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Eurobond Fiifi Kwetey slams 'desperate Bawumia' over $250m to UBA

According to him, if Bawumia had taken his time to understand the working of the he Ghana infrastructure fund, he would understand why the money was invested in UBA.

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Fiifi Kwetey slams Bawumia on $250m to UBA play

Fiifi Kwetey slams Bawumia on $250m to UBA

Roads and Transport Minister Fiifi Kwetey has accused Dr Mahamadu Bawumia of "political desperation" regarding his comments that government diverted $250 million to United Bank for African (UBA) for political campaigning.

According to him, if Bawumia had taken his time to understand the working of the Ghana infrastructure fund, he would understand why the money was invested in UBA.

“If he [Dr. Bawumia] had taken is time to understand the working of the Ghana infrastructure fund and the laws which regulated it,  he clearly would have known that not one pesewa of any money that is meant for the infrastructure fund is meant to remain in some kind of idle account at the central bank earning nothing,” he explained," he told Cit FM.

"This actually shows that Dr. Bawumia out of political desperation is not doing himself a lot of good at all and that will not be the first time. This is almost becoming a serial activity [for him], he added.

Many financial analysts have decried the transaction since it became public.

But Governor of the Bank of Ghana Dr. Abdul Nashir Issahaku said the transaction was not illegal contrary to suggestions that it violated the BoG Act 612.

“I think from our stand point here, all government foreign exchange has to be in the custody of the Central Bank and when government need their money, they take the equivalent in cedis. The 250 million dollars that was taken out of here, they did not take foreign exchange dollars, the dollars were surrendered to the Central Bank, it was sold to the Central Bank and the government took the equivalent of that in cedis to deposit it elsewhere. So by the Bank of Ghana act, we have been in compliance,” he explained.

Dr. Bawumia had earlier asked finance minister Seth Terkper to resign from his position due to the transcation.

Terkper has however denied any wrong doing. According to him, Bawumia’s comments are “factually wrong”  and “technically deficient” of the reality on the ground.

Bawumia fired back, saying Terkper’s position is not tenable.

He also called for a parliamentary probe.

“What the Minister has done violates the Bank of Ghana Act and I would ask quite humbly that this transaction be reversed, that the there should be a parliamentary enquiry into how this happened and the Minister should re-consider his position," he said.

“His position is not tenable, if you are the one supposed to enforce the law and you are violating the laws and you are violating the laws he should resign.”

He continued: “He is a very good friend of mine, I like him a lot, he is a nice person and all of that but I think there is no minister of finance in the world who can maintain his position when he has violated this law in the manner that has been done.”

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