Former President John Mahama used his position as Ghana’s Head of State to rob the nation of some $50 million to settle his younger brother’s debt to Merchant Bank.
It would be recalled that John Mahama’s brother, Ibrahim Mahama failed to pay loans he took from Merchant Bank forcing the bank to collapse. The situation led to the sale of the bank to another group under former President Mahama.
Ibrahim Mahama’s Engineers and Planners took a loan of GHS57 million from the bank but huge interests accrued on the amount to 175 million Ghana cedis.
Ibrahim Mahama’s 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, was necessitated by Ibrahim Mahama’s huge debt profile to the bank.
And speaking on the Wontumi Morning Show which was monitored by Wontumionline.com, the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi-Boasiako revisited the issue stating that John Mahama used stolen money to settle his brother’s debt.
“Ask him (Mahama) how Ibrahim paid the Merchant Bank debt of $50 million. Just after late former President Mills died, Mahama as President quickly recovered money to pay his brother’s debt. Where did he get the money from?” the NPP Chairman known as Chairman Wontumi quizzed.
