\…As DYMOG calls on President to set up SEC Board
Following from revelations so far that Finance Minister, Ken Ofori- Atta’s questionable sale of the $2.25billion bonds was done without recourse to Parliament and the Attorney General, it has emerged that he also ignored the Securities Exchange Commission of Ghana.
The Dynamic Youth Movement of Ghana, a pressure group, has revealed that Ken Ofori-Atta’s hurried sale of the bond to the company, which is linked to his business partner, had happened when the Board of SEC was not yet formed.
“The Regulatory Body-SEC was technically not functional and yet Government went ahead to sign the Bond. On the 9th of May, 2017 SEC replied to our petition in a letter signed by the Registrar of the Administrative and Hearings Committee, Mr. Alidu Muhammed. In the letter, SEC stated that “SEC does not have a Board from which the AHC membership is composed and will consider any petition you submit pursuant to Section 19 of Act 929””
The revelation was contained in a press statement signed by Edward Tuttor, Convener of DYMAOG.
DYMOG had written to the SEC on the 8th of May, 2017, to request investigation into the sale of the bonds to Franklin Templeton after it became public that FT was company that had the Finance Minister’s business partner, Trevor Trefgarne, as a director.
A storm of scandalous revelations that had emerged in the aftermath of the bond sale included the fact that the Finance Minister who had undertaken the transaction in less than 100 days into the Akufo-Addo regime had also sidelined Parliament and the Attorney General even as the whole bond sale had been shrouded in secret.
DYMOG says it had petitioned SEC based on the Securities Industry Law 2016 (Act 929) and the Ghana Public Borrowing Guidelines for investigations to be conducted into the sale of the bond, only for the SEC to write back and announce that its board is not yet constituted.
“This revelation makes this Bond issue more scandalous than it has ever been. Per the SEC’s response, their governance body was not formed even at the time of the execution of the Bond. This is overly dishonorable to the Law. This is because per the Securities Industries Law, SEC should have supervised the processes leading to the execution of the Bond.”
DYMOG wondered why the Finance Minister was so much in a hurry that he could not wait for President Akufo-Addo to exercise his authority under Chapter 8 of the 1992 Constitution and Section 2 of the Securities Industry Law, to form the SEC Board.
“This is a serious matter. Fellow Ghanaians, this means, at the time Government signed the Bond, the SEC had no Chairman, no Director General and other key members who form SEC Board. This is not acceptable.
“This is because, per the composition of the Board, Technical Committees such the Administrative and Hearings Committee which addresses complains, and conduct investigations were also not in place at the time Government executed the Bond.”
DYMOG pointed out that a Board as sensitive as the SEC Board should have been one of the President’s topmost priorities. It said the absence of the Board means the SEC cannot operate.
“This is enormously worrisome and leaves us with no option than to conclude, there might be a conscious and premeditated attempt to prevent the investigation into the $2.25 Billion Bond.”
On account of the importance of the SEC Board, DYMOG made a clarion call on the President, to exercise his powers under Chapter 8 of the 1992 Constitution and Section 2 of the Securities Industry Law to appoint it into place.
“We humbly ask His Excellency Nana Akufo-Addo to form the SEC Board within fifteen (15) working days so the Administrative and Hearings Committee (AHC) of SEC can get to work as soon as possible. Ghanaians are highly expectant of the outcome of this matter so far us our petition to SEC is concerned.
“To this effect, DYMOG has written an official letter to the President, His Excellency Nana AkufoAddo to show his commitment. DYMOG is grateful to all Ghanaians for the love and support showed us. We promise to pursue this matter to its finality.”
Source: therepublicnewsonline.com/ Fiifi Samuels