According to NDC MP for Ho Central, Benjamin Kpodo, failure to capture debts such as the ones incurred from the collapse of Capital and UT Banks, indicate that government has not accurately reported to the people of Ghana about the country’s debt situation.

[contextly_sidebar id=”azw5Mlh7FaeIax131IbSXOsZTiTy3uxJ”]Contributing to the debate on the State of the Nation Address in Parliament, the Ho Central MP called on the Finance Minister to come clean.

“With these controversies over the figures, I would want to challenge the Minister of Finance to come to this House and give us a list or a schedule for outstanding liabilities; both domestic and foreign so we put this matter to rest. Mr. Speaker, I am currently asking you to rule on this matter,” said the MP.

Ghana’s debt stock hits 137.2 billion

Figures released by the Bank of Ghana (BoG) in January 2018, had shown that the country’s total debt stock had hit GH¢138.8 billion cedis as of November 2017, representing 68.7 percent of the country’s Gross Domestic Product (GDP).

It showed a marginal decrease from September’s figure of 138.9 billion cedis compared to November’s figure of 138.8 billion cedis.

The figures, however showed that the debt stock decreased in October to 137.6 billion cedis before going up to 138.8 billion cedis in November.

The external component of Ghana’s debt also stood at 16.9 billion dollars, equivalent to 74.7 billion cedis, while the domestic component of the debt is at 64.2 billion cedis.

Government had indicated through its issuance calendar that it will borrow 11 billion cedis in the first quarter of 2018.

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By: Duke Mensah Opoku/citifmonline.com/Ghana

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Speaking on The Big Issue, the policy analyst cited the restricted spending in 2017 and increased budgetary allocations for 2018 as the reasons government will have to be wary of this year.

[contextly_sidebar id=”GK5ov9Ai8I3tSObtgbvJrKaVVu6vWWbA”]His comments were in response to President Nana Akufo-Addo’s State of the Nation Address, which highlighted the improved prospects of Ghana’s economy.

Progress made in the economy in 2017 included reduced inflation, increased economic growth, a rise in GDP by up to 7.9 percent, and an increase in Ghana’s international reserves.

The President, among other things, also noted that the World Bank has projected that Ghana’s economy will probably grow by 8.3 percent this year, which will be the fastest in the world in 2018.

Mr. Cudjoe acknowledge the economy’s growth as being “stellar” but said a proper reading the Akufo-Addo government’s handling of the economy will be in 2019 and beyond.

“There has been a stellar performance. The macroeconomic outlook is looking great but it is also looking great on the back of restricted spending in the first year. It is this year and the subsequent years that will actually test these macroeconomic figures, especially now that we have made huge budgetary allocations, to the Ministry of Special Development Initiatives for instance. The real test of the fortitude of the management of the economy will then be felt.”

Boldness with IMF deal

President Akufo-Addo, during his address, said he expected the improving macroeconomic indicators to usher Ghana out of the International Monetary Fund programme later this year after his administration extended the 2015 programme.

In response to this, Mr. Cudjoe said: “it was very reassuring to hear the President say that we were going to get out of the IMF deal, which is very useful.”

He lauded the boldness and optimism of the government to declare it would exceed the IMF’s projections.

“For the first time, we were able to tell the IMF that these are the expectation of the economy but we think that we can do better because we had put in place certain measures that would ensure private sector growth and enhance opportunities within the economy so that your fear that the economy may be going to a downward spiral may not actually happen,” the IMANI Africa President said.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

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According to Information Minister, Mustapha Hamid, Ofori-Atta will soon go to court to compel CHRAJ to overturn some declarations in its report released after it was petitioned by the Ashanti Regional Youth Organizer of the National Democratic Congress (NDC), Brogya Genfi, to investigate the matter.

[contextly_sidebar id=”lfsFZABmXsHhfqTLLQwUfkCdlvUuZ84U”]Genfi, in April 2017, petitioned CHRAJ to investigate the $2.25 billion bond issued by government, citing possible conflict of interest in the deal with regards to the Finance Minister and his alleged acquaintances, whom Genfi claimed had bought the bond at convenient rates.

CHRAJ, after months of investigations, said Ofori-Atta breached certain processes in the issuance of the bond but cleared him of all claims of conflict of interest.

CHRAJ also stated in its report that, Ofori-Atta failed to declare all his assets; a claim government officials have rubbished.

Sharing his view on the matter during discussions on Citi FM’s news analysis programme, The Big Issue on Saturday, Franklin Cudjoe said Ofori-Atta’s intended court action is long overdue, saying it will help clear his image.

“I think that the Finance Minister has legitimate reasons to do so because they are an important institution. And for them to come out with such a report and then make other comments which incidentally has gained political capital for the NDC, lowers the stature in a way, of the Finance Minister, and I think he [Finance Minister] needs to redeem that aspect of what is becoming a campaign against his person.”

“So for me, I think he should have done that much longer. But let me say that these things as they happen also go to strengthen our democracy…so the Finance Minister should go to court and I support his action,” he added.

Minority pushes for Ofori-Atta’s dismissal

On the back of the CHRAJ report, the Minority called on President Akufo-Addo to sack the Finance Minister, for breaching aspects of the law in the issuance of the bond.

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

“We serve notice that in the event that the President, Nana Akufo-Addo does not exercise appropriate judgment, we will initiate an action of censurship 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,” Minority Leader, Haruna Iddrisu said.

I’ll join Ofori-Atta’s suit – Brogya Genfi

In a related development, Brogya Genfi has said he will file a joinder application should Ofori-Atta drag CHRAJ to court over its findings on the issuance of the $2.25 billion bond.

“I am very interested in it and as an interested party, I am going to join anything that the Finance Minister will institute against CHRAJ because I sent the petition to CHRAJ,” Genfi said in a Citi News interview.

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana

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According to him, although Brogya Genfi, the Ashanti Regional Youth Organizer of the NDC was fronting the action, the likes of Tamale Central MP, Inusah Fuseini, Minority Leader, Haruna Iddrisu, Minority Chief Whip,Muntaka Mubarak, North Tongu MP, Okudzeto Ablakwa, Ketu South, Fiifi Kwetey were pulling the strings.

“They are a group of destructive citizens. Brogya Genfi led the whole thing but behind him is a whole arsenal in the likes of Inusah Fuseini, Haruna Iddrisu, Muntaka Mubarak, Okudzeto Ablakwa, Fiifi Kwetey. And all that team are there supporting what he is doing in a mischievous way to try and derail the progress of the country,” he said in Citi FM’s news analysis programme, The Big Issue yesterday [Saturday].

[contextly_sidebar id=”7zgQuNLluCDoFEXgChN8Se5XdAc2VQhP”]According to Information Minister, Mustapha Hamid, Ken Ofori Atta has indicated that he is going to court to compel the Commission on Human Rights and Administrative Justice (CHRAJ) to overturn some of the declarations made against him following the petition submitted to the Commission by Brogya Genfi.

Genfi, in April 2017, petitioned CHRAJ to investigate the $2.25 billion bond issued by government, citing possible conflict of interest in the deal with regards to the Finance Minister and his alleged acquaintances, whom Genfi claimed had bought the bond at convenient rates.

CHRAJ, after months of investigations, said Ofori-Atta breached certain processes in the issuance of the bond but cleared him of all claims of conflict of interest.

Minority pushes for Ofori-Atta’s dismissal

On the back of the CHRAJ report, the Minority called on President Akufo-Addo to sack the Finance Minister, for breaching aspects of the law in the issuance of the bond

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

“We serve notice that in the event that the President, Nana Akufo-Addo does not exercise appropriate judgment, we will initiate an action of censurship 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,” Minority Leader, Haruna Iddrisu said.

Ofori-Atta won’t resign

But Casely-Hayford is sceptical over the call for the removal of the Finance Minister by the Minority.

According to him, such action won’t materialize as the President would not be willing to get rid of such a crucial member of his government.

“He will not resign. The president, his boss will not sack him. The motion of censure will not work. His boss has no desire to dismiss his Finance Minister. The whole thing is an exercise in futility and it will not work. They [Minority] know that it will not work,” he added.

I’ll join Ofori-Atta’s suit – Brogya Genfi
In a related development, Brogya Genfi, had said he will file a joinder application should Ofori-Atta drag CHRAJ to court over its findings on the issuance of the $2.25 billion bond.

“I am very interested in it and as an interested party, I am going to join anything that the Finance Minister will institute against CHRAJ because I sent the petition to CHRAJ,” Genfi said in a Citi News interview.

–

By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

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He argued that the move is also likely to affect subscription of the country’s bonds expected to be issued in the first quarter of this year – 2018.

The Minority in Parliament has impressed on President Akufo-Addo to sack the Finance Minister for what they describe as a breach of aspects of the law in the issuance of the 2.25 billion dollar bond in 2017.

Mahama Iddrisu tells Citi Business News the country will become a risky investment destination if the issue is not properly addressed.

“After making your Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama go, now you want your Finance Minister to go. It shows that things are in disarray. Of course, investors will be worried. What investors normally do is to look for a place that is stable, a place that can give them better returns. If they think that it’s too risky to invest in Ghana because there is constant change of key financial officials, they’ll send their money somewhere.”

Mahama Iddrisu argued that regardless of a country’s positioning as a hub for business, it will see investors walk away if investors get scared of bringing their money into your country.

“Changing officials in key aspects of the economy destabilizes the economy, and what that does is that it worries foreign investors. A lot of signals go out there and the current signals we’re sending out are not positive.”

The Minority in Parliament at a news conference this week addressed by its leader, Haruna Iddrisu, threatened to initiate processes to have the Finance 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.

CHRAJ concludes probe into bond petition

CHRAJ, in December 2017, cleared Mr. Ken 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.

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 engagements with Databank and Enterprise Group which he says the Finance Minister, Ken Ofori-Atta has interests in.

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By: Bobbie Osei/citibusinessnews.com/Ghana

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He is heading to court to compel CHRAJ to overturn some of the declarations it considers irrelevant to the petition.

[contextly_sidebar id=”DH8G3PhqLMtUQHHifCd7kzIRemqSlYIF”]Addressing a news conference in Accra today [Thursday], the Information Minister, Mustapha Hamid, said the Finance Minister believes CHRAJ went “beyond the matter of conflict of interest to make pronouncements on other matters that it was not seized with the capacity to make.”

Mr. Hamid said CHRAJ went beyond its mandate to probe the conflict of interest claims by passing comments on the actual bond issue.

“CHRAJ can only make pronouncements on conflict of interest situations and not issues to do with the bond issuance and its ancillary subjects.,” he stated.

CHRAJ, whilst clearing Mr. Ofori-Atta of any conflict of interest claims, said the Finance Minister failed to declare Databank as an asset to the Attorney General.

“We find that it is these extraneous matters which CHRAJ commented on, which have become the ammunition with which the NDC has started a new round of attacks. We hereby serve notice that Ken Ofori-Atta will proceed to the courts immediately to seek to set aside those extraneous matters in the CHRAJ report.”

These extraneous matters have given the opposition National Democratic Congress cause to still attack the Finance Minister, despite him being found not guilty of the conflict of interest charges, according to Mr. Hamid.

The Minority in Parliament on Wednesday called on President Akufo-Addo to sack Mr. Ofori-Atta for breaching aspects of the law in the issuance of the bond.

Alternatively, the Minroity asked the Finance Minister to resign, else they will invoke an article in the constitution to force him to do so.

“We notice that the CHRAJ report, even when it has found that the substantive case brought before it by Brogya Genfi has failed, offers the NDC a leeway to do the kind of mischief that they are doing… CHRAJ’s refusal to call Ken Ofori-Atta to explain this item on his declaration form was a travesty of justice, and fails the test of natural justice,” Mr. Hamid said.

He maintained that, Mr. Ofori-Atta declared Databank as an institution in which he holds shares.

Mr. Ofori-Atta is notably the Co-Founder of Databank Financial Services Limited, and served as its Executive Chairman from 1990 to February 14, 2012.

Background

The controversy over the bond begun after the Minority called for a full-scale parliamentary probe into how persons they referred to as very close friends of the Finance Minister, purchased 95 percent of the $2.25 billion bond issue in April 2017.

The NDC Ashanti Regional Youth Organizer, Yaw Brongya Genfi, subsequently petitioned CHRAJ to investigate the bond on grounds that Mr. Ofori Atta attempted to promote a personal interest for himself, as well as family and friends,.

On the substantive matter of conflict of interest, CHRAJ cleared Mr. Ofori-Atta of any wrongdoing, stating that, “on the basis of the evidence available to the Commission, it has come to the conclusion and therefore holds that, the allegations by the complainant that the respondent has contravened Article 284 of the 1992 Constitution by putting himself in a conflict of interest situation in relation to the issuance of the 5-year, 7-year, 10-year and 15-year bonds, have not been substantiated.”

CHRAJ however also said that the Finance Minister, breached certain processes in the issuance of the bond.

In its 140-page report on the matter, CHRAJ made some suggestions to the Minister of Finance to ensure that due diligence is ensured in subsequent deals.

Among other directives, it said the Minister must pass regulations to monitor the format of and criteria for the auctions, and the procedures for participation, bidding, and allocation in auctions in relation to the issuance of securities in the domestic market.

CHRAJ further charged the Minister take measures in preventing Primary Dealers who are also bookrunners or transaction Advisors from gaining the unfair advantage because of their dual roles.

It had found the Primary Dealers also doubled up as bookrunners or transaction advisors, and that dual role gave them an undue advantage.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

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It shows a marginal decrease from September’s figure of 138.9 billion cedis compared to November’s figure of 138.8 billion cedis

The figures, however, show that the debt stock decreased in October to 137.6 billion cedis before going up to 138.8 billion cedis in November.

The external component of Ghana’s debt stands at 16.9 billion dollars, equivalent to 74.7 billion cedis, while the domestic component of the debt is at 64.2 billion cedis.

Meanwhile, government has indicated through its issuance calendar that it will borrow 11 billion cedis in the first quarter of 2018.

Banking Sector performance

In the Banking sector, the figures show a marginal improvement in the total Non-Performing Loans (NPL) of banks from 22.9 percent in October to 22.7 percent in December.

Meanwhile, total deposits in the banking sector hit 58.3 billion cedis in November 2017 compared to 52.7 billion cedis for the same period in 2016.

In addition, total advances made by banks by December 2017, reached 37.7 billion cedis compared to 35.6 billion cedis in 2016.

In terms of annual growth, there was a decline from 18.6 percent in 2016 to 5.9 percent in December 2017.

The BoG data also shows that assets in the banking industry stand at 93.2 billion cedis, while the 2017 end-of-year cedi depreciation against the dollar was at 4.9 percent

External Earnings

Total earnings from the country’s traditional exports were at $13.7 billion at the end of December 2017.

The figure indicated a rise of $2.6 billion from what the country got for the same period in 2016.

Earnings from gold hit $5.7 billion compared to $4.9 billion the previous year. Earnings from cocoa were at $2.7 billion.

Crude Oil exports went up from $1.3 billion to $3 billion at the end of December 2017.

Meanwhile, Ghana’s total import bill as at the end of 2017 stood at $12.6 billion.

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By: Lawrence Segbefia/citibusinessnews.com/Ghana

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CHRAJ, in its 140-page report concluded that although Mr. Ofori-Atta was not guilty of conflict of interest, he breached some processes in the issuance of the bond.

But the law lecturer argues that the Commission erred when it determined differently from the evidence available to it.

His argument was premised on basis that “the findings of CHRAJ points to one direction” while its “decision on the findings points to another direction.”

“Basically, what it means is that, the findings do not support the decision that CHRAJ made. CHRAJ’s findings that the Minister was in a potential conflict of interest situation shouldn’t have ended with a conclusion that the minister was not guilty of a violation of the conflict of interest rule. It should have actually gone ahead to say that potential conflict of interest whether or not, the minister benefited and it’s still conflict of interest.”

The lawyer didn’t understand why the CHRAJ report cleared the Finance Minister despite making contrary findings, adding that Mr. Ofori-Attah had the opportunity to challenge the findings should it have gone against him.

“It is possible that CHRAJ’s findings did not reflect the actual facts, but when that happens there is an opportunity for the Minister to apply to the courts to review the findings of CHRAJ, but so far as these facts are on record, CHRAJ couldn’t have come to the conclusion that the Minister is cleared of these allegations,” Justice Sai added.

CHRAJ report grounds for Ofori-Atta’s removal – Brogya Genfi

In a related development, Yaw Brogya Genfi, the National Democratic Congress [NDC] member who petitioned CHRAJ to investigate the Finance Minister, has said Mr. Ofori-Atta risks being removed from office over the findings made against him in the report.

According to Mr. Genfi, failure to follow statutory procedures in the issuance of the government’s $2.25bn bond could cost the Finance Minister his job.

“..the evidence so far indicts him [Ken Ofori-Atta] of several illegalities which constitutes enough grounds for his removal from office,” he said.

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By: Godwin A. Allotey & Sixtus Dong Ullo/citifmonline.com/Ghana
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His comment comes hours after the Commission on Human Rights and Administrative Justice’s (CHRAJ) cleared Mr. Ofori-Atta of allegations of conflict of interest levelled against him in the deal.

[contextly_sidebar id=”pY36c3b7iah1TgjmUXvP3HM4FUBjCGbO”]Mr. Adongo, who is a Member of Parliament’s Finance Committee, however, argued that CHRAJ’s findings expose more serious lapses in the process.

He believes Mr. Ofori Atta and his cronies deliberately failed to ensure transparency in issuing the bond.

“…These are career professionals who have been doing this for decades. Why is that they got it right all the time but on this occasion, they decided to side-step every single process of transparency in order to issue this bond? In fact, in one of the instances, we realised that the position was even worse than we thought. That they were instructed at 12.00 to start the bidding and by 2 the bidding will close- two hours.

“We even thought that it was four hours. In some of the instances, the report indicates that even before the Bank of Ghana was aware of what Ministry of Finance wanted it to borrow for this, the book runners were already advertising it so where did the book runners get the information? What was it that within two hours, Franklin Templeton and plenty of his associates were aware of this transaction and were able to bid? The issue is murkier and it is much more an indictment on Ken Ofori Atta and I have said that Ken Ofori Atta is the biggest risk to the financial system of this country and if we do not take care, Ken Ofori Atta will collapse this country.”

CHRAJ commenced investigations into the case five months ago after a known member of the National Democratic Congress (NDC), Yaw Brogya Genfi, petitioned it in April, to investigate Ken Ofori-Atta’s position in the issuance of the bond.

According to Mr. Genfi, Ken Ofori-Atta, secured 95 percent of the bond for his “family and friends.”

He said Mr. Ofori Atta “has attempted to promote a private or personal interest for himself or for some family members and business associates, and the promotion of the private interest has resulted in, or was intended to result in, or appears to have resulted in, or has the potential to result in an interference with the objective exercise of his duties and an improper benefit or an advantage by virtue of his position.”

He added that the bonds were not on the issuance calendar and that the transaction seemed to have been shrouded in secrecy with the bond processes being limited to one day, compared to past processes that were open.

Mr. Genfi said that a single investor, Franklin Templeton Investment Limited, an American global investment management organisation founded in 1947, purchased 95 percent of the bond issued.

He insisted that “a relational interest existed between the Minister of Finance and Mr Trevor G Trefgarne, who in a semi-annual report of the Franklin Templeton Investment Limited of December 31, 2016, is one of the Board of Directors of the organisation, while also being the Chairman of the Enterprise Group Limited.

“Enterprise Group Limited is a company partially owned by Data Bank Limited, a company in which the Finance Minister is known to have significant interest,” Mr Genfi said.

He also complained that Mr. Tevor G Trefgarne and the Minister of Finance were “great friends.”

But CHRAJ in the 140-page report after its investigations said that “there was also no evidence before the Commission that there was a personal benefit to the Respondent or his private businesses and other relations.”

Ofori Atta breached processes in issuance of bond

Although there was no evidence that Mr. Ofori-Atta benefited personally from the transaction, the Commission found breaches of the rules on the issuance of bonds.

On the basis of that, it gave several directives in the exercise of its powers under Article 287 (2) of the Constitution that provides that “The Commissioner for Human Rights and Administrative Justice or the Chief Justice as the case may be, may take such action as he considers appropriate in respect of the results of the investigation or the admission,”and  directed that the Minister ensures that all processes in the issuance of bonds by MoF and the Bank of Ghana (BOG) are complied with.

It also directed that the minister, as a matter of urgency, pass regulations, rules or guidelines to regulate the format of and criteria for the auctions and the procedures for participation, bidding, and allocation in auctions in relation to the issuance of securities in the domestic market.

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By: Marian Ansah/citifmonline.com/Ghana

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The National Democratic Congress (NDC) MPs say CHRAJ’s revelation that the Minister breached several processes in the issuance of the bond confirms claims of wrongdoing although he was not found guilty of conflict of interest.

[contextly_sidebar id=”ictFsX8Qh9ECtraYLsXyZm7AvrxckxhY”]In a statement copied to citifmonline.com, the Minority Leader, Haruna Idrissu, said “the adverse findings contained in the decision of the CHRAJ vindicate our position that the US$ 2.25 Billion bond issuance was fraught with irregularities and did not comply with Ghanaian law.”

The Minority say they will hold a press conference in the coming week on the outcome of the CHRAJ investigations.

Read the full statement below:

MINORITY STATEMENT ON DAMNING FINDINGS AGAINST FINANCE MINISTER BY CHRAJ IN US$ 2.25 BILLION BOND INVESTIGATION

The Minority Caucus in Parliament has become aware of findings contained in the decision of the Commission on Human Rights and Administrative Justice (CHRAJ) on a complaint filed against the Finance Minister over the infamous US$ 2.25 billion bond in March this year.

Contrary to some publications on a number of online portals to the effect that the Finance Minister has been cleared of wrongdoing, CHRAJ in its decision agrees largely with our stated position from the very beginning that the bond issuance did not follow due process.

CHRAJ in its summary of key findings noted several breaches of statutory regulations governing the issuance of bonds and cited the Minister for conduct bordering on criminality.

It is the considered position of the Minority that the adverse findings contained in the decision of the CHRAJ vindicate our position that the US$ 2.25 Billion bond issuance was fraught with irregularities and did not comply with Ghanaian law.

We will engage the media next week to provide details of our position on the outcome of the investigations and consequential matters.

We wish Ghanaians a happy new year.

Haruna Iddrisu (MP).

Parliament in June 2017 was forced to summon the Finance Minister to provide detailed information on the 2.25 billion dollar bond following a motion filed by the Minority.

Concerns had been raised especially by the Minority about the transparency of the $2.25 billion domestic bond with some noting that the apparent secrecy over the deal fueled the allegations of conflict of interest against the Finance Minister, Ken Ofori Atta.

The Minority in its conflict of interest allegations, said a non-executive director on the board of Investment Firm, Franklin Templeton, who purchased 95 percent of the $2.25 billion bond, is also the Chairman of the Enterprise Group, which has links to the Attorney-General and the Finance Minister.

The Minority eventually called for a full-scale parliamentary probe into the bond issue.

CHRAJ petitioned

A member of the NDC, Brogya Genfi, in April petitioned CHRAJ to investigate the matter on grounds that the Finance Minister, Ken Ofori-Atta, had attempted to “promote a personal interest for himself, as well as family and friends, which interfered with the objective exercise of his duties.”

CHRAJ, after months of investigation, said Mr. Ofori-Atta breached certain processes in the issuance of the bond, however, it did not find him involved in a conflict of interest position.

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By: Jonas Nyabor/citifmonline.com/Ghana

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