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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With this ignorance behaviour on the part of NDC I can see them remaining in opposition for a very very very long time. NDC plays politics with everything. They are ev!l people who can even kill bcos of power. They killed their own leader and president Prof John Atta Mills after realising he will not be able to win them elections. NDC is only interested in create, l00t and share schemes.
Why is Bawumia also insulting? I don't understand....why can't he make his point without insult....this only goes to confirm his inexperience in governance.....being a vice president is different from being a vice president candidate.....he should learn from his predecessors. He is too full of himself and the NPP hail him as if he is the only economist in their party....after insulting the minority he refuses to address allegation of conflict of interest. This guy is so arrogant
Listen to this foooooolish Bawumia, still believing there is none in NDC that reads, isn't this an insult? the opposition came out with facts that points to the fact that Ken Ofori Atta sold the bonds to himself and his wife and friend, he did it in hasty within one day and this is the truth, pure corruption. Even if NDC had done this previously you Bawumia will hold 100 press conferences. You guys are clever ***barred word*** that are using economic figures to steal moneys while the poor suffer. You are in Washington now to do 419 stealing and enrich yourselves. For your information Ghanaians and paying more now ever and are suffering more now than previously under Mahama so where is that your change? f00000ls.
NDC fumble the economy with such a shallow minds like characters ATO FORSON and co. LIes were their water and we thought after terrible defeat they have changed but still on ***barred word*** augment . Very disappointing NDC minority in parliament
When it comes to the economy, Ghanaians trust Bawumia.
Ndc don't know sh1t. Dr.Bawumia must educate them. Who is the economic guru in the Ndc? Ato Forson is a small time accountant with security job experience on the streets of London. Ndc must be ignored.