DYMOG accuses Govt of illegally contracting US$2.25 billion bond

The Dynamic Youth Movement of Ghana (DYMOG) has accused the Akufo-Addo led administration of having committed an illegality in contracting the US$2.25 billion bond.

The Convenor of DYMOG Edward Tutor, speaking at a Press Conference held in Accra last week, stated that an Administration and Hearing Committee must be formed directly to carry out investigations on the US$2.25 billion bond contracted by the Ministry of Finance under the authority of Finance Minister, Ken Offori-Atta.

It has also given the President, Nana Akuffo Addo, 15 days to form the board of the Securities and Exchange Commission (SEC).

The movement is agitated that the Finance Minister could not wait till the President H.E Nana Akufo-Addo form the SEC Board in order to execute the $2.25 billion Bond adding that the Finance Ministry has violated the law.

DYMOG further stated that there might be a conscious and premeditated attempt to prevent the investigation since SEC voiced out to them that there is no board analyzing the situation.

According to the group, the SEC which supervises the securities market, was dysfunctional at the time the Finance Ministry announced the US$2.25 billion bond in that the board of SEC had not been formed by President Akufo-Addo.

Citing the Securities Industry Law (PNDCL 333, the group said “SEC should have supervised the processes leading to the execution of the bond”.

It has since May 8 petitioned the SEC to investigate the transparency of the bond, its classification and a claim of possible conflict of interest in the issuance of the said bond which the government has touted as an achievement.

But a response from the SEC dated May 9 and signed by Alidu Mohammed said the Commission is unable to investigate the matter on the basis that it does not have a board from which the Administrative and Hearings Committee will be composed to look into the petition.

Again, the Commission advised DYMOG to redirect its petition to the Director General of the SEC before same may be considered by the administrative and hearings committee.

Mr Tutor accused the government of attempts to thwart investigations into the bond which has been condemned by the minority in parliament.

He justified the claim with what he described as delays in forming the board for the SEC by the President in consultation with the Council of State.

“Good people of Ghana, despite the conspicuous transgression of executing the bond whiles SEC was dysfunctional, it still remains a fact that, the SEC Board has still not been formed till date. Why is the President unenthusiastic about forming the SEC Board almost six (6) months into office?,” Mr Tutor asked.

He added: “This is enormously worrisome and leaves us with no option that to conclude, there might be a conscious and premeditated attempt to prevent the investigation into the $2.25 billion bond”.

“Better still, if the Finance Minister needed the bond so badly to work with, why didn’t he prompt the President… to hurriedly exercise his appointing powers under Chapter 8 of the 1992 Constitution and Section 2 of the Securities Industry Law, to form the SEC Board?” he said.

“This means, at the time Government signed the Bond, the SEC had no Chairman, no Director General and other key members who form SEC Board. This is not acceptable,” he added.

He said while they admire the President’s bold statements against corruption and his zeal to end the canker, it is imperative for him to walk the talk by attaching “seriousness” to their call for him to form the board for the SEC.

“The spotlight is therefore on the President, as Head of State to walk His talk of fighting corruption and demonstrate to all Ghanaians, his unalloyed commitment to fight corruption irrespective of who is involved,” he said.

Adnan Adams Mohammed