Eurobond suit: Ofori-Atta did not indulge in conflict of interest - Supreme Court rules

Eurobond suit: Ofori-Atta did not indulge in conflict of interest - Supreme Court rules

- The Supreme Court has declared that Finance Minister, Ken Ofori-Atta, was not involved in a conflict of interest situation with regard to the $2.25 billion Eurobond issued in 2017

-The court presided over by the Chief Justice, Justice Anin Yeboah, reached its decision on Tuesday, May 5, 2020

- The Anin-Yeboah-led 7-member panel noted that it would release the reasons for its decision latest by Wednesday, May 6, 2020

Our Manifesto: This is what YEN.com.gh believes in

The Supreme Court (SC) has ruled that the Finance Minister, Ken Ofori-Atta, was not involved in a case of conflict of interest as well as procedural error, with regard to the issuance of the $2.25 billion Eurobond in 2017.

YEN.com.gh understands that the unanimous decision was reached on Tuesday, May 5, 2020, by the seven-member panel of the court.

The SC presided over by the Chief Justice, Justice Anin Yeboah, went on to say that it would file the reasons behind the ruling by the close of Wednesday, May 6, 2020.

READ ALSO: Ghana's current account expected to expand to 5% of GDP; gold exports to remain buoyant

Per a report by graphic.com.gh, the suit was filed in 2018 by the Dynamic Youth Movement of Ghana (DYMOG).

The Finance Minister was sued along with the Attorney General and the Commission for Human Rights and Administrative Justice [CHRAJ].

DYMOG prayed the SC to interpret Article 284 of the 1992 constitution which states: “a public officer shall not put himself in a position where his personal interest conflicts or is likely to conflict with the performance of the functions of his office.”

The applicants were of the view that Ofori-Atta, in issuing the bond to Franklin Templeton, had put himself in a conflict of interest situation because one of the directors of the US-based investment group, Trevor Trefgarne, is also a director of a company the minister owns.

They also argued that by issuing or overseeing the issuance of the said bonds to Templeton without disclosing his relational interest with a director at Templeton, one Trevor G. Trefgarne, Ofori-Atta has acted in contravention of Article 284 of the 1992 Constitution.

In other news, Ofori Atta has expressed worry about the depreciation of the cedi as the coronavirus continues to affect economies.

According to him, emerging market sentiments have led to a capital flight and the high proportion of local bonds held by non-resident investors which could lead to a strain on Ghana’s foreign reserves.

YEN.com.gh understands that non-resident investors hold about 25% of the local bonds.

READ ALSO: EIU predicts Ghana's economy will contract by 1% in 2020

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

Rent advance exceeding 6 months could land you in jail in Ghana - Atta Akyea | #Yencomgh

Subscribe to watch new videos

Use the comments section below to share your views on this story. Do you have a story to share or you have information for us? Get featured on YEN.com.gh. Message us on Facebook or Instagram

Source: Yen.com.gh

Mailfire view pixel