Minority in parliament scaring away investors- Finance minister

Ken Ofori-Atta, Minister of Finance, has said Minority Members of Parliament are scaring investors away with their posture on the GHS2.25billion domestic bond issued by the government.

The Minority has accused Mr Ofori-Atta of conflict of interest and other wrongdoings in the transaction, for which they have petitioned the Securities and Exchange Commission of the United States to probe the matter.

They said Franklin Templeton Investment Limited, which acquired about 95 per cent of the domestic bond, has a direct relationship with Enterprise Group – a company Mr Ofori-Atta has an interest in

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“The National Democratic Congress Minority in the Parliament of Ghana wishes to bring to the attention of the good people of Ghana that in fulfilment of the pledge we made at our April 17, 2017 media encounter and consistent with our constitutional and democratic mandate, we have successfully filed a complaint with the Securities and Exchange Commission (SEC) of the United States of America.

This will lead to the commencement of investigations by the US regulatory body into the infamous US$2.25 billion bond issuance in which a US registered company – Franklin Templeton purchased 95% of 15-year and 7-year bonds,” a statement by the Minority said.

“The SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of US law by the Hon. Trevor G. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group – a company owned and founded by the Finance Minister of Ghana, Hon. Ken Ofori Atta.”

However, speaking to a group of journalists after briefing Ghana’s parliament on the bond saga on Wednesday June 7, Mr Ofori-Atta believed that the attacks on Franklyn Templeton will go a long way to diminish investor confidence in the country.

He said: “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.”