Finance Minister asks CHRAJ to expedite action on $2.25bn bond petition
The Finance Minister, who is preparing to issue at least two bonds in the coming weeks, wants the matter to be concluded because it could have a negative impact on the nation’s economy.
A letter titled, “Re: Allegation of contravention or non-compliance with Article 284 of the 1992 Constitution by Mr Ken Ofori-Atta – A public officer: Request for comments,” was said to have been delivered to the Commission for a response, the Daily Guide newspaper has reported.
“We refer to the answer dated May 31, 2017, filed on behalf of the Minister for Finance, Mr Ken Ofori-Atta, by our office in response to your letter dated May 5, 2017, Deputy Attorney General, Godfred Yeboah Dame, wrote on behalf of the Finance Minister.
The letter, dated July 20, 2017, pleaded: “We hereby respectfully enquire from your outfit when we may expect a report on the matter, the outcome of your investigations. The subject matter of the petition holds consequences for the economy of Ghana. We would thus greatly appreciate it if an expedited determination is made of same.”
Background
CHRAJ was petitioned by the Ashanti Regional Organiser of the National Democratic Congress, Brogya Gyamfi, to establish whether the Finance Minister breached the laws of Ghana in issuing the cedi denominated bond.
He is asking 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.
READ MORE: CHRAJ petitioned to probe $2.2 billion bond
According to him, 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 wants 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 wants 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?
Finance Minister response
In a 15-page letter, Mr Ofori-Atta asked CHRAJ to dismiss the petition filed by Mr Brongya Genfi.
“There is no evidence of any act or omission on the part of either the Ministry or the Minister supporting an allegation of participation in a business transaction or activity for the benefit of friends or family,” he said.
“Neither did the personal interests of either the Ministry of Finance or the Minister for Finance interfere with the performance of their duties and functions,” he added
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