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‘Minority ignorant about $2.2bn bond; they must read’ – Bawumia

Dr. Bawumia
Dr. Bawumia

The Vice President, Dr. Mahammudu Bawumia, has expressed shock at what he calls the ignorance of the Minority in Parliament over their allegations on the recent $2.2bn bond issued by the government.

According to him, the Minority’s position on the matter clearly shows that they are uninformed.

The Minority in Parliament have accused the government of setting the terms of the bond to favour some friends of the Finance Minister, Ken Ofori Atta.

But in an interview with the Head of Citi Business News Desk, Vivian Kai Lokko in Washington, Dr. Bawumia said the members of the Minority need education on the subject to fully understand it.

“It shows a lack of understanding. The minority have never understood this economy. And it is just amazing that people on that side who were actually in charge of managing the economy will be making such statements. It shows ignorance… and I am so sad when I hear that from people who should know better. They need to understand. Maybe they should read a little,” Dr. Bawumia said.

“This is what politics has been reduced to. Trying to say things which really have no basis and basically wrapped in ignorance.  So I am a bit sad for Ghana and for them, because they are really demonstrating a lot of ignorance in the process of managing this economy,” he added.

Government on Monday April 3, 2017, announced it was successful in the auction of a total of 2.25 billion dollars in four bonds.

The first two bonds, totaling 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.

But the Minority in Parliament argued that the rate at which the bonds were issued was relatively high because the Finance minister had private interests in it, alleging that the company that purchased 95% the bond had close links to the Minister’s private business.

By: Jonas Nyabor/citifmonline.com/Ghana

  • E. C. Armah

    Am also surprised about the Vice-president of the Republic comments on the minority NDC is ignorance. The vice-president should explain to Ghanaians why one person purchased 95% of the $2.25billion bond. Something the had come to the public domain that Mr. Franklin Templeton, an associate chairman of Enterprise Group where the Finance Minister and the Attorney General are all link to, and is it not a family link business which had been established. His excellence, the vice president this is a dust thrown into our eyes. Give us a explanation please.

  • S. Bediako-Asante

    Really the minority need education, about the economy (of Ghana).
    And, such people were manning the economy for eight solid years.
    No doubt the economy headed to the south.