GHANA: Supreme Court freezes gov't accounts over judgement debt ~ WorldTalkative

Tuesday, 22 November 2016

GHANA: Supreme Court freezes gov't accounts over judgement debt


Government is battling a Supreme Court order freezing its critical accounts over a debt owed non bank financial institution, NDK Financial Services.

Government is appealing a judgment debt granted NDK after the state failed to honour the terms of an agreement with the company.

Explaining the trajectory of events, Joy Business editor George Wiafe said government entered into a contract with a private businessman to roll out a rural electrification project between 2005 and 2006.

The businessman had obtained funding for the project from NDK and government was to pay the contract sum into a joint account held by the financial institution and the private businessman.

Government failed to do this paying the money into another account, forcing the hand of NDK to seek justice in court.

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George Wiafe says at every state right up to the Supreme Court, the non-bank financial institution has obtained a favourable judgment.

It has obtained a Court judgment freezing accounts such as the Consolidated and Treasure Accounts.

The development is said to be hampering government's running of its business. A senior government official said the freeze is affecting his ability to fuel his official vehicle to conduct government business.

Government is appealing these decisions, hoping that a favourable verdict would allow it to access public funds to run the state.
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