Ofori-Atta Sued Over "Unconstitutional" Method Used To Establish The Ghana Financial Stability Fund

Ofori-Atta Sued Over "Unconstitutional" Method Used To Establish The Ghana Financial Stability Fund

  • Mahama Ayariga, Bawku Central MP, has taken legal action against Finance Minister Ken Ofori-Atta, challenging the establishment of the Ghana Financial Stability Fund
  • Ayariga contends that the Finance Minister's handling of the fund without proper parliamentary scrutiny violates the 1992 Constitution of Ghana
  • Ayariga seeks a declaration that the GFSF is illegal and unconstitutional, urging the court to compel the Finance Minister to present the fund to Parliament

Opposition MP for Bawku Central, Mahama Ayariga, has initiated legal action against the Finance Minister, Ken Ofori-Atta.

The NDC MP is challenging the establishment of the Ghana Financial Stability Fund (GFSF).

Ayariga, who grabbed headlines in February when he claimed the military had shot and killed civilians in his constituency, contends that the Finance Minister's handling of the fund, without proper parliamentary scrutiny, violates the 1992 Constitution of Ghana.

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Ken Ofori-Atta set up the controversial fund to mitigate the impact of the government's debt operation in the financial sector by providing solvency and liquidity support for the financial sector. In October, the ministry announced that it would invest $500 million as seed capital into the fund.

Ofori-Atta Sued Over "Unconstitutional" Method Used To Establish The Ghana Financial Stability Fund
Mahama Ayariga and Ken Ofori-Atta. Source: Facebook/@Power979fm
Source: Facebook

In a writ presented to the Supreme Court on November 15, Ayariga is seeking various reliefs, including a declaration that the GFSF is illegal and unconstitutional.

The private legal practitioner is also urging the court to mandate the finance minister to present the GFSF to Parliament for a thorough examination.

Taking further steps, Mahama Ayariga has submitted a petition to the World Bank and the International Monetary Fund (IMF), urging them not to support the Ghana Financial Stability Fund.

He argues that the GFSF is unconstitutional and illegal, making it ineligible for endorsement by the Bretton Wood Institutions, as it has not undergone parliamentary scrutiny or received subsequent approval.

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In 2018, Ayariga was in the spotlight over the controversy surrounding his V8 car.

State withdraws case against NAM1 again and slaps him with new charges

In other news, YEN.com.gh reported recently that the state again withdrew the case against the CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1.

The case was withdrawn and replaced with a new one to allow for some changes to details in the case against NAM1.

NAM1 has been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.

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Source: YEN.com.gh

Authors:
George Nyavor avatar

George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.

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