Majority joins Minority to hurl Finance Minister before parliament over $2.5 bln bond

By Lorlornyofm June 1, 2017 07:31

Majority joins Minority to hurl Finance Minister before parliament over $2.5 bln bond

The Minority in Parliament has secured an opportunity to question Finance Minister Ken Ofori-Atta in parliament following weeks of pressure on government over the issuance of  $2.25 billion bond.

The Minority National Democratic Congress say the minister has caused a GHS5 billion financial loss to the state in the raising of the $2.5billion from the open market.

The Minority Leader, Haruna Iddrissu told Parliament Wednesday that there are outstanding questions relating to the processes that the Finance Ministry went through in order to secure the bond.

On Wednesday, May 31, the Minority Leader filed a “half hour motion” seeking to invite the Minister to answer questions on the bond issue.

In an ‘unexpected’ move, the Majority did not oppose the motion.

An approval was given to the motion as the Majority Leader, Osei Kyei Mensah-Bonsu said the issue is one of public interest and since Members of Parliament are the representatives of the people, he, therefore, seconded the motion.

A half hour motion per Standing Order 49 (1) required that on the day the motion will be moved, whatever business is being transacted on the floor, 30 minutes before the House closes the one who filed the motion will be called by the Speaker to move the motion for the whole House if they agree to question the one invited.

Mr Iddrisu said he want the House to prevail upon the Finance Minster to furnish them with “the full complement of documentation relating to the issuance, participants, utilisation of the funds and currency in which the bond was settled.”

He indicated that he wanted to know the currency in which the bond was issued although the Minority acknowledged seeing a press release by government breakdown.

The Minority said the House is yet to be officially aware of the statement and want Ken Ofori-Atta in parliament. The NDC MPs are convinced the bond issue should have gone through parliament.

The Minority at a news conference in Accra called for a Parliamentary probe into a local bond issued by government on April 3, 2017.

The National Democratic Congress (NDC) MPs said the bond, participated by only two investors, was “shrouded in secrecy to the extent that Ghanaian investors were denied the opportunity to participate in the deal.”

The MPs said one of the investors who patronised the bond, Franklyn Templeton, has a link to Enterprise Group Limited of which Finance Minister, Ken Ofori-Atta is a co-founder.

They said one Trevor G. Trefgarne, who is the Board Chairman of Enterprise Insurance Limited and also on the Franklyn Templeton Investment Company as a Director, might have influenced the manner in which the bond was issued.

The Minority filed a complaint with the US Security and Exchange Commission alleging insider trading.

Source: Ghana |

By Lorlornyofm June 1, 2017 07:31