Finance minister justifies $2.25 billion bond issue

Finance minister justifies $2.25 billion bond issue

- Finance minister has refuted claims that the 2.25 bond issue will cause financial loss to the state

- Ken Ofori Atta reveals that government was justified to have signed on to the bond

- Click here for the latest stories in Ghana

It turned out to be a moment of explanations and justifications when the finance minister, Ken Ofori Attah, took his turn to answer questions related to the issuance of a $2.25 billion bond by government.

Finance minister justifies $2.25 billion bond issue

Finance minister presenting his defense on the floor of parliament

READ ALSO: Family of Major Mahama thanks Nana Addo for supporting them

The issuance of this bond, which government had boasted of an over-subscription saw the minority National Democratic Congress (NDC) raise red-flags over the bond arguing that government was not only causing financial loss to the state but also the finance minister was engaging his “cronies” in the issuance of the bond.

Looking stern and focused in a black-blue shirt in parliament, the finance minister argued that government was justified to go in for the 2.25 billion dollar bond.

Going back to recent political history, the finance minister argued his case that the then NPP minority in the erstwhile Mahama administration was never bent on chastising government over the issuance of local and international bonds all due to the economic challenges Ghana was facing over the past 4 to 8 years.

According to the finance minister, “...what was good for Mahama is good for Nana…” stating that 90% of a 10-year bond issued in November 2016 by the previous government was taken up by foreign firms and that the transaction under him was no different.

READ ALSO: Bawumia slams NDC critics over $2bn bond saga, describes then as "ignorant"

The finance minister has come under severe criticism over the floating of the bond as some critics posited that it included a conflict of interest hence the need for a court hearing on the matter.

So far, the attorney general, Gloria Akufo, has described the threats for a court hearing as “bogus” arguing that there is no need to pursue the case on court.

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Source: Yen.com.gh

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