{"id":216001,"date":"2016-05-21T14:00:35","date_gmt":"2016-05-21T14:00:35","guid":{"rendered":"http:\/\/citifmonline.com\/?p=216001"},"modified":"2016-05-21T14:00:35","modified_gmt":"2016-05-21T14:00:35","slug":"fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/","title":{"rendered":"Fifi Kwetey slams Bawumia over $250m UBA deposit saga"},"content":{"rendered":"<p>Minister of Transport and Member of Parliament for the Ketu South Constituency, Fifi Kwetey, has expressed disappointment in what he calls Dr. Mahmudu Bawumia\u2019s seeming lack of understanding of the Finance Ministry\u2019s decision to invest $250 million of the proceeds from the nation\u2019s $1 billion Eurobond into a private account at the United Bank of Africa (UBA).<\/p>\n<p>According to the Ketu South MP, as a former Deputy Governor at the Bank of Ghana, Dr. Bawumia should understand that it was prudent for the Finance Minister, Seth Tekper, to invest in profitable ventures for and on behalf of the State.<\/p>\n<p>[contextly_sidebar id=&#8221;t9ICjLzjNoXKoVZXv38v7wB6s9FYJkVq&#8221;]Dr. Bawumia called\u00a0for a parliamentary probe into allegations that Seth Terkper broke the law when he reportedly ordered the transfer of public funds amounting to some $250 million being proceeds from Ghana\u2019s recent Eurobond to the UBA.<\/p>\n<p>Dr. Bawumia claimed that UBA after receiving the cash later loaned out the funds back to the government in the form of treasury bills in a deal he claimed amounted to causing financial loss to the state.<\/p>\n<p>He further called for the <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2016\/05\/10\/bawumia-demands-terkpers-resignation-for-breaking-bog-regulation\/\">resignation of the Finance Minister<\/a><\/strong><\/span> over the transaction he described as reckless.<\/p>\n<p>But in a <strong>Citi News interview<\/strong>, Fifi Kwetey said Dr. Bawumia\u2019s reaction to the issue was evidence of the New Patriotic Party\u2019s desperation to win power in the upcoming general elections.<\/p>\n<p>According to Mr. Kwetey, if Dr. Bawumia had taken time to understand Ghana\u2019s infrastructure fund and the laws that regulated it, he would understand why the money meant for the infrastructure fund was invested.<\/p>\n<p>\u201cIf he [Dr. Bawumia] had taken is time to understand the working of the Ghana infrastructure fund and the laws which regulated it, \u00a0he clearly would have known that not one pesewa of any money that is meant for the infrastructure fund is meant to remain in some kind of idle account at the central bank earning nothing,\u201d he explained.<\/p>\n<p>Mr. Kwetey noted further that, the very aim of the infrastructure fund was to help the country leverage critical funding for economic infrastructure so any manager of such funds \u201cshould be looking for the highest possible returns.\u201d<\/p>\n<p>\u201c&#8230;So this actually shows that Dr. Bawumia out of political desperation is not doing himself a lot of good at all and that will not be the first time. This is almost becoming a serial activity [for him], Fifi Kwetey concluded.<\/p>\n<p><strong>Govt didn\u2019t err in $250m transfer to UBA<\/strong><\/p>\n<p>The newly appointed Governor of the Bank of Ghana, Dr. Abdul Nashir Issahaku, has dismissed equally allegations that the Ministry of Finance contravened section (53) of the <span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2016\/05\/16\/govt-didnt-err-in-250m-transfer-to-uba-bog-governor\/\" target=\"_blank\"><strong>BoG Act 612<\/strong><\/a><\/span> when it transferred 250 million dollars of the 1 billion dollar Eurobond proceeds to a private account.<\/p>\n<p>According to the Governor, government took the cedi equivalent of the amount hence, cannot be in contravention of the BoG law.<\/p>\n<p>\u201cI think from our stand point here, all government foreign exchange has to be in the custody of the Central Bank and when government need their money, they take the equivalent in cedis.\u00a0The 250 million dollars that was taken out of here, they did not take foreign exchange dollars, the dollars were\u00a0surrendered to the Central Bank, it was sold to the Central Bank and the government took the equivalent of that in cedis to deposit it elsewhere. So by the Bank of Ghana act, we have been in compliance,\u201d he explained.<\/p>\n<p>&#8211;<\/p>\n<p>By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of Transport and Member of Parliament for the Ketu South Constituency, Fifi Kwetey, has expressed disappointment in what he calls Dr. Mahmudu Bawumia\u2019s seeming lack of understanding of the Finance Ministry\u2019s decision to invest $250 million of the proceeds from the nation\u2019s $1 billion Eurobond into a private account at the United Bank of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"Minister of Transport and Member of Parliament for the Ketu South Constituency, Fifi Kwetey, has expressed disappointment in what he calls Dr. Mahmudu Bawumia\u2019s seeming lack of understanding of the Finance Ministry\u2019s decision to invest $250 million of the proceeds from the nation\u2019s $1 billion Eurobond into a private account at the United Bank of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-21T14:00:35+00:00\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/\",\"url\":\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/\",\"name\":\"Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2016-05-21T14:00:35+00:00\",\"dateModified\":\"2016-05-21T14:00:35+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fifi Kwetey slams Bawumia over $250m UBA deposit saga\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/","og_locale":"en_US","og_type":"article","og_title":"Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always","og_description":"Minister of Transport and Member of Parliament for the Ketu South Constituency, Fifi Kwetey, has expressed disappointment in what he calls Dr. Mahmudu Bawumia\u2019s seeming lack of understanding of the Finance Ministry\u2019s decision to invest $250 million of the proceeds from the nation\u2019s $1 billion Eurobond into a private account at the United Bank of [&hellip;]","og_url":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2016-05-21T14:00:35+00:00","author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/","url":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/","name":"Fifi Kwetey slams Bawumia over $250m UBA deposit saga - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2016-05-21T14:00:35+00:00","dateModified":"2016-05-21T14:00:35+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2016\/05\/fiifi-kwetey-slams-bawumia-over-250m-uba-deposit-saga\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"Fifi Kwetey slams Bawumia over $250m UBA deposit saga"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/216001"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=216001"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/216001\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=216001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=216001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=216001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}