\n<\/p>\n
The Head of Financial Services at the Bank of Ghana, Stephen Opattah has dismissed claims suggesting that he had said the $2.25 billion bond was\u00a0issued in dollars.<\/p>\n
The bond which was issued in April by the Finance Minister, Ken Ofori Atta has generated a lot of controversy.<\/p>\n
The Minority in Parliament claimed that Trevor Trafgarne,\u00a0a non-executive director on the board of investment firm, Franklin Templeton, the firm\u00a0that purchased Majority of Ghana’s\u00a0bonds is also the Chairman of the Enterprise Group; a company closely aligned to the private interests of the Finance Minister, Ken Ofori-Atta.<\/p>\n
<\/p>\n
During an interrogation at Parliament\u2019s Appointment Committee sitting on the issue, Mr Opattah\u00a0defended the processes of the bond issue but said his comments\u00a0may have been misconstrued.<\/p>\n
He said nowhere in his presentation in Parliament did he ever mention\u00a0that the bond was issued in dollars.<\/p>\n
Some members of the minority have suggested that the Finance Ministry and the Bank of Ghana are contradicting each other on the issue of the currency in which the bond was issued.<\/p>\n
Whilst the Finance Ministry claimed the bond was issued in cedis, the minority quote Stephen Opattah as saying the bond was issued in dollars.<\/p>\n
Member of Parliament for Bolga Central Albert Adongo claimed to have audio visual evidence to prove that Mr Opattah had made comments to that effect.<\/p>\n
But speaking on Joy FM\/Multi TV\u2019s news analysis programme Newsfile on Saturday, Mr Opattah\u00a0said \u201cI want to make it clear that the currency in which the bond was issued was in cedis and it was also settled in cedis.<\/p>\n
\u201cAt no point have I ever mentioned that the bond was settled in dollars,\u201d he added.<\/p>\n
\u00a0Mr Opattah explained that although the investors came with dollars, they were made to purchase cedis from the BoG because the bond is issued in cedis.<\/p>\n
\u00a0\u201cIf a non-resident investor brings in dollars for a bond, and the bond has to be settled\u00a0 in cedis, and the custodian bank cannot give the non-resident investor cedis, they come to the BoG, sell the dollars to us and then we give them cedis.<\/p>\n
\u201cThis is what happened, they sold the dollars to us and we gave them cedis,\u201d he added.<\/p>\n
The dollars are then deposited in the forex reserves of the BoG.<\/p>\n
Mr Opattah pleaded with critics\u00a0to stop attributing to him what he has never said.<\/p>\n
\u201cI have worked so hard to get to where I am and I don\u2019t want to be quoted for things that I have not said.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Head of Financial Services at the Bank of Ghana, Stephen Opattah has dismissed claims suggesting that he had said the $2.25 billion bond was\u00a0issued in dollars. The bond which was issued in April by the Finance Minister, Ken Ofori Atta has generated a lot of controversy. The Minority in Parliament claimed that Trevor Trafgarne,\u00a0a […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-395160","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n
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