The Ashanti Regional minister, Simon Osei Mensah, has stated that most Ghanaian parliamentarians go bankrupt after their four-year tenure as a result of their car loan deductions.
According to him, car loan deductions have become problematic to most Members of parliament hence his thought that they should be handed state cars just as ministers do to at least reduce the ceaseless hardship they are met with as far as the car loan is concerned.
The minister revealed that since he had no money to ease his campaign in the 2004 primaries, he needed to sell his acquired lands and car to declare him financial fit to emerge victorious.
Speaking on Abusua Nkommo hosted by Kwame Adinkrah Mr. Osei-Mensah argued that had it not been the selling of his lands and car he would have been gone broke immediately he became a Member of Parliament.
”Look Kwame before I contested for the 2004 primaries by that time I had gotten some money to buy land but when I decided to contest at the primaries my money vanished immediately so I had to sell my lands plus my Benz car Balacuda to enable me win and that was how come I won”.
”Kwame assuming I had borrowed that money, the interest would have become a burden on me even before I became an MP and that I would have used my salary to pay such debt before car loan plus contributions the national political party before other expenses at the constituency level to so imagine how I was going to survive”.
”Kwame I can tell you that most of the MP’s you see there go broke just after six months of leaving office, some even collapse in parliament in spite of their ex- gratia”.
Ex-gratia payable to the lawmakers at the end of their four-year tenure are used as a guarantee for the procurement of the loan.
Watch full interview below: