- Finance minister Ken Ofori-Atta has issued a US$2.25 billion bond
- The minority is alleging the minister strangely closed the bond to be issued and closed within a day.
- In the view of Mr Forson and the Minority, Mr Ofori-Atta manipulated the bond issuance for his “friend” and “relative”.
Ghana’s finance minister, Ken Ofori-Atta has been accused of giving an unfair and undue advantage to his close friends in the sale of the country’s recent bond, the minority is alleging.
Speaking at a press conference in Accra, Tuesday, minority spokesperson on finance, Cassiel Ato Forson said a non-executive director on the board of investment firm, Franklin Templeton that purchased a majority of the bonds is also the chairman of the Enterprise Group; a company closely aligned with the private interests of the Mr Ofori-Atta.
“Honourable Trevor Trefgarne is also a Director of Franklin Templeton which is the main participant in the recent bond issue. Putting this apparent fact together, we have a reason to believe that there was a relational interest between our finance minister [ken Ofori-Atta] and his good friend Trevor Trefgarne which creates a potential lack of transparency and a conflict of interest.
“As we all know, the constitution of the republic provides unequivocally that a public officer should not put themselves in a situation where their private interest conflicts with their public obligation. There is no record available to us to the effect that the minister made known publicly his relational interest that conflicts very much, so in the interest in his company with Trevor Trefgarne to the extent to which the relation might have potentially affected the decision to sell majority of the bonds to Franklin Templeton,” the minority alleged.
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The government on Monday, April 3, 2017, announced it was successful in the auction of a total of 2.25 billion dollars in four bonds.