{"id":420996,"date":"2011-05-10T14:38:03","date_gmt":"2011-05-10T14:38:03","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/10\/a-terribly-bad-omen-reviewing-concessions-at-the-11th-hour\/"},"modified":"2011-05-10T14:38:03","modified_gmt":"2011-05-10T14:38:03","slug":"a-terribly-bad-omen-reviewing-concessions-at-the-11th-hour","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/10\/a-terribly-bad-omen-reviewing-concessions-at-the-11th-hour\/","title":{"rendered":"A Terribly Bad Omen – Reviewing Concessions At the 11th Hour"},"content":{"rendered":"
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New Democrat<\/a> (Monrovia)<\/p>\n

10 May 2011<\/p>\n

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editorial<\/p>\n

A now most heard phrase in government negotiating circles of lucrative agreements is ‘due diligence.’ This refers to reconsidering the terms of agreement in concession agreements and other contracts that the government enters into with investors. Simply understood, ‘due diligence’ means we have changed our minds after new information, factors and other variables.<\/p>\n

For this, some lawsuits have been brought against the government, with the aggrieved international investor claiming foul play.<\/p>\n

The 2 decisions regarding contracts and concessions made this week are worrisome.<\/p>\n

One is the order given to the Liberia Anticorruption Commission to investigate the circumstances in the ELINILTO Concession Agreement. The next is the decision of the House of Representatives to review all signed concession and contract agreements since 2006.<\/p>\n

We believe that whatever the rationale, justified or not, these moves send a signal of unreliability. An unreliable country is likely to attract unreliable investors, the fly-by-night ones that many believe roam here.<\/p>\n

Regarding the ELINILTO Agreement, now ordered probed, it is difficult to understand why the government, with all its resources, failed to vet this company before reaching an agreement with it. What has happened? What other forces prevailed in the predatory contest?<\/p>\n

These and other questions need answers to remove the perception that some larger interest, with larger influence money can buy, came into play to alter what had been agreed to.<\/p>\n

On the second, the House of Representatives’ overnight decision to undertake a review of all contracts just months to elections, the perceptions here lead towards suspicion over the real motive. Is it, as it has been for 6 years, personal interest or people’s interest?<\/p>\n

The issue is not necessarily challenging the integrity, if any, of those appointed as a review board for numerous contracts, even where evidence of their past in terms of transparency and accountability is troubling. The prime question is why now?<\/p>\n

An agreement is an agreement, and under normal conditions, disagreements in such an agreement can be settled through legal means, not by an appointed team of men with a questionable agenda.<\/p>\n

It has been repeatedly said that the precondition for viable investment is an environment in which investors can protect their investment via the law. Arbitrariness has short rewards for few members of the predatory class, but it has long-term consequences for the country as a whole. Countries that attract credible investors are those that live by the law, not those that wield raw political power in clouds of suspicion.<\/p>\n

What these actions indicate to us is that the government is absolutely unpredictable, making decisions today and annulling them tomorrow when interest matters. This is dangerous with serious repercussions.<\/p>\n

We are not contending that concession and contract agreements should not or cannot be revisited, especially where there are convincing evidence that the agreement was entered into at the detriment or disadvantage of the country and its people. And the revisit must primarily be for the purpose of serving and protecting the interest of the citizens, not some self-serving politician or government official.<\/p>\n

Hence, ‘due diligence’ should be applied from the onset — and during the process — not when the signatures have dried up with some running to their banks.<\/p>\n

Honour comes in keeping one’s word, whatever the price.<\/p>\n

<\/p>\n

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\nA Terribly Bad Omen – Reviewing Concessions At the 11th Hour<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New Democrat (Monrovia) 10 May 2011 editorial A now most heard phrase in government negotiating circles of lucrative agreements is ‘due diligence.’ This refers to reconsidering the terms of agreement in concession agreements and other contracts that the government enters into with investors. Simply understood, ‘due diligence’ means we have changed our minds after new information, factors and other variables<\/p>\n","protected":false},"author":0,"featured_media":420601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-420996","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nA Terribly Bad Omen - Reviewing Concessions At the 11th Hour - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/10\/a-terribly-bad-omen-reviewing-concessions-at-the-11th-hour\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Terribly Bad Omen - Reviewing Concessions At the 11th Hour - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"New Democrat (Monrovia) 10 May 2011 editorial A now most heard phrase in government negotiating circles of lucrative agreements is 'due diligence.' 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