Per their calculations, the loss is up to the tune of 330 million dollars per year over the next fifteen years.

[contextly_sidebar id=”Kzs9CAMAFjNAyG3ZAMgZfGtQIfU7TgTn”]According to the Minority Spokesperson on Finance, Cassiel Ato Forson, the difference between the rate of the bond and that of the current treasury bill rate is the cause of the huge amount of money the country is allegedly losing through the deal.

These comments follow recent actions taken by the minority for disclosure on the terms of the bond including a petition to the United States Securities and Exchange Commission.

Addressing the media, Cassiel Ato Forson said: “It will surprise you to know that, the use of proceeds as the Minister of Finance made it known to the public was categorical. He said the proceeds will be used for the purposes of switching short-term domestic instruments. And when we say short-term domestic instruments, we are making reference to 98 days treasury bonds and 192 days treasury bonds. Currently, treasury bonds as at 17th of April, is traded at 16.35%, and 182 days treasury bonds is traded at 16.70%, but what surprises me is that, the Finance Minister decided to go for a long-term debt of 19.5 % to switch off a debt of 16.35%. In fact, his actions are woefully causing financial loss to the state. From the calculations, it is clear that Ghana will be better off if we had decided to roll over the existing treasury bonds which is being traded at 16.35%, instead of going for 19.75 percent. From the calculations, Ghana would have been better off with $330 million US dollars if he had not decided to go on this tangent.”

Early on, Parliament passed a half hour motion to compel the Minister of Finance to provide detailed information on the recent 2.25 billion dollar bond issued by Government.

The Minister has seven days to respond to the motion.

The motion was filed by the Minority Leader, with a request for the full complement of documentation related to the issuance, the participants, the utilization of proceeds and the currency in which the bond was settled.

The Minority Leader, Haruna Iddrisu, moved the motion on the floor of Parliament.

–

By: Marian Ansah & Duke Opoku Mensah/citifmonline.com/Ghana

The post Ghana to lose $ 330m yearly over $2.25bn bond – Minority appeared first on Citi 97.3 FM - Relevant Radio. Always.

The New Patriotic Party (NPP) flagbearer said such perceptions about the prosecution of some individuals in the country, are deliberate attempts by people to politicize the justice system in order to escape punishment for wrongdoing.

[contextly_sidebar id=”YcA3TbyJYhnGL3zxJwQg7aQFodwtjZpn”]Speaking to Citi News’ Umaru Sanda, Nana Akufo-Addo said “the idea that there is witch-hunting because people are tried is unfortunate. It is yet another attempt to try and politicize situations that ought not to be. I think we all have to accept that the mere fact that someone is a minister or politician doesn’t put them above the law. Even the president is not above the law… and we have seen this all over the world.”

An Accra Fast Track High Court in 2008 sentenced Tsatsu Tsikata, a former CEO of the GNPC, to five years’ imprisonment for willfully causing financial loss to the State and misapplying public property, while Akufo-Addo was Attorney General under the erstwhile John Kufour administration.

Mr. Tsikata rejected an unconditional pardon by former President Kufuor, but got out of prison before the end of the 5-year term due to ill-health.

Earlier this week, the Court of Appeal, overturned that High Court judgment which sentenced the former GNPC boss to five years imprisonment. The judge said, “the judgment of the High Court was a miscarriage of justice, because it did not give Mr. Tsikata a fair opportunity to defend himself”.

Nana Akufo-Addo in the interview on Politicos said he was not embarrassed by the court’s decision.

“How can I be embarrassed? That is what courts do. They may give a determination of who is innocent and who is guilty. Those in the judiciary cannot make that determination. All that one can do is to bring facts before the court to look at, and the court will look at whether the facts brought before them constitute an offence or not,” he said.

‘NPP government for unity’

Meanwhile, the NPP presidential candidate has said that an NPP government, if voted into office, will ensure unity and stability in the country.

He also emphasized that an NPP-led government will steer the country to economic prosperity.

–

By: Jonas Nyabor/citifmonline.com/Ghana
Follow @jnyabor

The post Tsatsu’s prosecution wasn’t witch-hunting – Akufo-Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.