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Legal technicalities are strict rules of procedure, points of law or as the legal minds will say, set of rules as contrasted with intent or purpose of the substantive law. The truth is the strict adherence to the letter of the law and may prevent the spirit, intent or purpose of substantive law from being enforced. Procedural defects and irregularities, which can be cured, should not stand in the way of justice, in the case of insider trading, declaration of assets and business interests etc. This is an accepted convention in financial market. The sophistication of the financial environment within which the law and regulatory mechanism operate, compound the practical and legal difficulties confronting those seeking to unearth the irregularities detected in the $2.25 billion bond issue.
The finance minister thought he could take advantage of information that the other party could not obtain because of his deliberate refusal to declare all his assets but unfortunately for him and his government, Chraj did a diligent job by going beyond what the minister is alleging is its jurisdiction to unearth all the hidden facts. The phenomenon of giving superior information to business associates, cronies is unacceptable and should not be encouraged. Chraj in its report tries to explain the intricacies of the issue involved in this Kenbond controversy. I believe that a more informed public will be better able to hold accountable the finance minister and his team who are responsible for the events that occurred and thereby contribute dispassionately to the cause of the allegations. The allegation that the Finance minister has direct interest in the deal by virtue of his interest in those private companies has still not been denied. This connection has cast a shadow over the Finance minister himself and I don’t think his decision to go to court will save him from this shameful act.
And why this latest position that the central bank must be blamed for some of the hitches? What is the staff composition of the central bank and the finance minister today? The Finance minister knowing what he had planned to execute, made sure the governor of Bank of Ghana and other officials at Bank of Ghana were removed from office, all the top positions in the Finance Ministry are being occupied by his Data Bank friends so why this central bank connection. Is the finance minister and his propaganda team telling Ghanaians that we should gloss over this gross abuse of office because of the procedural irregularities they have raised? Those justifying this shameful act with their 2015 example should point out the insider dealings in the previous bonds for us to interrogate.
People who chastised former president Mahama over the Ford issue and other trivial issues are today telling Ghanaians to treat this serious and disgraceful issue with contempt. I think it time Mr Franklin Cudjoe, purge his organisation (IMANI GHANA) of those Npp propagandists whose activities are denting the image of that solid organisation. A member of IMANI Ghana predicting and praying for Samira Bawumia to become Ghana’s next first lady? Franklin must act decisively on these issues in the interest of his organisation. I don’t know if he listened to his colleague on the bond issue and the kindergarten analogy he shamelessly made to support his assertion. Despite my disagreement with IMANI on few issues, it is one organisation i respect highly hence my worry. We must throw away irregularities and abuse of stipulated regulations because they were not part of the issues before Chraj? Are we serious with this noise about corruption in Ghana?
Does Chraj independently carry out investigations into matters brought before it? Does the constitution place limitations on how it carry out its investigations? Is the finance minister and cohorts per their latest position saying Chraj should push away criminal deals it detects in line with its operations because of the bogus procedural issues raised. And let me ask the lawyer who made that childish analogy that – if officers are dispatched to go and arrest illegal lotto operators and on their way see people smoking wee, they should just walk away because they were not instructed to arrest wee smokers? Is that his understanding of the law? Apart from the inherent conflict of interest issues and the insider dealings, the issues arising from the controversy – or criticisms that can and are being made of the bond deal will help us know –
Whether there was even the need to issue that long tenor bond as opposed to those of shorter bond and why the finance minister and his team settled on the long tenor bond.
Whether the interest rate resulting from the auction was reasonable or whether the country has quite arbitrarily been landed with sustaining a very large debt at an unnecessary high rate of interest.
The Minister’s latest decision to go to court and statements emanating from government’s propaganda stables give rise to reasonable suspicion he guilty of all the charges.
Source: Ohenenana Obonti Krow