MP Wants Court To Nullify $2.25bn Bond

…As interim Injunction against President Akufo-Addo is filed for

Member of Parliament (MP) for Builsa South, Dr. Clement Abass Apaak, has filed for a nullification of the scandalous $2.25billion that the Finance Minister borrowed for Ghana through the issuance of four bonds in April, this year.

On Wednesday, this week, the MP filed a writ to invoke the original Jurisdiction of the Supreme Court, submitting that on a true and proper interpretation of the 1992 constitution, the bond issuance by Ken Ofori-Atta is null and void because it did not receive Parliamentary approval.

“Upon a true and proper interpretation of the provisions of the constitution, particularly, articles 181 (1), (2), (3), (4), and (6) therefore and section 56 of the Public Financial Management Act, 2016 (Act 921), the 7 and 15 year bonds issued by the Government of Ghana raising a total amount of USD 1.13 billion as well as five (5) year and 10 (ten) year bonds issued by the Government of Ghana raising the cedi equivalent of USD1.12 billion in or about April 2017 constitutes a loan and accordingly unconstitutional, null and void for lack of Parliamentary approval,” the writ stated.

In a five-point relief request, the MP asks the court to declare that due to the unconstitutionality of the bond issuance, the Government of Ghana does not have the liability to repay the loan and its interests.

The writ by Dr. Apaak also requests the apex court to set aside the bonds and asks the court to issue an order of perpetual injunction against the Government of Ghana from issuing bonds without Parliamentary approval forthwith.

The Builsa South MP issued the writ in his capacity as a private citizen of Ghana and sought an interpretation and enforcement of articles 2(1( (b) and 130 (1) (a).

The writ is believed to have since been served on the Attorney General, Gloria Akuffo, who has 14 days to respond.

Interestingly, Dr. Apaak’s counsel is Lawyer Victor Kwadjogah Adawudu, a man who himself sought information on the bond issuance but failed to get it from the Attorney General because the AG said at the time that the bond had been issued by the Finance Minister without recourse to her.

Finance Minister, Ken Ofori-Atta, is under probe by the Commission on Human Rights and Administrative Justice (CHRAJ) for suspicion of conflict of interest in the issuance of the bonds.

The Securities and Exchanges Commission of the US is also probing the same bond issuance because of the fact that a business partner of the Finance Minister, Trevor Trefgarne is an employee of Franklin Templeton, which got to buy majority stake in the bonds.

In what is seen as clear grounds for conflict of interest, Trevor Trefgarne is the Board Chairman of the Finance Minister’s company, Enterprise Group, even as he is a director with Templeton.

This fact, coupled with suspicious hurry and virtually secretive issuance of the bond, which was done without approvals from cabinet and Parliament, and without recourse to the Attorney General has made the bond issuance scandal-prone.

However, while the opposition National Democratic Congress Minority in Parliament has petitioned the US SEC to investigate the issuance in view of FT’s suspicious embroilment, and some individuals have petitioned CHRAJ to investigate out possible conflict of interest on the part of the Finance Minister, Dr. Apaak is seeking more drastic measures.

The Builsa South MP wants the Supreme Court to nullify the whole bond issuance and absolve Ghana of any liabilities.

The AG is yet to respond to the writ.

Meanwhile, a motion for an interlocutory injunction against President Akufo-Addo and the Minister for Lands in the appointment of people to the Lands Commission has also been filed.

One Kwadzo Ametepe of Gbawe is seeking an interim injunction at the Supreme Court against President Akufo-Addo and the Lands Minister, John Peter Amewu, in respect of appointing members to the Land Commission until a suit before the court is concluded.

Mr. Ametepe, whose counsel is Lawyer Kwadjogah Adawudu, also wants the court to restrain the President and his sector Minister from allowing members of the Lands Commission whose tenures have expired to continue in their old capacities.

In this regard, the Attorney General, the Executive Secretary of the Lands Commission and the Minister for Lands andNatural Resources have been named as parties to be served.

Below Is The Second Letter To Reverse Reinstatement of Mr. Kofi Boakye








Source: Fiifi Samuels


The Republic News Online

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