Volume 5, No. 2&3 , In The Annals Of Governance
01 September, 2004
In May of this year, sections of the media began to report that the Government of Ghana was negotiating a US$300 million facility from an offshore entity that the reports identified simply as CNT or CNTI. Public interest in the story grew when the media started to question the bona fides of CNT/CNTI. Sceptics drew
close parallels between this latest loan transaction and the ill-fated IFC loan (see CDD Democracy Watch Vol. 3, No. 2/3, September 2002). As with
?IFC,? questions were raised regarding the nature of the indebtedness that the country might be assuming under the proposed transaction? e.g., was it a
?loan? or some other financing arrangement? The identity and reputation of the financing source also came under intense media scrutiny.