A-G, BoG dragged to court over controversial $2.25 billion bond issue

Gloria Akufo

Private legal practitioner, Victor Adawudu, has dragged the Attorney-General and the Bank of Ghana to court over the controversial 2.25 billion dollar bond issue in April.

He is among other things praying the Supreme Court to direct the A-G, Gloria Akuffo and the Finance Ministry to furnish him with copies of documents in respect of the bond transaction.

Mr Adawudu’s action follows the failure by Gloria Akuffo to provide same in a petition by the lawyer in May this year to the A-G.

Gloria Akuffo had told Mr Adawudu that documents covering the bond issue are unavailable to her.

“I acknowledge receipt of your letter bearing reference number LL/17/26 and dated 4th May , 2017 on the above subject matter. Please be informed that the information being sought per your letter is not available to me and I am therefore unable to respond to the questions posed therein,” she had responded.

The Finance Ministry in April this year auctioned a total of 2.25 billion dollars in four bonds. The first two bonds, totalling 1.13 billion dollars, was issued at 15 and 7 years period with the same coupon of 19.75%.

In addition, the Ministry of Finance raised the Cedi equivalent of 1.12 billion dollars in 5 and 10-year bonds via a tap-in arrangement.

The Minority in Parliament has raised concerns over the bond issue and has called for a full-scale parliamentary probe into how some persons they referred to as very close friends of the Finance Minister, Ken Ofori-Atta, purchased 95% of Ghana’s recent 2.25 billion dollar bond.

Mr Adawudu told Joy News on Tuesday that he believes the Court will enforce his fundamental human right and compel the A-G to find and produce the documents.

“She represents the government. It is her duty to get information from all the agencies to come and speak for government,” he stressed.

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