Franklin Templeton doubles its investment portfolio in 4 hours – Hon Adongo reveals

 

 

Mr. Isaac Adongo, a member of the Finance Committee of Parliament, has revealed that  investment firm, Franklin Templeton, used only four hours to double its investment portfolio in Ghana from $ 2billion to $ 4.25billion through the purchase of the recent Government of Ghana US$2.25billion bond  auctioned by the Ministry of Finance.

According to him, Franklin Templeton Investments Limited has been operating in the country’s bond market since the 2006 till date and currently has a total investment portfolio of US$2 billion through the purchase of bonds in Ghana over the past 11 years of operation.

But with the recent shady deal entered into by the finance minister, Ken Ofori-Atta, and Franklin Templeton on the blind side of Ghanaians ,  Franklin Templeton Investments Limited has now increases its portfolio to US$ 4.25 billion

The Member of Parliament for Bolgatanga noted that during the 11 years of operation within the country’s bond market where keen and fierce competition exists especially during bond auctions, Franklin Templeton was able to make only 10 percent to 15 percent of investments.

This the legislator attributed to the various roadshows and publicity embarked on by the government to make sure the bonds are well advertised to a potential investor community.

Mr. Adongo reiterated the minority in parliament called for full-scale parliamentary inquiry into the recent US$2.25 billion bond issued by the NPP government.

According to him, failure on the part of the government to set up the Parliamentary inquiry into the matter, the group would have no option but resort to using the conflict of interest jurisdiction of the Commission on Human Right and Administrative Justice (CHRAJ) and also exercise the option of filing a petition with the Financial Services Authority of the United States of America to investigate Franklyn Templeton.

Franklin Templeton Investments Limited is an American global investment management organization founded in 1947, with an extensive global presence, including offices in 34 countries and clients in more than 170 countries.

The firm has renowned investors as its Board of Directors.

In an unedited semi-annual report of Franklin Templeton Investments Limited dated December 31, 2016, Honorable Trevor G. Trefgarne was named as one of the five members of Board of Directors of the firm. He was described in the report as Chairman of Enterprise Group Limited, a Ghanaian firm.

Enterprise Group Limited also has a picture of Honorable Trevor G. Trefgarne on its website as Chairman of the Board of Directors of the company. Enterprise Group has 10 Board of Directors. principal among them are Mr. Keli Gadzekpo, Group Chief Executive of Enterprise Group; Dr. Angela Ofori-Atta, wife of Finance Minister Ken Ofori-Atta who doubles as Director of Enterprise Insurance, a subsidiary of Enterprise Group etc.

Enterprise Group also has Minister of Justice and Attorney General, Gloria Akuffo and Dr. Angela Ofori Atta as non-executive members of the firm. Hon Gloria Akuffo is/was Director of Enterprise Life, a subsidiary of Enterprise Group (it is not clear whether she has resigned or not).

In 1990, Finance Minister Ken Ofori-Atta, together with Mr. Keli Gadzekpo (CEO of Enterprise Group) and others founded Data Bank. It is now emerging that a firm that Hon Trevor G. Trefgarne works as a member of Board of Directors took substantial position in the April 3, 2017 bond issued by the Finance Minister.

In the coming days, facts relating to this deal will surely come to the fore for discussion.

 

 

Source: therepublicnewsonline.com / Nana Appiah Acquaye

The Republic News Online

Leave a Reply

Your email address will not be published. Required fields are marked *