Worrying revelation coming from the Minority in Parliament shows a whooping amount is missing at the Ministry of Trade and Industry as interest subsidy on 1D1F loans.
According to the Minority, Ministry of Trade and Industry, Page 11, of the Medium Term Expenditure Framework (MTEF) 2022-2025 for the Ministry of Trade & Industry states that in 2021, the number of Participating Financial Institutions (PFIs) increased from 13 to 15 and a total of GHS 2.69 billion have been granted by the PFIs as loans to finance the 1D1F projects/companies. Out of this, GHS269 million has been disbursed by the government as interest subsidy payment support to de-risk PFI’s loans to 1D1F companies.
However, the minority is requesting from the Ministry of Trade to provide names of the banks and the names of each of the companies as well as the amount each and every company has taken.
Minority said, “The Minister for Trade and Industry, Hon. Alan Kyeremanten, on the onset of the 1D1F programme negotiated with selected financial institutions to grant loans to beneficiary 1D1F companies/factories”.
The government agreed to absorb 10% of the 20% interest charge on loans to 1D1F companies as a subsidy.
Page 11, of the Medium Term Expenditure Framework (MTEF) 2022-2025 for the Ministry of Trade & Industry states that in 2021, the number of Participating Financial Institutions (PFIs) increased from 13 to 15 and a total of GHS 2.69 billion have been granted by the PFIs as loans to finance the 1D1F projects/companies. Out of this, GHS269 million has been disbursed by the government as interest subsidy payment support to de-risk PFI’s loans to 1D1F companies.
At the 2022 Budget Committee meeting with the Ministry, the Minister confirmed that GHS269 million had been disbursed as interest subsidy to beneficiary 1D1F companies. The Committee demanded details of the beneficiary companies.
The Ministry submitted a list of beneficiary companies and subsidies disbursed totaling GHS 62,281,484.29 instead of GHS 269,689,383.75 exposing a shortfall of GHS 207,407,899.46.
“The question then to ask Mr. Alan Kyeremanten is where is the whopping difference of GHS 207,407,899.46? They asked
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