Business News Tue, 16 May 2017

Minority misfired in US bond petition - Former SEC boss

A former boss at Ghana Securities and Exchange Commission says the Minority erred in its decision to petition a United States agency over government's $2.25 billion local bond issued in April.

Dr. Adu Anane Antwi told Joy Business’ George Wiafe Tuesday, the US SEC does not have superintending role over the security market issues in Ghana.

He said Ghana's SEC regulation enjoins persons who are aggrieved with issues in the security market to file an official complaint at the country's SEC and not with an outside institution.

“Anybody that thinks there is an issue, any infringement in the security market business in Ghana, it is SEC Ghana who must deal with the complaint,” he said.

The Minority in Parliament has filed a petition at the US SEC raising questions about government's $2.25 billion local bond issued last month.

Deputy Minority leader, James Avedzi told Evans Mensah on Joy FM's Top Story the petition was successfully submitted on May 1, 2017 to which a reference number acknowledging receipt was given to them.

"What we are seeking to do is in the interest of Ghana...whatever the outcome of the report," he said.

He said the Minority still stand by the claim that the local bond was shrouded in secrecy and amounted to a conflict of interest situation.

Asked why they took the issue to the US, Mr Avedzi said because one of the investment companies that won the bid, Franklyn Templeton, is a US company and they believe the US is better positioned to investigate the matter.

"The major partaker is a US company and whatever happens here does not apply to it but findings and applicable sanctions in the US might be applied to it," he said.

But Dr Anane Antwi said the NDC MPs should have directed their petition to Ghana's Security and Exchange Commission instead of the US SEC.

"I don't think US SEC has anything to do with security issuance in Ghana," he said, adding the Minority's explanation for taking the issue to the US is misplaced.

He said any investor local or foreign who has been displeased with transaction in Ghana's security market has to file his report here in Ghana.

The Deputy Information Minister, Kojo Oppong-Nkrumah said government is unmoved by the Minority's decision to create conversatioin around the local bond.

"They are bent on doing a number of things to make it a subject of discussion...they have the right [but] government is also going ahead with the business of governing," he said.

Mr Oppong-Nkrumah said government is not withholding any information about the local bond from the NDC MPs and Ghanaians. "If anybody wants an information it will be provided them."

Source: Myjoyonline.com
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