Member of Parliament for Bolga Central, Isaac Adongo has described the Finance Minister, Ken Ofori-Atta as the biggest risk to Ghana’s financial market.
His comments come in the wake of the Minority’s demand for the resignation of the Finance Minister on the basis of the findings made against him in the report of the Commission for Human Rights and Administrative Justice’s (CHRAJ) report on the 2.25 billion dollars bond.
The Bolga Central MP said the Minister poses a great threat to the gains made by the country in putting in place strong financial market regulations.
“Until you get rid of Hon. Ken Ofori-Atta he would destroy everything that Ghana has stood for in the capital market over the last couple of decades,” he alleged.
Isaac Adongo said this has become necessary because of the actions of the Finance minister.
“The CHRAJ Report is very clear that the Public Financial Management Act, which is in the bosom of the Minister Finance in fact it is the primary document that the Minister of Finance is supposed to respect in the efficient financial governance of this country, he has disregarded and breached it.”
“It says that the Bank of Ghana’s own regulation and procedure almost every single one of them was sidestepped in order to issue this bond,” he explained.
He also referred to questions raised about the Minister’s asset declaration form as captured in the CHRAJ report to further question the Minister’s suitability for office.
“He filed his asset declaration form and made sure that even those companies that he registered in Ghana that Ghanaians know, he didn’t indicate them; we know that Hon. Ken Ofori Atta is reported to have interests in companies in even tax havens.”
“You read the Paradise papers; this is a man whose has offshore bank accounts in Caymen Islands and yet even those companies in Ghana, he failed to disclose them,” he noted.
Isaac Adongo also claimed the Finance Minister is still continuing with the violation that has landed him in hot waters.
“Even when people have filed a petition against him, Ken Ofori-Atta now intensifies this singular dishonourable conduct,” he bemoaned.
“In September, Ken went on the market and issued another tap issue, what you call sole sourcing of bonds to his cronies for 2.87 billion; it wasn’t on the issuance calendar, it was just advertised one day and the next day by five hours they are done.”
“In October, when Ken had asked the bank of Ghana to issue the issuance calendar on the 7th of October, by the 10th of October just three days after that Ken appeared and said that he needed another 3.27 billion to be issued on a top or sole source which was not even in his issuance calendar.”
He added: “in just November this year, Ken again went to the market and said he wanted to issue 5.5 billion on a sole source.”
“In total as we if you add the liquidity management that he borrowed in June, we are dealing with 21 billion Ghana cedis of sole sourcing of bonds under Ken Ofori Atta,” he alleged.
He further questioned: “if this is not the most dangerous person to Ghana’s financial future, who else is?”
Source: radiogold905
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I think what the honorable minister is saying is not out of context. The finance minister is a great business and astute financial fellow. Notwithstanding these accolades, he is suppose to respect the procedures of the financial market and not assume that because he has the support of the masses, he can manipulate the system.
The NDC lacks people with Critical and Intellectual Minds Never again this Corrupt, Greedy, Clueless and Incompetent Party of an NDC
Bitter Adongo should stop personal attacks, anytime they held press conference he attacked vice president personality he's shameful mp, I think we should blame the media bcos they will call him first in the morning and they will not ask him a relevant question.
I think the real danger is not what the MP said or Ken Atta did. The real danger is our attitude towards things of national interest and concerns. Instead of addressing the substantive issue here we are tearing at one another's throats. I am sure a good number of people,commenting or more appropriately,insulting do not fully understand the context or background of the issue at hand. We are,just happy to be supporting,albeit blindly, anything or anyone out of sequence with our Party's position. There's nothing more dangerous than this! Such an attitude means nothing will ever be objectively analyzed for the common good in this country. And the politicians will always use us for their personal benefits and impoverishment us. They know we won't analyze the issue but blindly get behind them even if they take decisions which are bad for us. In the case of the issue at hand a commission was put in place to investigate a potential conflict of interest situation involving Ken Atta . He allegedly issued bonds to raise liquidity and the holders of the bonds happen to be people he has worked with in the past or in broad terms people he knows. Let me say that Ken is one guy l respect for his intellect and business acumen but I disagree with how he conducted himself in these transactions. If it was his private business there would be absolutely nothing wrong with what he did but this is not the case: we are talking about a nation. Bonds are riskless financial instruments and therefore a lot of investors will jump at the opportunity to buy them. If you open it up to many people that means you have an upper hand to negotiate for better terms such as lower coupon rates. Handing literally on a silver platter to people you know is an absolute no-no despite claims you didn't benefit materially. Good will is a form of benefit and you got that using your influence to decide who holds the bonds. It is even more serious when you look at the figures involved! The right thing to do would have been to open it to competition and l was not surprised the commission found that you exposed yourself to a conflict of interest situation. As Ghanaians it was a nice way of saying you erred but I am sure they have a lot of respect for you asbecause l do because of your achievements in business and your pleasant demeanour. And when you find yourself in a conflict of interest situation then your position is questioned and this any body can do in a polite manner without venom-filled expletives.
Jesus Christ
Adongo Most ***barred word*** mp in Ghana he can go to hell with his ndc greedy ***barred word*** F U C K YOU
TALK IS CHEAP. IF OFORI ATTA IS DANGEROUS, WHAT WAS THE NDC VICE PRESIDENT AS CHAIRMAN OF GHANA'S ECONIMIC PLANNING COMMITTEE? CLUELESS AND SHEEPISH, JHS ECONOMIST. HA HA HAAAAAAAAAAAAA
IF Ken is dangerous then you and your Jon Mahamas are a Mafia. GO and Pay your debt at GN Bank you ar more dangerous to its survival
NDC is the most dangerous party in Ghana... It is my prayer this party will go into extinction.... Adongo a conscious loan defaulter must s.h.ut up and go pay the loan to Nduom's bank.
This Adongo guy must go and settle his outstanding loan and stop this ***barred word***.... NDC greedy thifs.....