$86m loan deal approved to procure armoured vehicles

Ghana’s Parliament on Thursday, August 13 approved an $86 million loan agreement with the Israeli Discount Bank to help replenish the stock of armoured vehicles for the Ghana Armed Forces.

The agreement was approved amidst questions being raised by the Minority regarding value for money.

A member of the Finance Committee, Richard Acheampong, said “we have to take security matters seriously. Quality of product must be ensured. We must procure what can stand the test of time so that it is not like we are throwing out money, because, we are taking a loan facility for this purpose…It is a very expensive facility we are taking so whatever we are getting from it must stand the test of time.”

However, Minister of Defence Dominic Nitiwul said that the Finance Ministry is doing the necessary value for money checks.

“Value for money takes various forms. Public procurement will do its own value for money, Parliament will do value for money and the Ministry of Finance will do value for money before the contract is finally executed and concluded.”

He added: “I can give members assurance that these are top-notch quality equipment that the Armed Forces have been looking forward to for a very long time. I am glad that members are very supportive of it.”