There was drama in Parliament over whether the Finance Minister must present a document before he will be allowed to make a statement on the controversial $2.25bn bond issue.
The Minority Leader Haruna Iddrisu insisted that the Minister, Mr. Ken Ofori-Atta who was on the floor of Parliament, ought to furnish the House with all the necessary documentation before being allowed to speak on the matter.
But the Majority Leader Osei Kyei-Mensah-Bonsu in a rebuttal stated the half hour motion moved by the Minority last week demanded that the Minister makes his statement and then provide any documentation as may be necessary.
After more than 15 minutes of haggling between the two leaders of the House over the format of the minister’s answer to the House, the Speaker of Parliament Prof Mike Ocquaye ruled that the Minister must give a statement first and then table any other relevant document to the House afterwards.
In his rather unusual blue suit and red tie, markedly different from the traditional white attire he has come to be identified with, the Finance Minister took over the House with an overview of what he said was a debt-ridden economy inherited by the Akufo-Addo government which steps had to be taken to save from collapse.
He said as part of the debt management strategy announced in the budget in March 2017, the government on April 3, 2017 issued two bonds and opened two other bonds both cedi-denominated.
Quoting a report by Reuters, the Finance Minister Ken Ofori Attah said the $2.25 billion bond was the biggest ever to have been issued and was a huge success for a country reeling under heavy economic challenges.
The Minister was answering a half hour motion moved by the Minority Leader Haruna Iddrisu which demanded an explanation on the controversial $2.25billion bond issued in March-April this year.
The minority claimed there was a conflict of interest situation in the issuance of the bond because one Trevor G. Trefgarne, who represented Franklyn Templeton, the company that bought a chunk of the bond issued in April was a director of Enterprise Insurance.
Enterprise Insurance also had the Finance Minister, Ken Ofori Atta as a director.
But in the response on the floor, the minister said there were no breaches in integrity during the transaction, insisting that any such allegation of integrity deficit is borne out of lack of understanding of the transaction.
He said the bad mouth, empty allegations surrounding the bond issue could rather have an adverse impact on investor confidence in the economy.
According to him, the Akufo-Addo government inherited from the Mahama administration an economic paradigm of “borrow more and tax more” which worsened Ghana’s precarious economic challenges.
He said the new government had to think outside the box and execute a new debt management strategy that will arrest the sliding economic fortunes.
The new strategy, he noted was to reprofile the country’s debt by issuing bonds that will not increase the country’s debt burden.
He was surprised at the attempts by the Minority to scandalise the strategy using the $2.25billion bond issue as fodder.
In their attempt, the Minister said the Minority claimed all the bond was sold to one person, Franklyn Templeton but was quick to draw their attention to the fact that Franklyn Templeton was not a human being but an institution which has over the years bought several bonds issued under the Mahama-led administration.
He also dismissed claims the bond was issued in secrecy, insisting all partners including the book runners – Barclays, Stanbic Bank and SAS – managed the process.
These book runners, he maintained, were engaged by the previous government for similar bond issues.
He dismissed claims of impropriety anchored on the fact that a foreign firm, Franklyn Templeton, alone took up 95 percent of the bond.
Mr. Ofori-Atta said 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.
He said there was not doubt that the current managers of the economy have a wide network of friends and institutions across the world, maintaining this network will be explored for the benefit of the economy without fear or favour.
Source: Adom News
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CAN THE NDC GET A MORE MATURED LEADER IN PARLIAMENT.
Ndc are so disgusting to be said they are Ghanaians Whaaat? this will never happen in Nigeria, they are so brilliant and smart that they wouldn't argue on such a ***barred word*** issue which is so disgraceful. You are thi*ves and ign*rance so what was your business being in government? Disgraceful and shamel*ss people . I feel ashamed this disgraceful drama by the minority in Ghana's parliament will go outside to the international community to ridicule our nation because of some us*less nonent*ties who don't know their left from right and are not ashamed of themselves. Those babies with fork sharp teeth must be plucked out they are just nuisance at the Parliament and disgrace to their constituents.
Please, Mr Franklyn Templeton I beg oh, hahahahah! Ignoramous!
Please, we'll be much grateful if you could help stabilize the cedi for us cause we're dying. This is not what we voted for Mr. Finance minister, thanks
IN FACT THIS NPP GOVERNMENT HAVE STARTED ON A BAD NOTE IN EVERY SECTOR OF THE ECONOMY AND IF CARE IS NOT TAKING GHANAIANS MAY END UP SEEING DISASTROUS ECONOMY THAN WE HAVE SEEN UNDER THE PREVIOUS GOVERNMENT. FOR THE PAST FIVE MONTHS NOTHING SEEMS TO BE FAVOURING THE ECONOMY FROM FUEL PRICES, ELECTRICITY BILLS, WATER BILLS, SECURITY ETC. EVEN SOME OF THE SPARE PARTS DEALERS ARE CLAIMING THEY CAN'T FEEL THE IMPACT OF THE TAX ABOLISH ON THE IMPORTATION OF SPARE PARTS BECAUSE THEY NOW PAY MORE THAN THEY USE TO ON THEIR GOODS. BUT FOR THE MAIN TIME THEY ARE WAITING TO SEE HOW THINGS GO.
School them
All that these NDC cr!m!nal gang knows is create, l00t and share.... What did you guys do about Wayome money? Nothing... Finance minister must just ignore these NDC ignoram0us f0.0ls. They don't read and play politics with everything.
You ndc guys don't even know the differences between a human being and an institution. Who is is more confused here? You keep on exposing your ss-uupiiid-i-t-y!
NDC IS FULL OF BLOCKHEADSSSS AND NONENTITIESSS WHO BEHAVE LIKE A FOWL SMASHED BY A CAR. THEY DON'T KNOW WHERE THEY'RE HEADING TO. A PARTY FULL OF BLIND MEN AND WOMEN, IN AKAN WE SAY tiweee OR tibonkoso, THATS WHO THEY'RE. SERIOUSLY RIFRAFFSSSS WITH NO CREDIBILITYYY. IF THESE ANSWERS GIVEN ARE NOT CLEAR ENOUGH THEN I BEG THE NDC TO EMBRACE THE FREE SHS AND GO BACK TO THE CLASSROOM. SIAAAAAAAAAAAAAAAAFOOOOOOOOOOOOOO
***barred word*** NDC and their pitiful minority MPs in Parliament will refuse to understand the explanation given and will continue to wallow in their ignorance, naivety and pathetic lies. Lord have mercy on Ghana. My advice to Haruna is that he should not allow himself to be used unjustifiably by his colleagues for him to lose his hard won credibility with Ghanaians. He should not join the likes of Ayariga, Ablakwa among others. He is a gentleman and must remain as such and speak the truth and sense.