According to him, the annual renewal cost over the next 25 years has been omitted and the overhead cost would be more than the ¢18 million, government is bragging about.

The Bolga MP said the final figure also missed the capital and operational cost of running the system over the period.

“If you run the system by Sibton Switch, you will not be incurring $4.5 million, so if you multiply that by 25 years, of course, the figure will not be the same…that is why we do an appraisal of a project in order to determine net present value,” he said.

But Newsfile Deputy Information Minister, Kojo Oppong Nkrumah said government the new contract procured at a cost of ¢18 million saved the nation unnecessary cost.

He said the net present value in the Sibton deal was lower than what government will get from the current deal.

“It was a policy direction and we chose the national payment switch to handle it so the cost will be lower and we get to enjoy economies of scale,” he said.

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