would be allocated, and the committee “could not ascertain a specific project in the budget that this money is to be applied to.”

The Minority, visibly frustrated, accused the government of seeking to rely on the “benevolence of the Minority” to pass the agreement, given the Majority’s lack of numbers in the chamber. “Because your majority is suspect, you are relying on the conscience of the Minority. But Mr. Speaker, where is your consistency? Where is your principle?” he charged.

The Minority Leader recalled how the National Democratic Congress (NDC) in opposition strongly resisted similar financial instruments, blocking their approval and criticizing their implications.

“You said you won’t even allow us to lay the same facility when we brought it. But now you are doing the exact same thing,” he added, referencing a past Integrated Program for Funding (IPF) facility the previous government had introduced.

He accused the government of hypocrisy, saying many current leaders who criticized such borrowing in the past now champion it under the guise of economic recovery. “See how you lied here,” Afenyo said sharply, pointing at the Deputy Finance Minister, who he accused of flip-flopping. “You are introducing the same facility you once criticised. Where is your class? Where is your posterity?”

Beyond the immediate concerns with the facility, Afenyo-Markin broadened his critique to include unfulfilled campaign promises and stalled government programmes.

“Where is the 24-hour economy that was promised? The president said it would be captured in the 2025 budget, but there is no such thing. Even the finance minister could not include it.”

He lamented the unavailability of funds to Ministries, Departments, and Agencies (MDAs), saying some ministers had not received their releases and dared them to challenge him publicly if that was not the case.

“If they have, they should rise on a point of order. Their integrity will be at stake,” he said.

In a scathing tone, he accused the government of being more focused on political persecution than job creation or supporting the private sector.

“You said one job, three shifts. Where is it? You are phasing out 1D1F, but what is the alternative policy for the private sector?”

Afenyo-Markin also raised concerns over conflicting foreign exchange rates being advertised by different institutions, such as the Bank of Ghana and the Gold Board.

“Mr. Speaker, we have atrocious rates. Even now, we have salvageable rates. The BOG has its rate, and the Gold Board advertises a different one,” he lamented.

He concluded by cautioning the Majority side to take the criticisms seriously, reminding them of their diminishing presence in the House.

“Let us be consistent. Let us be transparent. You should be humble enough to take these criticisms because your empty seats will affect you.”

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