The Ministry of Trade, Industry and Tourism has denied claims by the Minority in Parliament that some GH¢269 million allocated for interest subsidy payment for loan facilities under the 1D1F initiative could not be accounted for fully.
The claims, the Ministry said, is not only misleading but totally inaccurate and that it has submitted full information on the application of the full amount of GH¢269 million granted by selected Participating Financial Institutions (PFls) to de-risk loans advanced to 1D1F companies.
A statement signed by the Chief Director, Patrick Yaw Nimo, indicated the PFIs based on loan agreements signed between them and 1DIF companies, apply the interest subsidies allocated to them to cover part of the interest payment for loans granted to the 1DIF companies, when interest payments are due.
Neither the Minister nor any representative of the Ministry, he said, is responsible for disbursing interest subsidies directly to 1D1F companies.
“Based on reports submitted to the Ministry, the PFIs have to date utilized an amount of GH¢62,281,484.29 to cover interest subsidies from Government to support loans granted by the PFls to companies.
“The balance of GHS207 million is in the custody of the PFIs pending the maturity dates for interest payments for the loans granted to 1D1F companies in line with their loan agreements,” he said.
The Ministry, he said, expected the Ranking Member of the Committee on Trade, Hon. Kofi Armah-Buah to have put out the information also available to him that to date the PFIs have collectively granted loans amounting to GHS2.69 billion to support 1D1F companies.
The Ministry assured private sector operators interested in the 1D1F Initiative it will continue to provide support for their projects working in collaboration with the PFIs to sustain and increase the over 153,782 jobs created by 1D1F companies across the country.
The participating PFIs comprise GCB, 50,140.796.01; ECOBANK, 30,514,978.75; SG-SSB, 638,729.77; PHOENIX, 25,399,872.12; UMB, 15,378,110.34; ADB, 3,797,927.77; PRUDENTIAL Bank, 84,391,500.00; and FDELITY, 1,590,00.00.
The rest are CBG, 23.164,661; CAL Bank, 6,765,000.00; STANDARD CHARTERED Bank, 6,500,000.00; ABSA, 7,000,000 00; GEXIM, 14,407,808.00, which sums up to GHS269,689,383.76.
Source: MyPublisher24.com
