Vice President Dr Mahamudu Bawumia has described the Minority as an “ignorant” bunch who do not “understand” the processes of managing the economy, thus, must do some reading to educate themselves.
Speaking to the media in Washington DC about the Minority’s claim that the recent $2.25billion domestic bond issued by the Akufo-Addo government was done in “secrecy”, without parliamentary approval, and “cooked” to favour US-based investor Franklin Templeton, Dr Bawumia said: “This shows a lack of understanding, the Minority have never understood this economy and it’s just amazing that people on that side who were actually in charge of managing the economy will be making such statements, it really shows ignorance and I am so sad when I hear that from people who should know better.”
According to the Minority, Mr Trevor G. Trefgarne, a director at Franklin Templeton, the institution that bought 95 per cent of the bond, is also a Director at Enterprise Group Limited, a company of which Ghana’s Finance Minister Ken Ofori-Atta is co-founder, thus, raising issues of transparency, conflict of interest, and suspicion.
At a press conference on Tuesday, the Minority, led by former Deputy Finance Minister Cassiel Ato Forson, said the involvement of the US-based firm changed the dynamics of the bond from being a domestic one to an international one that needed parliamentary scrutiny and approval.
“We also wish to point out that this Bond issue is clearly an international economic/business transaction within the meaning of article 181 (5) of the Constitution.”
“Therefore, we expected that the bond issuance would have been brought to parliament for approval. This is because although the transaction appears as to be a domestic sale of bonds, it is in truth a ‘private placement’ and an international economic transaction given the fact that Franklyn Templeton is a United States registered company and, therefore, qualifies as a foreign entity under article 181 (5) of the constitution. We, therefore, call on the Finance Minister to provide parliament with the full complement of documentation on this transaction for scrutiny and ratification,” the Minority demanded.
Dr Bawumia said all the assertions and allegations by the Minority betray their lack of understanding in handling the economy.
“So they need to understand, maybe they should read a little, but they need to understand what took place: we issued a cedi bond, there’s no secrecy to the matter, it was very well invested in, the holders have invested many times in Ghana in bonds that were in place when Seth Terkper issued them, they bought them, 24% interest rate, this time it is 19%, we are doing even much better but this is what politics has been reduced to, trying to say things which really have no basis and are basically wrapped in ignorance, and, so, I’m a bit sad for Ghana and for them because they are really demonstrating a lot of ignorance in the process of managing this economy.”
Source: classfmonline.com
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The comment by KKD (above)is the most ***barred word*** statement I've heard made the entire year. if we have persons speaking for the NDC, then they have a long way to go.
You ndc guys still refuse to understand or at least accept that there is no conflict of interest. No one should apologize for pointing out the display of ignorance or incompetence. I guest it all propaganda. Dont pick fights you know you cant win. If the economy does not improve this year then you have every reason and opportunity to condemn Dr Bawumia. But until then you have no leg to stand on since your propaganda only exposes you guys. And again those who comment on this platform are bringing in tribal politics. And it all because they have no case. This failed in the past but they haven't and cannot learn any lessons from that. What else would they do?
They have always been ***barred word*** and unfortunately refuses to read and understand. they think they can wear suit and tie to be seen as equals with the big brains. Ndc, read and when you do try to understand it and when that happens ask questions with ("who, why, when, what if, how, etc"). Now research further and cross check your facts. NUMBERS DONT LIE. Be sure you have educated yourself first before you hit the media. Even those of us who are not economist and not in government could see the loop holes in your statements. If you could not even answer him when you were in office with all the figures, how can you now that u re in opposition? Concert party!!
this man is always talking as if he is still company for votes,what a typical moron always laughing.he should be in the polytechnic lecturing by now.he doesn't understand the vice president job and so he is been used by these akans for all the dirty jobs including peter amewu. why didn't akufo addo give the lands and natural resource ministry to kwesi amoakoatta since the galamsey destroying the akyem lands.volta region is a big region but akufo addo gave only one ministerial position to that region,the most dirty ministries.they will use them and drop them especially the gyimiii bawumia and the wife.
THE VICE PREZO THAT DOSE ***barred word*** ISH DEITY JOBS FOR THE AKANS
describing somebody as ignorance is not an insult.the ndc knew very well that, there was nothing wrong with the bond but they have decided to do politics.
This man Bawumiah should sit down and work hard to prove that he is the Vice President of Ghana at this time. The average Ghanaian is still suffering after their promises as if a miracle was in the making. He will be sorry if he continues the way he is carrying himself up as another god. Ghanaians will soon start marking him. He is marking himself instead of working to justify the term given to him. We are just observing things. We live to see....
These insults from NDC will not help them. When Otiko described as Mahama a wicked man you people were demanding retraction from her. You an illiterate like you is describing Bawumia as a ***barred word*** man.
The truth hurts... The NDC minority are bunch of ignorance people who do not read.....Look at how they messed our economy for 8 years. All the economics they know is taxing... I wish this NDC party will just disintegrate. Look at Sam George now saying Planting for food and Jobs is NDC brainchild. Incredible! Why did you not implement it all these years in power? You went for SADA and GYEDA where you have stolen state money to enrich yourselves. NDC thifs. These NDC guys are really really annoying taking all of us for granted....
Dr.Bawumia must insult the Ndc very well. They insult him all the time, Koku Anhidoho especially. But Ghanaians voted for Npp partly because of Bawumia. So the Ndc can go burn the sea.