Govt uses Eurobond to build local expertise not to undermine SAS - Eric Appiah

He said the allegations by private lawyer Martin Kepbu on Newsfile in Accra that Black Stars Advisors were used to supplant experienced financial firm SAS in Ghana’s 2021 bond market is not accurate.

“In 2018, which is sort of the missing number, we did about 156 million in transactions in about a space of 5 months. And in that 156, we did 115 million with SAS as our broker”, he said.

Eric Appiah said most of the work Black Star has done in the Ghanaian financial space in the last 5 years is due to sheer hardwork and has nothing to do with its founder, Charles Adu Boahen.

“Every single transaction we have done is recorded in the CSD and whoever wants to look at it can go and check. We have absolutely nothing to hide. The notion that as a form we depend on the Honourable Minister is completely wrong. I would have loved for him to take the credit but he can’t take the credit because all the credit belongs to us. He has absolutely nothing to do with the business we have”, Mr. Appiah said.

Speaking on News File on Saturday, August 20, 2022, Martin Kpebu said wondered how Adu Boahen's company qualified to be a part of the bond acquisition and sale process, stating that, Black Star Securities in 2017 was a very small company with no market share.

"Black Star Securities had next to zero market share at the time they were made part of this whole bond acquisition and sale process…I am daring the Finance Ministry, they should show us Black Stars Security’s trading share in 2017. How did they qualify?"

"Adu Boahen was walking here with a very small company in his armpit. The company was next to nothing so they should show. What are the statistics in 2017 at the time they came into office…" Martin Kpebu stated.

Charles Appiah, however, cautioned against the allegations by Mr. Kpebu and said it can hurt the country in its issuance of bonds.