Pressure Mounts on CHRAJ, OSP to Investigate Alleged Insider Trading of Ghana’s Lithium Shares

There are growing concerns for state authorities to take interest in the perceived insider trading and conflict of interest in relation to the shares of the state in the lithium mine.

This clarion call follows a publication by Bright Simons disclosing a possible attempt by a government official to shortchange the state and the people of Ghana of their shares held in the new lithium mine.

Latest expose’ by the honorary Vice President of IMANI Center for Policy and Education reveals that a public official who represents Ghana’s interests in the lithium company negotiated a deal where Ghana would buy shares in the company at around $0.25 per share.

This government official who is alleged to be the Chief Executive Officer (CEO) of the Mineral Income Investment Fund (MIIF) further expressed the interest of the government to buy more shares in the future at a higher price around $0.36 per share.

But in an interesting turn of events, the CEO after negotiating for a relatively higher price for Ghana, some months later went on to buy a large amount of the shares in the lithium company for himself at a much cheaper price – around $0.12 per share.

More intriguing is that the CEO of MIIF is alleged to have ought the shares through what is termed “private placements” – an arrangement to buy shares at a special price that’s only available to some selected few and not to the general public and some shareholders.

This development has infuriated a section of the public who believes that the actions of the government official border on conflict of interest and insider trading

State institutions with the capacity to investigate such matters; the Office of the Special Prosecutor (OSP) and the Commission on Human Rights and Administration Justice (CHRAJ) are being called on to take the issue up for investigation.

As the matter continues to gain momentum, it is emerging that it is possible for the OSP and the CHRAJ to show interest in the matter and invite the persons involved for questioning.

Some Ghanaians who are infuriated about the development have been sharing their concerns on X (formerly Twitter) demanding full-scale probe into the revelations.

Source:thehighstreetjournal.com