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Business News Thu, 8 Jun 2017

Finance Minister justifies $2.25 billion bond issue

It turned out to be a moment of explanations and justifications when the finance minister, Ken Ofori-Attah, took his turn to answer questions related to the issuance of a $2.25 billion bond by government.

The issuance of this bond, which government had boasted of an over-subscription saw the minority National Democratic Congress (NDC) raise red-flags over the bond arguing that government was not only causing financial loss to the state but also the finance minister was engaging his “cronies” in the issuance of the bond.

Looking stern and focused in a black-blue shirt in parliament, the finance minister argued that government was justified to go in for the 2.25 billion dollar bond.

Going back to recent political history, the finance minister argued his case that the then NPP minority in the erstwhile Mahama administration was never bent on chastising government over the issuance of local and international bonds all due to the economic challenges Ghana was facing over the past 4 to 8 years.

According to the finance minister, “...what was good for Mahama is good for Nana…” stating that 90% of a 10-year bond issued in November 2016 by the previous government was taken up by foreign firms and that the transaction under him was no different.

The finance minister has come under severe criticism over the floating of the bond as some critics posited that it included a conflict of interest hence the need for a court hearing on the matter.

So far, the attorney general, Gloria Akufo, has described the threats for a court hearing as “bogus” arguing that there is no need to pursue the case on court.

Source: yen.com.gh
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