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| Dr Said Deraz with John Mahama |
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Information available to the New Statesman indicate that Dr Said Deraz, the man who donated 4 ambulances to Ghana after receiving an $18 million dole out from the Mills-Mahama National Democratic Congress administration, is asking the Ministry of Finance to give him more money.
As though the $18 million dole out to Dr Deraz was not enough, documents available from the Ministry of Finance and Economic Planning, copies of which are in the possession of the New Statesman, indicate that the Egyptian investor, contracted to build 8 hospital facilities across the country, at a cost of $400m, is making frantic efforts to get more money paid to him by the nation.
Dr Said, according to our information, is putting undue pressure on officials at the External Borrowing Unit of the Ministry of Finance and Economic Planning, through his network of officials, to facilitate the payment.
This is being led by a “close pal” of the Egyptian investor (name withheld for now) who played a critical role in facilitating the previous $18m dole out.
Dr Said Deraz’s “close pal, who is a functionary at the Ministry of Finance, allegedly used his share of the $18 million dole out to build a mansion at Haatso and acquire a brand new Mercedez Benz vehicle.
The Government of Ghana entered into a contract with Dr Deraz’s investment company, Euro Get De-Invest SA, for the construction of two Regional Hospitals in Wa and Kumasi, and additional six District Hospitals at Twifo-Praso, in the Central Region; Konongo-Odumasi and Tepa, Ashanti; Nsawkaw, Brong-Ahafo; Salaga, Northern; and Adenta-Madina in the Greater Accra Region.
As part of the terms of the deal, which has a documentation of about 500 pages, and being championed by Vice President John Mahama, Euro Get De-Invest was to source for money to pay for the total cost of the project totalling almost $400 million dollars.
The Egyptian investor, who brought no money from his country, was issued with promissory notes to enable him source for funds from international financial institutions to finance the project.
According to a letter dated July 6, 2009, and signed by Joe R Mensah, Managing Director of the London based Ghana International Bank, Promissory Notes issued by Government so far amounts to $612.42m, being “cost of project and associated insurance premium.”
It was provided under this Suppliers Credit project that “any payment by Government of Ghana to the investor has to be made ONLY after...the hospitals have been fully constructed and equipped by November 2012.”
An Addendum (No.1) to the Credit Agreement, signed by Fifi Kwetey, Deputy Minister for Finance and Economic Planning, and Dr Said, Chairman/CEO of EuroGet, provides in part: “Underwriting charges/Risk Mitigation fee...shall be paid over a period of eight (8) years, including four (4) years grace period and four (4) years repayment period which shall be made up of eight (8) equal semi-annual instalments beginning from November 20th, 2012 with the same interest rate...”
So far what the nation has obtained from the Egyptian investor are four ambulances, in return for the $18m dole out.
Donating two of the ambulances to the Ministry of Health on Thursday, August 5, 2010, Joseph Marinoni, Ghana Country Director and Member of Board of Directors of Euro Get De- Invest SA, pledged to handover to the Government “Two fully furnished Regional and Six District Hospitals... within the next Two years.”
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| Source: Kwabena Amankwah/thestatesmanonline.com |
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