Ghana’s poor showing in the issuance of the 2017 Energy bond has caused the state some 1.2 billion cedis, Ranking Member of the Finance Committee, Cassiel Ato Forson has said.
Mr Forson, who led the Minority to address a press conference on Wednesday, 8 November, said the abysmal showing is a vote of no confidence in the Akufo Addo-led government among the investor community.
The country failed to achieve its target of raising some revenue from the bond despite an extensive road show.
Mr Forson accused government of failing to seek parliamentary approval before the issuance saying they will haul Finance Minister Ken Ofori-Atta before the House soon for causing financial loss.
“The government could have saved up to 200 basis points if they had gone to the financial market on the strength of Government of Ghana ratings, rather than the ESLA PLC which is unrated and unknown. Simply put, the state could have saved 2% of 6 billion cedis times 10years, which is an equivalent of 1.2 billion cedis over the period. The government delegation has woefully caused financial loss to the state as a result of this gross incompetence,” he explained.
"We intend to summon the minister responsible for finance to appear before parliament to answer to the circumstances that led to the willful breaches of the laws and constitution of the Republic of Ghana through this reckless conduct. Such gross disrespect for the constitution and parliament will have no place in our current democratic dispensation where actors like the Finance Minister arrogate to themselves the status of 12th century despots," he added.
Source: Class FM
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This group of tthieffs* never had Ghana at heart; they came to sttea1*, kill and destroy- period. They've defied what is shameful, abhorrent, morality and honesty; just to mention few. They have dead conscience to all that is happening despite cries and complaints emanating from Ghanaians. Infact their conscience do not prick them one bit. They came to power for only one purpose; to amass wealth so to hell with anyone who dares to question their way of going about certain things. Ghana is going to be under duress for the next four years and only God is our helper. Of the US$2.25 bn Euro bond obtained, US$122 million out could not be explained as to who purchased that bond till date. Daylight robbery. God will speak one day.
I have in mine little way now come to understand that the mere acquistion of an ACCA ; Economics degrees does not mean you understand subject matter finance and economics ; the same with the law because merely being qualified as a laywer does not mean you understand the practicality of the law and can aply the subject before a judge in a case same with the Bible you may claim to to be a pastor who have read the bible from back to back but does not mean you can interpretate the bible for people to undestand ; the same is thae case for these NDC educatef illiterates ; a simple common sense should tell the that a higher bond rate will attract more biderrs or investors ; they offered 26% and the NPP offered 19% ; so why are they complainig ; afterall this debt was created by the NDC and did not know how to handle the debt besides about 78% of the bonds were purchased and not rejected so what is their problem ; even if nomore debt is raised the loan receipt can clear about 78% of the debt and books of VRA ; ECG and disrebutive networks will be claer with a fresh start ;SO WHAT IS THE PROBLEM !!!!!!NDC RATS !!!!!:MAGGOTS AND COCOCROACHES !!!!
The is the bane of the party. But du-mb as they are and refusing to read , they will continue to expose their ignorance. Even in opposition, they are performing woefully. If they had all this expertise, why did they send Ghana to IMF?
You an apprentice Accountant talking Finance? If NPP had made it a Govt of Ghana bond, it would have added to the debt stock of the country and you the same people would have criticized it. If NPP had offered a rate of 40%, as NDC would have done, the bond would have been over subscribed,with attendant ballooning of the debt stock. Whatever amount they raised will not add to the debts stock of the country but ECG. Wait until you become a full fledged finance expert before you comment.