Government Bond Issues Kwaku Kwarteng dares minority to go to court

Kwaku Kwarteng's response follows calls by the minority in Parliament for the Minister of Finance to resign. The Minority caucus has accused Ken Ofori Atta of conflict of interest with respect to the issuance of government’s recent 15-year bond.

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A deputy Minister of Finance Kwaku Kwarteng has dared the Minority in Parliament to go to court over their allegations that government auctioned a $2.25 billion bond for its cronies.

His response follows calls by the minority in Parliament for the Minister of Finance to resign. The Minority caucus has accused Ken Ofori Atta of conflict of interest with respect to the issuance of government’s recent 15-year bond.

In an interview with Accra-based Starr FM Kwarteng said the Minister will not resign and charged the minority to seek legal redress if they are unhappy.

“If anybody says that the finance Minister or some Ministers have friends or have interest in any company and they think is conflict of interest…I have heard that they say they’ll seek parliamentary enquiry or they will go to CHRAJ or they will go to court. I support whatever anybody wants to do.”

READ ALSO: I wasn’t privy to $2.25bn bond issue – Gloria Akuffo

“I think in the end…the truth will come out and going forward we will be guided by the truth,” he added

A deputy Minister of Finance; Kwaku Kwarteng play

A deputy Minister of Finance; Kwaku Kwarteng

 

At the press conference, the Minority alleged that a non-executive director on the board of Investment Firm, Franklin Templeton, who purchased 95 percent of the $2.25 billion bond, is also the Chairman of the Enterprise Group, which has links to the Attorney-General and the Finance Minister.

READ ALSO: Ken Ofori-Atta secured $2.25bn bond for friends - Minority

But Kwarteng explained that Franklin Templeton has participated in bonds issued by the government since 2015 when the minority NDC was then the party in power.

“They are not some new investors that the Finance Minister[Ken Ofori-Atta] has interest in that we have gone to bring because there is a new administration.”

He added that the bond was issued by the Bank of Ghana (BOG) and that the same traditional process was undertaken despite change of government.

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