Minority Vows To Turn Heat On Gov’t

– $2.25Bn Bond Scandal

Deputy Minority Whip and Member of Parliament (MP) for Banda, Ibrahim Ahmed, has assured this paper that the NDC minority members in parliament will be holding the Akufo-Addo government responsible and accountable for the people of Ghana as the house resumes sitting today.

He said the NDC minority group will officially be taking the necessary steps to ensure to get to the bottom of the $2.25 billion bond deal well especially at a time when the Attorney General and Minster of Justice, Gloria Akuffo, who happens to the legal advisor to government, has denied knowledge of such a transaction.

According to him, instead of allowing for the NPP majority in the house to have a field day to push their agenda’s through by laying of various bills on the floor for deliberations and approval, the minority will kick against such moves and insist and ensure that the government does the right thing by honoring the payments of statutory funds for some public institutions and agencies in the country.

He said the minority will also be asking the government to table before the house the National Health Insurance Formula and the GETFund Formula for considerations and approval by Members of Parliament, so as to enable the Ministry of Finance to allocate the necessary funds for the National Health Insurance Authority and the GETFund Authority for them also to able to fulfill their financial obligations to the public.

“The government is still going around bragging about campaign promises bordering on free school, among other things; meanwhile those ones that it came to meet, the government is spoiling it. We are expecting the government to come before the house with the GETFund Formula for it to be referred to the committee responsible for that, hence its onward approval and this will then enable the government also to meet some of its financial obligations.”

He blamed the NPP government for failing woefully in disbursing funds allocated to government ministries, municipalities, districts and agencies which in turn had brought about immense tension within some of these institutions.

He also chastised the government for its massive borrowing habits within its 100 days in office as a government.

“We (Minority) have listened to the majority side in parliament with regard to the $2.25 billion bond transaction and its conflict of interest issues, but I must say that it’s unfortunate how the Akufo-Addo government in record time within hundred days in office had contracted loans worth 5 billion Ghana cedis, so the bond being part of the gargantuan loans contracted under this government the minority will raise the issue concerning the bond and will delve further into,” he stated.

The NDC Minority in Parliament who are not happy with US$2.25 billion bond transaction three weeks ago petitioned the Securities and Exchange Commission (SEC) of the US, over the US$2.25 billion bond issue, 95% of which was purchased by Franklin Templeton.

The government in April, this year, auctioned a total of 2.25 billion dollars in four bonds. The first two bonds, totalling 1.13 billion dollars, was issued at 15 and 7 years period with the same coupon of 19.75%. In addition, the Ministry of Finance raised the Cedi equivalent of USD1.12 billion in 5 and 10-year bonds via a tap-in arrangement.

The Minority then raised concerns over the bond issue and called for a full-scale parliamentary probe into how some persons they referred to as  very close friends of the Finance Minister, Ken Ofori-Atta, purchased 95% of Ghana’s recent 2.25 billion dollar bond.

 

 

Source: therepublicnewsonline.com/ Nana Appiah Acquaye

 

The Republic News Online

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