Gov’t unfazed by Minority’s petition over $2.2 bn bond

The government has said it is not perturbed by the Minority petition to the Securities and Exchange Commission of the United States to investigate its $2.25 billion bond issued this year.

It says the petition among other actions is only a diversionary tactic meant to sway Ghanaians from seeing the positive work the government is doing.

A deputy Minister for information, Kojo Oppong Nkrumah said the government remains focused on fulfilling its promises to Ghanaians and will not debate the Minority in parliament or the opposition National Democratic Congress (NDC) on the issue,

 

The government in April this year raised $2.25 billion from four bonds including a 7 and 15-year bond, at a rate of 19.75%.

The bond which was open to resident and non-resident investors raised disquiet among members of the opposition NDC.

The Minority raised issues of possible conflict of interest following the purchase of 95% of the bonds by Mr. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group.

The government had defended the bonds issue explaining that it did not flout any regulation.

But the minority appears to have taken a keen interest in the matter and is using any means available to it to get challenge the issuance of the bond.

The Ashanti Regional Youth Organiser of the National Democratic Congress (NDC), Yaw Brogya Genfi, also recently petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) over the matter, calling for investigations into it.

But speaking on Eyewitness News, Kojo Oppong Nkrumah said, “a lot of answers have been provided. We have come to believe that they will consistently keep bringing up this issue even when you provide them answers…. They consistently issue statements about it because they know that when they do, the media will be stopped from following any good news and you’ll be chasing that particular story. We don’t have any problem with them, they can attend to any particular establishment as they ask for any information and those establishments shall provide them with that information that they want.”

“In the meantime, while they do that, we will remain focused on the governance agenda”

Lawyer demands authentic details of $2.25bn bond

Meanwhile, a private legal practitioner, Victor Kojogah Adawudu has written to the Attorney General requesting for more information on the controversial $2.25 billion domestic bond which was issued in April 2017.

According to the lawyer, Victor Kojogah Adawudu, he exercised his right to information due to the scanty details provided by the Ministry of Finance on the issue.

In a letter addressed to the Attorney General and copied to the Ministry of Finance, Mr. Adawudu, who also enclosed a processing fee of GHc 1,000, said the information he is seeking is aimed at addressing several concerns voiced on the matter.

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  • Origin: citifm/GhAgent