The Primary Group Global Foundation (PGGF) has issued a strong rebuttal to what it describes as a misleading and inaccurate publication by The New Republic newspaper concerning the Foundation’s financial operations and international funding sources.
In a press release dated November 7, 2025, the Foundation expressed appreciation to the media for covering its recent press conference held on October 31, 2025, but took issue with The New Republic’s article, which it says contained “false statements and unfounded allegations.”
According to PGGF, The New Republic had suggested that the Foundation’s funding of “$217 billion” could “damage the economy” and described the initiative as a “financial mirage.”
The Foundation clarified that its funding enters the country gradually over a four-year period, through multiple banks, in tranches disbursed monthly — a process it says has undergone rigorous due diligence by relevant authorities.
“We have evidence that the Chief of Staff and banking institutions have provided black-and-white confirmation that all due diligence was conducted, with no adverse findings,” the Foundation stated.
The Foundation also dismissed claims that it is a U.S.-based entity, insisting that it is duly registered in Ghana. It further clarified that the funding originates from MAEC, not from any unnamed Italian lending institution as reported.
“We have consistently maintained that the funding is from MAEC. Anyone who has followed the story knows this,” the statement added.
PGGF also refuted suggestions that the funds were associated with any former senior Ghanaian official or that credible documentation was lacking. It described such claims as “frivolous” and emphasized that “evidence is available to anyone who asks.”
The Foundation characterized the publication as “slanderous” and warned that The New Republic could face legal action if a retraction and public apology are not issued.
“Such an article cannot be considered an investigative piece. It is more of an arm-chair opinion with no tangible facts,” PGGF stated.
The Foundation concluded by urging The New Republic to correct the record to prevent further reputational damage and to uphold journalistic integrity.
