The Minority in Parliament has accused Finance Minister Ken Ofori-Atta of flouting rules and guidelines of the Bank of Ghana (BoG) as well as engaging in several infractions in relation to the $2.25billion bond issued by the government in 2017.
The Commission on Human Rights and Administrative Justice (CHRAJ) investigated the issuance of the bond following allegations of conflict of interest against Mr Ofori-Atta by the Minority and subsequently cleared him of any wrongdoing.
After studying the report, the Minority maintains that CHRAJ has raised various concerns which raise questions about the legitimacy of the issuance of bond.
At a press conference on Wednesday, 31 January, Minority Leader Haruna Iddrisu stated that the highlights of CHRAJ's findings indicate that the issuance of the bond contradicts BoG's own rules surrounding the sale of bonds.
He said the report indicates that: “The issuance calendar for the first-quarter did not include the issuance of seven-year and 15-year bonds, the trading of which concluded on 31 March 2017, which is within the first-quarter period and not the second-quarter calendar.
“On receipt of the second-quarter issuance calendar at 12:31 PM on 30 March 2017, the Bank of Ghana made an announcement to the public on the re-opening of five-year and 10-year bonds with an indication that this must be submitted electronically through the auction model not later than 3PM on Thursday, March 30, 2017 and settlements will be on Monday, April 3, 2017. Again, CHRAJ notes [that] this contradicts the Bank of Ghana's own rules requiring the Bank of Ghana to announce periodically but not less than a week before auction, the amounts and specific details of the financial instruments available in the case the five-year, seven-year, 15-year bonds at the next auction and their maturity profiles”.
For him, the breach of the period of issue raises red flags which further corroborate the Minority’s earlier suspicion of conflict of interest on the part of the minister.
Mr Iddrisu added that CHRAJ further notes in its report that: “In terms of the seven-year and 15-year bond, the Bank of Ghana gave only a one-day notice to the market on the availability of the seven-year and 15-year bonds prior to the commencement of trading, instead of the two weeks required for new products under the Bank of Ghana guidelines”.
“So where is the transparency?” the Member of Parliament (MP) for Tamale South questioned.
He also added that the CHRAJ findings indict the Finance Minister of breaching aspects of the asset declaration law as well as deceit of public officers after he willfully concealed his interests/assets in several financial institutions.
The Minority, therefore, urged Mr Ofori-Atta “to bow out honourably” and also gave President Nana Akufo-Addo a 14-day ultimatum to fire the minister “as a matter of urgency”, failure of which they will invoke Article 82 of the 1992 Constitution to have him censured.
Source: classfmonline.com
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You people think you use these infantile tactics to deraile the advancement of the government eh? Think again and wise up
Please ooh, will you people help us by finding solutions to the Euro exchange rate for us? It's killing our businesses 😢😭
A cursory look at the faces of the NDC members suggests desperation, hopelessness and the desire to sink with other people. Unfortunately, they will fail in their attempt to smear Ken Ofori Atta. Also they must remember that the SP prosecutor will be merciless to them.
Please go and help pass the RTI Bill, it will help all of us and stop disturbing us.
BIG QUESTION FOR READERS. PLEASE ARE THESE GUYS SITTING THERE WITH THEIR PICTURES IN THE PRESS CONFERENCE MEMBERS OF PARLIAMENT FOR GHANA OR THEY ARE JUST SOME HUNGRY GUYS BROUGHT TO THE PRESS CONFERENCE FOR SOME FEES? GOD HAVE MERCY ON GHANA.
AND THIS MAN CALL HARUNA WANT TO BE LEADER AND PRESIDENT OF GHANA? MY FOOT. HE HAS NO BRAINS TO EVEN LEAD THE MINORITY IN PALIAMENT. HE DOES NOT TALK SENSE ATALL.THE ARE WAISTING THE TAX PAYERS MONEY FOR NOTHING.NOE HE HAS GOT HIS ILL GOTTEN MONEY SO HE CAN TALK THE WAY HE WANT GOD SAVE GHANA.
You didn’t take your meds this morning! You incoherent empty headed ph00lsoldier!
I haven't laughed so much reading this article thatn i have in a long while. Such baseless accusations and a waste of everybody's time. If the NDC want to be taken seriously they should do better. It's within their rights to critize the current government but they should avoid such almost use less and embarassing tactics. They've gained publicity alright but they have shown how very incompetent they are. I'm sad a group of people like that were running the country for eight years. Until they prove to be competent i hope Ghanaians never vote for them
Listen to NPP PIGS and their insults to any one who find faults with Nana, Bawumiah and silent ***barred word*** Ken . Now Bawumiah is in U K with his insulting Fulani wife try to get loan for one man one factory leaving the 2 pigs . Getting another pig out will be left with chief PIG so NPP try to insult any NDC man who attempts to paint them corrupt. I GS
S-t-u-p-idity abounds so much in the NDC.They are so much wrapped up in their cloak of incompetence and inferiority.All their threats are just hot air.To get the finance minister to quit they must get a two thirds majority in parliament How in heaven's name are they going to get that?And there doesn't seem to be anyone with balls to stop that goat Haruna from leading all of them down an abyss.Folks this is the reason why it is a national duty for all of us to make sure these people NEVER COME BACK TO POWER AGAIN..