FINANCE MINISTER TO APPEAR BEFORE PARLIAMENT OVER $2.25BN BOND TODAY

| Updated Jun 07, 2017 at 7:00am

 

Ken Ofori-Atta, Finance Minister

 

The Minister Finance, Ken Ofori-Atta will today, Wednesday, June 7, appear before Parliament to disclose the full details of the controversial $2.25 billion bond issued by the government in April 2017.

This follows the passage of a half-hour motion last week by the House, to summon the minister to provide 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 motion was filed by the Minority Leader, Haruna Iddrisu.

Mr. Iddrisu argued that, because the House approved the Appropriation Bill, any government expenditure in relation to it must come to Parliament.

Concerns have been raised about the transparency of the $2.25 billion domestic bond government issued, with some noting that the alleged secrecy over the deal fueled the allegations of conflict of interest against the Finance Minister, Ken Ofori Atta.

The Minority first cried foul saying a non-executive director on the Board of Investment Firm, Franklin Templeton, which purchased 95 percent of the bond, is also the Chairman of the Enterprise Group, which has links to the Attorney-General and the Finance Minister.


The Minority in Parliament also filed a complaint with the Securities and Exchange Commission (SEC) of the United States of America over the bond issue, in the hope that it will lead to investigations by the US regulatory body into the bond issuance, and the involvement of Franklin Templeton, which is a US registered company.

SOURCE: Citi News



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