Minority Pushes for Ofori-Atta’s Dismissal Over $2.25bn Bond

The Minority in Parliament has called on President Akufo-Addo to sack Finance Minister, Ken Ofori-Atta for breaching aspects of the law in the issuance of the $2.25 billion bond in 2017.

They have also suggested that the Finance Minister alternatively resigns over the matter.

The caucus, at a news conference addressed by their leader, Haruna Iddrisu, threatened to initiate processes to have the Minister removed from his position through a motion of censure per Article 82 of the constitution.

According to Haruna Iddrisu, the multiple infringements of the law by the Minister in the issuance of the bond as indicated in a report by the Commission on Human Rights and Administrative Justice (CHRAJ), indicated that he acted in bad faith and must not be allowed to remain in office.

“We serve notice that in event that the President, Nana Akufo-Addo does not exercise appropriate judgement, we will initiate an action of censorship against the Minister. We in the minority feel strongly vindicated by the [CRAHJ] report… All of us must uphold the laws of Ghana including the Minister for Finance,” he said.

CHRAJ in December, 2017 cleared Ofori-Atta of the allegations of conflict of interest in the issuance of the bond, but found him guilty of some  infractions in the process.

This followed a petition to the Commission by Brogya Genfi, a known member of the opposition National Democratic Congress [NDC].

Among the 21-point findings in its decision, CHRAJ observed that Primary Dealers also doubled up as Bookrunners/Transaction advisors and that dual role gave them an undue advantage.

It also observed that the “Respondent is either a director, former director or shareholder, or beneficial owner, of several companies whose objects relate to the securities market sector. The companies include Databank and EGL. As such, Respondent’s interests in the growth and well-being of those companies, have the potential to conflict with the interests of the state in relation to the securities market such as the issuance of bonds.

It stated that “The Respondent has business partners and associates related to the securities industry where, according to the Respondent, he has been working for over thirty years. These business partners and associates include partners in Databank, Enterprise Group Limited, Ventures and Acquisitions Limited, as well as Keli Gadzekpo, Trevor Trefgarne and Angela Ofori Atta, also Respondent’s spouse.”

‘Blacklist Databank’

Haruna Iddrisu further urged state institutions to cut ties and discontinue engagement with Databank Limited and Enterprise Insurance which they say the Finance Minister, Ken Ofori-Atta has interests in.

Source: Citifmonline