Bond Controversy CHRAJ petitioned to probe $2.2 billion bond

He wants CHRAJ to investigate a potential conflict of interest in the insurance of the bond, saying the bond was issued to benefit a business associate of the Finance Minister.

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play Yaw Brogya Gyamfi
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The Ashanti Regional Youth Organiser of the National Democratic Congress, Yaw Brogya Gyamfi, has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to probe the $2.2 billion domestic bond raised recently by the government.

He wants CHRAJ to investigate a potential conflict of interest in the insurance of the bond, saying the bond was issued to benefit a business associate of the Finance Minister.

He said Finance Minister Ken Ofori Atta “has attempted to promote a private or personal interest for himself or for some family members and business associates, and the promotion of the private interest has resulted in, or was intended to result in, or appears to have resulted in, or has the potential to result in an interference with the objective exercise of his duties and an improper benefit or an advantage by virtue of his position.”

In the petition, Mr Gyamfi want CHRAJ to establish: “Was a substantial portion of the bond purchased by Franklin Templeton Investments. If so, how much?; Is Trevor G. Trefgarne a Director of Franklin Templeton Investments? Is Trevor G. Trefgarne the Chairman/Director of Enterprise Group Ltd?; and Are Dr Mrs Angela Ofori-Atta, Mr Keli Gadzekpo, Hon. Gloria Akuffo and Hon. Ken Ofori-Atta Directors of the Board of Enterprise Group Ltd?”

If not, he continued: “Were they Directors of the Board in the immediate past? Does Databank Ltd own part of Enterprise Group Ltd or any of its affiliates? Does Hon. Ken Ofori-Atta have any shares or business interest in Databank Ltd; or did he have any shares or business interest in the immediate past?

He also want CHRAJ to establish if the Ken Ofori Atta adhered to the 1992 Constitution, the Code of Conduct for Public Officers of Ghana, CHRAJ’s guidelines on conflict of interest for public officers, and other relevant rules and laws pertaining to conflict of interest and issues of corruption.

“Should the Minister for Finance resign or be removed from office? Did the Attorney-General and Minister for Justice adhere to the 1992 Constitution, the Code of Conduct for Public Officers of Ghana, CHRAJ’s guidelines on conflict of interest for public officers, and other relevant rules and laws pertaining to conflict of interest and issues of corruption? Should the Attorney-General resign or be removed from office?

Appearing before the Public Accounts Committee last week, the Second Deputy Governor of the central bank, Dr Johnson Asiamah, said the bond was issued in a rather transparent manner.

“The way it works in practice is that there is something we call an auction calendar. At the beginning of every year, government comes out with its borrowing plans and when you look within, you will see all the auctions that are planned ahead. So if you are located in another part of the world, you would have already seen what is about to come. Now, when they auction the particular one you are interested in when the time is due, they deal with their bankers in Ghana for settlement and that’s it. And I believe that before these auctions are done there is some advert the ministry churns out and so it’s transparent,”  Dr Johnson explained in response to a question posed to him by Effutu MP Alex Afenyo-Markin about the bond saga.

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