$2.25Bn Bond: Policy Think-Tank petitions for Finance Minister to step aside

A Policy Think-Tank, Strategic Thinkers Network (STRANEK), has petitioned President Nana Addo Dankwah Akufo-Addo, to cause the Finance Minister, Ken Ofori Atta, to step aside as investigations are launched into the controversy surrounding the US$2.25 billion Bond issued early this year by the Ghanaian government.

The Commission for Human Rights and Administrative Justice (CHRAJ) has initiated steps to investigate the matter following a petition to it by a private Ghanaian citizen.

The Think Tank believes by stepping aside, the Minister, would be paving way for a free and fair investigations into the matter which has since assumed international dimensions.

“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 stated in the petition to the President which was delivered on Monday, June 20, 2017.

STRANEK is of the view that the controversy over the Bond issue has put Ghana on the spotlight for the wrong reasons as such scaring investors who might be nursing the interest of buying Government of Ghana (GoG) bonds now or in the future.

The Full petition is published below:

19TH JUNE, 2017

H.E. The President of the Republic of Ghana

Flagstaff House

Accra.

Your Excellency,

PETITION URGING/REQUESTING MINISTER FOR FINANCE TO STEP ASIDE PENDING CHRAJ’S ENQUIRY INTO THE CONTROVERSIAL $2.25 BILLION BOND ISSUE      

We greet you in the service of the nation.

Strategic Thinkers Network (STRANEK) is a policy think tank whose mission is to provide practical recommendations on issues of politics and governance for the benefit of Ghana.

One such issue which has come to our attention is the widespread controversy surrounding Government’s $2.25 billion bond issue early this year. We at STRANEK 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 petition your high office 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.

Your Excellency, we reiterate your pivotal campaign promise to Ghanaians on a clean and transparent government in addition to your unflinching commitment to fight corruption irrespective of who is involved. Indeed, we at STRANEK admire your zeal and adrenaline to end corruption. Thus, it is our humble view that it would be in the interest of this country for you 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.

Yours in the service of the Nation.

Signed.

Nii Tettey Tetteh

Executive Director

+233 249 659 467

Source: ghananewsonline.com.gh

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