Mahama Ayariga sues finance minister over Ghana Financial Stability Fund

The Member of Parliament for Bawku Central, Mahama Ayariga, has filed a lawsuit against the Minister of Finance, Ken Ofori-Atta, challenging the legality of the establishment of the Ghana Financial Stability Fund (GFSF).

Mahama Ayariga contends that the GFSF was established without parliamentary approval, violating the constitution of Ghana.

In his legal action, Ayariga is seeking an order to compel the Ministry of Finance to establish the Fund through an express Act of Parliament.

He is also requesting the court to prohibit the Ministry of Finance from implementing or utilizing the current operational framework of the GFSF, stating that it is illegal and unconstitutional.

Ayariga's relief packages, according to a citinewsroom.com report, include "An order directing the Ministry of Finance to establish the Ghana Financial Stability Fund (GFSF) through an express Act of Parliament, outlining clear legal stipulations regarding its administration, mechanisms for disbursing funds, and procedures for fund recovery, in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana."

The report added that he is further seeking an order restraining the Ministry of Finance from using the current operational framework, deeming it illegal.

This legal action follows Ayariga's earlier criticisms of the finance m, Ken Ofori-Atta, for establishing the GFSF without parliamentary approval.

Ayariga has also called on the World Bank and the International Monetary Fund (IMF) to withdraw their support for the fund, stating in a letter, "The International Monetary Fund (IMF) and the World Bank will be acting in clear violation of the Constitution of Ghana of 1992 if they lend their support to this arrangement or are in any way a party to it."

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NAY/AE