Finance Minister must resign over $2.25 bond – STRANEK

Policy Think Tank, Strategic Thinkers Network (STRANEK), is calling for the immediate resignation of Finance Minister, Ken Ofori-Atta pending the outcome of the investigations currently ongoing into the issuance of the controversial $2.25 billion bond by the Commission on Human Rights and Administrative Justice (CHRAJ).

According to STRANEK, if the Minister does not resign, it will smack a possible conflict of interest. The group has since petitioned the president on the matter which they want an immediate action taken.

The statement said: ‘’ STRANEK finds worrying possibilities of “conflict of interest” in the deal, consequent to which a petition has been presented to Commission of Human Rights and Administrative Justice (CHRAJ) stating that the Minister for Finance, Mr. Ofori-Attah, “has attempted to promote a private, 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”, necessitating a call for an investigation into the bond deal.’’ Government on Monday April 3, 2017, announced it was successful in the auction of a total of 2.25 billion dollars in four bonds.

The first two bonds, totaling 1.13 billion dollars, was issued at 15 and 7 years period with the same coupon of 19.75%. The Minority in Parliament raised serious concerns over the bond which they claimed was shrouded in secrecy and moved a motion to invite the Minister to come and explain the bond. The Minister when he appeared before the House denied the claims and insisted that the bond was not shrouded in secrecy. He also indicated that the Minority lacked understanding of the bond.

The Minority further slammed the Minister and accused him of not being truthful over the bond. Meanwhile, STRANEK believes the Minister must step aside to allow CHRAJ conduct a proper investigation into the matter.

Below is the full statement

*MR KEN OFORI-ATTA MUST STEP ASIDE PENDING CHRAJ’S ENQUIRY INTO THE CONTROVERSIAL $2.25 BILLION BOND ISSUE-STRANEK*

An issue which has come to our attention is the widespread controversy surrounding Government’s $2.25 billion bond issue early this year.

We at Strategic Thinkers Network (STRANEK), a policy think tank whose mission is to provide practical recommendations on issues of politics and governance for the benefit of Ghana have microscopically been following events surrounding the deal which, particularly has received the widespread condemnation from industry experts and civil society.

Moreover, this controversial issue has once again put the country on the spotlight for the wrong reasons, with investors nursing the fear of buying Government of Ghana (GOG) bonds.

STRANEK finds worrying possibilities of “conflict of interest” in the deal, consequent to which a petition has been presented to Commission of Human Rights and Administrative Justice (CHRAJ) stating that the Minister for Finance, Mr. Ofori-Attah, “has attempted to promote a private, 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”, necessitating a call for an investigation into the bond deal.

In order to bring finality to the matter, we at STRANEK find it prudent to humbly ask the high office of the country to ensure that Mr. Ken Ofori-Atta steps aside as Minister for Finance pending investigations into the matter before CHRAJ. This is to help avert possibilities of the Finance Minister tampering with evidence which may help CHRAJ in its investigations.

It is also to allow the Commission the needed space to dig deep into the matter and present transparent findings which will be acceptable by the Ghanaian people.

STRANEK reiterates the pivotal campaign promise by H.E. Nana Addo Danquah Akufo-Addo to Ghanaians on a clean and transparent government in addition to his unflinching commitment to fight corruption irrespective of who is involved.

Indeed, we at STRANEK admire his zeal and adrenaline to end corruption. Thus, it is our humble view that it would be in the interest of this country for him to preserve the sanctity, reputation and investor-confidence of the nation by giving our request the needed consideration.

STRANEK recommends that unless and until CHRAJ finally concludes investigations into the$2.25 billion bond deal, Mr. Ken Ofori-Atta must step aside. We are involved in building our motherland Ghana.

Signed. Nii Tettey Tetteh Executive Director