For some months now, the Minority in Parliament and its pro NDC groups have decided to undermine the efforts of the Nana Addo Dankwa Akufo-Addo NPP lead administration.
One would recall the circumstances surrounding the issuance of bond by the current Finance Minister, Hon. Ken Ofori-Atta. The matter was referred to Commission on Human Rights and Administrative Justice (CHRAJ), for investigation and per it report, Mr. Ken Ofori-Atta only exposed himself to a “Possible Conflict Of Interest”, but concluded he did not benefit from it personally.
For the record, bonds are fixed-income securities raised when entities needs money for their operation. A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a specific amount of money for a specific period of time in exchange for periodic interest payments at designated intervals. When the loan reaches its maturity date, the investor’s loan is repaid.
In the case of Ghana, the bond was issued to generate funds for the smooth running of the country. Bearing in mind the enormous debt left by the previous John Mahama led NDC administration for the new administration to settle. The best that the Minority could have done was to praise the Finance Minister for having taken such a bold step in ensuring macro-economic stability that would set the pace for economic transformation.
Yesterday, the Minority in Parliament led by Haruna Iddrisu organized a press conference based on a “Possible conflict of interest” report from the CHRAJ, demanding the Minister to resigns or forced by the President to do so. I want to state emphatically, that their call was needless and waste of scarce resources. Those supposed infringements does not or cannot warrant the dismissal of the finance minister and any attempt at censorship would be an exercise in futility.
The Minority should rather channel their efforts into debates that would rather promote and serve as a catalyst for economic growth.
God bless Mother and God bless us all.
Signed:
Williams Agyei (0208428465)
2nd Vice Aspirant NPP Greater Accra
Source: Williams Agyei - 2nd Vice Aspirant NPP Greater Accra
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Still trying to figure how fraudulent this transaction of borrowing money at interest rates which are far better than previous govt's forays into the bond market? A case of old folks screaming because old bones are being mentioned? If the minority have someone ready to purchase these bonds, I am sure they can check the bond calendar or may be consider an unsolicited bid, no? Conflict of interest, let's get serious, seriously.
This article is very empty and pointless. Are you telling us Oforri Atta did anything extra ordinary to issue bonds to raise liquidity? Anyone can do that and the issue of bond is not the point. This was not the first time a bond was issued by,government or it's functionaries. The bone of contention here is how the issue was done. What was in the prospectus? Who are the holders of the bonds? What are the coupon rate(s)? Was it done taking the best interest of Ghana into consideration? If a body raises concerns about conflict of interest then it is a matter that should be treated with seriousness given the nature and quantum of the transactions involved. He doesn't have to benefit materially for it to merit scrutiny. "Good will" is a form of benefit and if he issued the bonds to people with whom he was or is involved in any way be it personal or professional then it is a conflict of interest situation and that warrants a reconsideration of his position. Anyone with financial literacy knows that bonds are riskless instruments with no risk of default and any investor would jump at it so why don't you open it up for competition and see who offers the best terms? The writer just has superficial understanding of bonds and barely seemed not to understand the substantive issue being raised!
The minority are doing their bit, it is npp that is being incompetent with lies and stealing.