Joy FM’s ongoing enquiries into the background of the companies proposing a one billion dollar loan to Ghana have revealed that the lead company, Chemac Inc, which submitted the loan agreement on behalf of the International Finance Consortium (IFC) is not a financial institution. The loan agreement has generated debate after the opposition National Democratic Congress (NDC) disclosed that the whole agreement is a sham. Chemac Inc is a New Jersey based Sales and Service Centre for high pressure industrial machinery and sealing equipment.

This has been its service portfolio since 1966, and according to information available at its website: www.chemacinc.com, it would continue in this area by focussing on the provision of resources to satisfying customer demands and industry requirements.

Further enquiries indicate that Mr. Horst Schneider who described himself as a board member of the International Finance Consortium in an interview with Joy FM is the President of Chemac Inc.

There is no available information on the International Finance Consortium itself, or the member companies of the consortium. World Bank sources in Ghana have also provided contrary information to that presented by government, the consortium and the NPP regarding the international stature of the IFC.

Sources at the World Bank also told JOY FM that they have no financing arrangement with the consortium. The address and telephone numbers provided by the International Finance Consortium has been found to be that of Chemac Inc. The address provided by the consortium earlier was: IFC Global Limited, C/o UBS Bahamas Limited, UBS House- East Bay Street, Nassau- Bahamas.