Minority is “ignorant” about the $2.25 billion bond-Bawumia

Vice President Dr. Mahamudu Bawumia has described the stance of the minority in parliament over the issuance of a $2.25 billion 15-year domestic bond as “ignorant”.

The minority at a press briefing on Tuesday, April 18, 2017 cited the finance minister for conflict of interest and lack of transparency in the issuance of $2.25 billion 15-year bond.

“The key points about the recent $2.25billion bond issued by the NPP government; the bond was virtually participated by only two investors. The whole Bond transaction was shrouded in secrecy to the extent that Ghanaian investors were denied the opportunity to participate in the deal. In essence, the entire deal lack transparency.”

Government issued 15 and 7-year bonds with a coupon rate of 19.75%, raising a total amount of USD1.13 billion. The Finance Ministry additionally raised cedi equivalent of USD1.12 billion in five and 10-year bonds through a tap arrangement.

Vice president Mahamudu Bawumia who is currently in Washington attending the World Bank/IMF spring meeting told the media the Minority lacks “understanding in managing the economy.”

He said: “It shows a lack of understanding. The minority has never understood this economy. It shows ignorance and I’m so sad this is coming from people who should know better.”

“Maybe they should read a little… we are doing even much better,” Dr. Bawumia punched the Minority, adding, “They are really demonstrating a lot of ignorance in the process of managing the economy.” He added