$2.2bn Bond Controversy Alhassan Andani cautions against soiling reputation of investors

He made the comments following the controversy surrounding the recent $2.2 billion bond raised by the government in which Fund management firm Franklin Templeton secured 95 percent shares.

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The president of the Ghana Bankers Association Alhassan Andani is cautioning against soiling the reputation of investors who invest in the Ghanaian economy, saying they will give up anything to protect their integrity.

He made the comments following the controversy surrounding the recent $2.2 billion bond raised by the government in which Fund management firm Franklin Templeton secured 95 percent shares.

READ MORE: Casely Hayford: $2.2 million bond “perfectly transparent”

He told Accra-based Starr FM: “My caution is that once a nation decides to play from the international capital market, we have to be sure that the participants and the people we are going to tap for resources on those international capital market are very monstrous company.

“They are huge companies with wide international reputations and therefore we have to be extremely careful if we are making any comment that’s going to impugn wrongdoing to especially the people we will go to, to raise capital at any point in time.”

“And in truth it is a party-insensitive…. It is about country reputation so those of us who report on these transactions let’s make sure that we are well informed. Otherwise if we just touch these people they will give anything up for their reputation and therefore we should be very careful the kind of commentary we are running around,” he added.

For him, “this will not be the first time or the last time we will go into the international debt capital market [and] if we say something we are not just hurting Templeton…we are probably passing a message on to other serious players which I don’t want to say but suffice to say let’s be very careful.”

READ MORE: ‘Uninformed’ Minority must read - Bawumia

The Minority had alleged at a press conference last week that the $2.2 billion was shrouded in secrecy, calling for a parliamentary probe.

They further threatened to petition CHRAJ for investigations, citing a conflict of interest in the issuance of the bond.

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