Wednesday, 27 November 2013

The Emperor's New Clothes: The Merchant Bank.....Sale Part Three....


Title: Mahama’s brother to cough GHC175m…As moneys owed Merchant Bank by Dec. 15
Dated: 25-11-2013

Managing Editor of the New Crusading Guide newspaper, Malik Kweku Baako, has revealed that he [Kweku Baako] is aware of plans by President John Mahama’s brother, Ibrahim Mahama, to settle his company’s indebtedness to Merchant Bank by December 15, 2013.

Mr. Baako said this last Saturday, November 23 on Accra-based Joy FM’s news analysis programme, Newsfile.

Kweku Baako said the president’s brother was in the process of repaying the loan which his Engineers and Planners firm contracted from the bank in 2007.

“I have seen enough records that indicate that by December 15, Engineers and Planners (E&Ps) would have settled its indebtedness with Merchant Bank,” he said.

The loan became the subject of controversy following the proposed sale of Merchant Bank to FirstRand of South Africa. The sale, according to sources close to the shareholders, has been necessitated by huge debt profile of the bank.

Engineers and Planners took a loan of GHS57 million from the bank but huge interests have accrued on the amount.

Reports indicate that the debt now stands at 175 million Ghana cedis.

It will be recalled that Pressure group, Alliance For Accountable Governance (AFAG) had called for the assets of Mr. Ibrahim Mahama to be frozen pending investigations into the matter.

It claimed E&P’s debt was 19.1 percent of the Bank’s debt portfolio. The group also claimed the loan was reportedly left subserviced by E&P since President Mahama’s party, the National Democratic Congress (NDC) came to power in 2009.

Engineers and Planners had however indicated that some technicalities caused the delay in the repayment of the loan, insisting there was a payment plan the company was following in servicing the debt.

The issue resurfaced with the announced sale of the bank to Fortiz Equity Fund.

But Kweku Baako feels it is “very petty” to politicize the sale of the Bank by trying to link Ibrahim Mahama to it. He revealed that “in the next few days it will be clear that that E&P’s indebtedness has been worked out”.


Paulina says: I'm a big fan of Abdul Malik Kweku Baako... Please note, I'm not a fan of Mr Abdul Malik Kweku Baako Jnr, the Editor-In-Chief of the New Crusading Guide Newspaper because I agree with everything he says ... --no sirree I don't ......but I'm a fan because he is fabulously Ghanaian!!!!

He has that Ghanaian wit, that intelligent way we can insult you without you knowing. That fabulous way we say some -and leave some, ---the way we 'expose wrong doers' whilst appearing to support them, -in short, Abdul Malik Kweku Baako is the spirit of Ghana --embodied.

I have often found myself frustrated with Abdul Malik Kweku Baako -the star of Joy News' Newsfile program, which I watch via ABN Sky 290...

Honestly, I have often found myself shouting .......Kweku just tell them that they are corrupt at my television ..but he is tooooooooo smart to do so. Preferring to 'expose' using a fact or statement, or a stat found during the programme ---but still managing to appear friendly (my foot), concerned (my foot), and supportive (my foot)..

Because of Mr Abdul Malik Kweku Baako ....I have yet to miss a show.... In fact I've been recording Newsfile since it started...and have come to truly respect Mr Baako, -once referred to as, "the keeper of the files" (laughter) by my least favourite member of the NDC party, you know the one!!!!

***You know the one that is presently dealing with the Republic of Ghana's boarders with its fellow Akan neighbours!!!!!...... In face it was the only time I understood what that member of the NDC party was talking about!!!!!

Mr Kweku Baako also offers a real insight into Ghana's present political situation in plain understandable English -something that can's be said for many who sit on the panel -especially one or two sooo called 'communication ministers'.

It might not appear soo ....but Mr Kweku Baako is also pretty bold. Though his style is subtle and inoffensive ----to fellow intellects (I'm not one) -his exposes are bodacious.

I also once read one of his FB fans say that Abdul Malik Kweku Baako, "made politics interesting for the youth" and I think that is the truth and a real blessing -so, if you haven't had the opportunity to watch Mr Abdul Malik Kweku Baako on Joy News' Newsfile program via ABN Sky 290 (UK) on Sunday from 9pm -than you must. You will spot him straight away -he of the ever present piles of files.....and studious bespectacled pensive look -and self-deprecating wit you wouldn't want to miss.

For more info about Mr Abdul Malik Kweku Baako visit his Facebook fan page at:

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