Veteran journalist Abdul Malik Kweku Baako Jnr has produced a memo from the African Development Bank (AfDB) proving that the bank lied when it claimed that Ghana was not on any suspension list because it had duly honoured its December 2014 debt obligations.

In a game-changing exposé, Kweku Baako said the continental bank on 18th February 2015 wrote a memo to the Ministry of Finance titled Application of Sanctions. In the memo, the Bank said full payment of arrears due 1st January 2015 had not been met.

We “wish to inform you that sanctions have been imposed 1st February 2015”, Baako quoted from the memo.

Attached to the memo is a list of arrears on 13 loan agreements.

The memo is an apparent vindication of a controversial lecture delivered by NPP Vice-Presidential aspirant Dr. Mahamudu Bawumia, in which the economist claimed that Ghana was on suspension.

The AfDB reacted in a terse statement denying suspending Ghana and said it was an “administrative error” put on the website but corrected the same day.

The Bank’s response armed government with a charge against Bawumia as failing to cross-check his facts and seeking to alarm the investor community with his "falsehoods".

Ministry of Finance has demanded an apology and a retraction from Bawumia.

But Kweku Baako is accusing government for being dishonest in claiming that it had not defaulted in December debt payment.

According to Kweku Baako, Government was “aware” it had been suspended, yet went on to “verbally lynch” Dr. Bawumia for claiming Ghana’s suspension.

“Government could not have been truthful when we were told they have not received” any memo, Baako maintained.

He turned his guns on the Bank insisting that he has evidence the Bank “lied”.

“A bank?, a bank?”, he expressed shock that a bank of AfDB’s stature would ‘lie’ to cover Ghana government.

“AfDB is being economical with the truth!”, he fumed.

He said there was no way Ghana’s purported suspension could “be reduced to an administrative oversight. The bank lied”.

AfDB was “deliberately being economical and for that matter suffers credibility problems,"  Baako said.

Click here to read letter and attachment arrears report


We wish to inform you that as of today, we have not received full payment in respect of Bank Group bills, as per the attached Arrears Report.

Therefore and in accordance with the Bank Group Policy on Loan Arrears Recovery, we wish to inform you that sanctions have been imposed on 01 February 2015.

We count on your prompt action for the timely settlement of the amounts due to enable the lifting of sanctions.

p.p. Josselyne Ahogny
Division Manager