Member of Parliament for Bolga Central, Isaac Adongo has described the Finance Minister, Ken Ofori-Atta as the biggest risk to Ghana’s financial market.
His comments come in the wake of the Minority’s demand for the resignation of the Finance Minister on the basis of the findings made against him in the report of the Commission for Human Rights and Administrative Justice’s (CHRAJ) report on the 2.25 billion dollars bond.
The Bolga Central MP said the Minister poses a great threat to the gains made by the country in putting in place strong financial market regulations.
“Until you get rid of Hon. Ken Ofori-Atta he would destroy everything that Ghana has stood for in the capital market over the last couple of decades,” he alleged.
Isaac Adongo said this has become necessary because of the actions of the Finance minister.
“The CHRAJ Report is very clear that the Public Financial Management Act, which is in the bosom of the Minister Finance in fact it is the primary document that the Minister of Finance is supposed to respect in the efficient financial governance of this country, he has disregarded and breached it.”
“It says that the Bank of Ghana’s own regulation and procedure almost every single one of them was sidestepped in order to issue this bond,” he explained.
He also referred to questions raised about the Minister’s asset declaration form as captured in the CHRAJ report to further question the Minister’s suitability for office.
“He filed his asset declaration form and made sure that even those companies that he registered in Ghana that Ghanaians know, he didn’t indicate them; we know that Hon. Ken Ofori Atta is reported to have interests in companies in even tax havens.”
“You read the Paradise papers; this is a man whose has offshore bank accounts in Caymen Islands and yet even those companies in Ghana, he failed to disclose them,” he noted.
Isaac Adongo also claimed the Finance Minister is still continuing with the violation that has landed him in hot waters.
“Even when people have filed a petition against him, Ken Ofori-Atta now intensifies this singular dishonourable conduct,” he bemoaned.
“In September, Ken went on the market and issued another tap issue, what you call sole sourcing of bonds to his cronies for 2.87 billion; it wasn’t on the issuance calendar, it was just advertised one day and the next day by five hours they are done.”
“In October, when Ken had asked the bank of Ghana to issue the issuance calendar on the 7th of October, by the 10th of October just three days after that Ken appeared and said that he needed another 3.27 billion to be issued on a top or sole source which was not even in his issuance calendar.”
He added: “in just November this year, Ken again went to the market and said he wanted to issue 5.5 billion on a sole source.”
“In total as we if you add the liquidity management that he borrowed in June, we are dealing with 21 billion Ghana cedis of sole sourcing of bonds under Ken Ofori Atta,” he alleged.
He further questioned: “if this is not the most dangerous person to Ghana’s financial future, who else is?”
Source: radiogold905
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Just do that and your position will likely change afterwards.It is instructive to know that the whole transaction was managed by the Apex Bank, with Ministry of Finance playing a limited role. Is bond not a monetary instrument? Does Ministry of Finance have oversight responsibility of monetary instruments? Treasure Bills, Bonds etc are issued by Bank of Ghana and not Ministry of Finance of course with some input from Ministry of Finance. So, Treasury Bill rates and coupons of bonds are determined by Bank of Ghana. Do you want to conclude that Ken Ofori Atta influenced Bank of Ghana at the time when the Governor was NDC appointee? Please get your facts right!!
Ken Ofori Atta mentioned 'DATABANK" on his Asset Declaration form. If for any reason, CHRAJ boss was dissatisfied with it and wanted details of it, he could have invited him over for explanation.All subsidiaries of Databank are prefixed by the name "Databank".It is possible that a mention of Databank in the form could represent all the subsidiaries. On the issue of side-stepping Bank of Ghana regulations involving such transactions, both the apex bank and Ministry of Finance have defined roles to play. No breach on the part of Finance Minister was found. It was the Bank of Ghana that 'broke' it own regulations.
@ Don Biko i like your piece but pls dont present the issue like he handed it to someone he knows. Ghana has been dealing with Franklin Templeton on the bond market for years before NPP came in to power. Check your records and you will find out the during NDC's regime he had 94% of the bond issued. No one raised an issue with it infact it wasn't the first time we have dealt with him on the bond market. so my question is becos KEN has some relationship with him Ghana should stop doing business with him? pls common is it wrong to work with same person the previous administration worked with? let get things straight wai we play politics with everything
these shallow minds will not address any critical issues, see all their comments!
The most dangerous man in Ghana here is this semi-illetrate who talks as if he has been castrated.
THE MOST ***barred word*** AND ***barred word*** PARTY I HAVE EVER COME ACROSS IS NDC. I AM FERVENTLY PRAYING THAT THE NDC WILL COLLAPSE FOR EVER BECAUSE THEY ARE NATION WRECKERS.PLEASE GHANAIANS NDC IS NOT A PARTY WE SHOULD RELY ON THEY ARE DEMONS.THEY DO NOT WANT THE BETTERMENT OF THIS COUNTRY IGNORE THEM.
LOOK AT THIS FULLL ADONGO.GO AND PAY YOUR LOAN.
This hatred will not wash. We are discerning creations of God.
Adongo eeee! Be very very careful with what you are doing. Posterity will judge you. You are part of the mess.Your Pull Him Down submissions will not succeed. Stop throwing dust into the eyes of the public. Remember every ***barred word*** word will come under judgement on the day of reckoning.
sheer jealousy. ndc is a disgrace to ghana