$1 billion Eurobond Bawumia asks Terkper to resign for violating BoG rules

Bawumia is accusing Terkper of diverting $250 million of proceeds from the country’s $1 billion Eurobond it issued in 2015 to a private account at the United Bank of Africa (UBA) at a student forum in Accra Polytechnic.

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Bawumia is accusing Terkper of diverting $250 million of proceeds from the country’s $ 1 billion Eurobond it issued in 2015 to a private account at the United Bank of Africa (UBA) at a student forum in Accra Polytechnic. play

Bawumia is accusing Terkper of diverting $250 million of proceeds from the country’s $ 1 billion Eurobond it issued in 2015 to a private account at the United Bank of Africa (UBA) at a student forum in Accra Polytechnic.

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Vice presidential candidate of the New Patriotic Party (NPP) has asked the finance minister to resign for “violating the Bank of Ghana Act.”

Dr. Mahamadu Bawumia had accused Seth Terkper of diverting $250 million of proceeds from the country’s $ 1 billion Eurobond it issued in 2015 to a private account at the United Bank of Africa (UBA) at a student forum in Accra Polytechnic.

Terkper has however denied any wrong doing. According to him, Bawumia’s comments are “factually wrong”  and “technically deficient” of the reality on the ground.

The former deputy governor of BoG has subsequently indicated that  Terkper’s position is not tenable. He has therefore called for a parliamentary probe.

“What the Minister has done violates the Bank of Ghana Act and I would ask quite humbly that this transaction be reversed, that the there should be a parliamentary enquiry into how this happened and the Minister should re-consider his position, he said on Cit FM’s Citi Breakfast Show.

“His position is not tenable, if you are the one supposed to enforce the law and you are violating the laws and you are violating the laws he should resign.”

He continued: “He is a very good friend of mine, I like him a lot, he is a nice person and all of that but I think there is no minister of finance in the world who can maintain his position when he has violated this law in the manner that has been done.”

But Terkper responded saying he will not resign.

He said he took the decision in consultation with the ministry’s legal team.

“We are a country of law, every minister of finance has legal advisors and I take every step after listening to my advisors. So I believe that I did not break any law and I don’t have any reason to reason,” he said.

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