In a 140-page report, following weeks of investigation, after it was called to look into the matter by a petitioner, CHRAJ held that he breached the processes leading to the issuance of the bond.
In a 140-page report, following weeks of investigation, after it was called to look into the matter by a petitioner, CHRAJ held that he rather breached the processes leading to the issuance of the bond.
The petitioner, Brogya Genfi, the Ashanti Regional Youth Organiser of the National Democratic Congress, petitioned CHRAJ to investigate the Finance Minister for conflict of interest in the bond issuance, saying it was issued to benefit the business interest of the Minister.
Following the breaches of the processes leading to the bond issuance uncovered by CHRAJ, it recommended that the Minister takes urgent and verifiable steps to ensure that all officials involved in the issuance of the bond at the [Financ] Ministry, Bank of Ghana (BOG), JBR comply with the processes and procedures for issuing bonds.
The report also held that the Finance Minister take measures in preventing Primary Dealers who are also bookrunners/Transaction Advisors from gaining the unfair advantage because of their dual roles.
The report found the Primary Dealers also doubled up as Bookrunners/Transaction advisors, and that dual role gave them an undue advantage.
“Respondent [Ken Ofori-Atta] is either a director, former director or shareholder, or beneficial owner, of several companies whose objects relate to the securities market sector. The companies include Databank and EGL. As such, Respondent’s interests in the growth and wellbeing of those companies, have the potential to conflict with the interests of the state in relation to the securities market such as the issuance of bonds.
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It stated that, “The Respondent has business partners and associates related to the securities industry where, according to the Respondent, he has been working for over thirty years. These business partners and associates include partners in Databank, Enterprise Group Limited, Ventures and Acquisitions Limited, as well as Keli Gadzekpo, Trevor Trefgarne and Angela Ofori Atta, also Respondent’s spouse.”