Government unfazed by minority’s petition over $2.25bn bond – Kwaku Kwarteng

Government says it is not perturbed about the minority’s petition to the Securities and Exchange Commission of the United States to investigate its $2.25 billion bond issued this year.

It said the petition among other actions by the minority in parliament is only a diversionary tactic to sway Ghanaians from seeing the positive work the government is doing.

Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa who is also the Ranking Member on Parliament’s Foreign Affairs Committee petitioned the US body on behalf of the National Democratic Congress MPs.

He is praying the commission to investigate suspected conflict of interest and insider trading which are violations of US law, with regards to Franklin Templeton purchasing 95 per cent of the 15-year and 7-year bonds.

A deputy Minister for finance, Kwaku Kwarteng, insisted the government is sure of the positive impact of its decisions and will not debate the minority in parliament on the issue. Government in April this year raised $2.25 billion from four bonds including a 7 and 15-year bond, at a rate of 19.75 per cent.

The bond, which was open to resident and non-resident investors, has raised eyebrows with the minority alleging among others, conflict of interest against the Finance Minister, Ken Ofori Atta.

They grounded their claim on the purchase of 95 per cent of the bonds by Mr. Trefgarne who is a director of Franklin Templeton and a Board Chairman of Enterprise Group, which is affiliated to the finance minister, Ken Ofori Attah.

Although the government has defended the bonds issue explaining that it did not flout any regulation, the minority appears unconvinced and exploring all avenues available to it to establish such claim.

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa who is also the Ranking Member on Parliament’s Foreign Affairs Committee petitioned the US body on behalf of the National Democratic Congress MPs.

He is praying the commission to investigate suspected conflict of interest and insider trading which are violations of US law, with regards to Franklin Templeton purchasing 95 per cent of the 15-year and 7-year bonds.

The Ashanti Regional Youth Organiser of the National Democratic Congress (NDC), Yaw Brogya Genfi has already petitioned the Commission on Human Rights and Administrative Justice to investigate the matter. But Deputy Finance Minister, Kwaku Kwarteng exclusively told 3FM BUSINESS Wednesday that government remains resolute.

“It doesn’t matter where we receive the petition from. We are unfazed and we will go through, so long as those things are done in due process.

I wish we didn’t have our brothers in the minority doing this, it’s their right, but we will assure Ghanaians that we are so confident of our actions ad its implications will outweigh whatever negativity the minority is saying”.

He added that government will apply the highest level of compliance, when the hearing begins in the case.