Flagstaff House Makes American Citizen Minister


The seat of government, the Flagstaff House, might be restless right now with the nomination of Mona Helen Quartey, as a Deputy Finance Minister, since it is most likely that her selection, will be shot down by Parliament’s Appointment Committee, during her vetting today.

Mona Quartey, The Herald has learnt through family sources, together with her husband, Ian Quartey; an architect and their three children are American citizens, therefore, she is banned from holding a ministerial office in Ghana.

The nominee in a text message yesterday confirmed her American citizenship, but told The Herald that “I no longer have American citizenship. Only Ghanaian. Thanks”.

But there are more questions being asked with respect to, when she denounced her US citizenship and whether or not she is a registered Ghanaian voter, and when she acquired her Voter’s ID card, especially so as she was a US citizen.

The issue about the Financial Consultant’s voter’s ID card is a vital requirement, having once gotten Dr. Ekow Spio-Gabrah disqualified as a minister, under President Jerry John Rawlings, until he got one before becoming a Minister for Communications.

Checks upon checks by The Herald, have revealed that Mona Quartey, who worked at the erstwhile Merchant Bank, now turned Universal Merchant Bank (UMB), indeed has an American citizenship.

She is also an immediate past Director of Merchant Bank (Ghana), where she served from July 2009 to December 2013 as Chair, a member of the Risk Management Committee and the Audit Committee.

The Deputy Finance Minister-designate is “umbilically linked” to Ibrahim Mahama’s Engineers and Planners (E&P), although there are no official records to that effect.

Mona Helen Quartey, who is on the Board of Ghana Water Company (GWC), acquired her American citizenship, after years of living and working in that country.

The Herald is informed that the 51-year Mona Quartey, double nationality has put the Flagstaff House in an embarrassing position with her powerful sponsors – names withheld – confused as to whether or not to withdraw her nomination.

Of particular concern to the Flagstaff House, is the likely accusation that no proper due diligence was done on her, before her nomination.

This paper is informed by family sources that, while Mona Quartey is not keen on becoming Deputy Finance Minister, especially so, after having to denounce her US citizenship, Flagstaff House is bent on having her vetted by the Appointment Committee

Politically, friends and family members, say she is not a member of the National Democratic Congress (NDC).
President John Mahama, recently nominated Mrs Mona Helen K. Quartey, a risk management and corporate finance expert, to be vetted to become a Deputy Minister of Finance and Economic Planning.

The Daily Graphic reports that she is specialized in Broad Treasury, Risk Management and Corporate Finance in the corporate and government environments, Mrs Quartey has over two-decade working experience in the financial sector.

With an excellent international experience in equity and debt raising in Africa, Europe and North America over the years, she has a strong structuring and negotiations skills and a wealth of work experience in the mining and finance industry.

She has been a partner at BVM Financial Advisory Services since 2008. The company provides advisory services to the Ministry of Environment, Science and Technology, the Volta River Authority on Crude Oil Hedging Programme and an international organisation, Fletcher International based in North Carolina, USA. From January 2000 to March 2003, she worked at BVM where she helped in establishing client base of private sector corporate bodies, state-owned enterprises and the government of Ghana by providing debt and equity raisings, capital markets advisory mandates, treasury and risk management activities.

Mrs Quartey also worked at Citibank NA, Maryland, USA, from May 2007 to September 2008 as a Business Banking Officer, where she managed the banking portfolio of small to medium size business clients whose annual revenue was below US$5million.

At the Citibank NA, she also provided business banking services, including credit facilities, cash and asset management and assistance with Small Business Administration (SBA) services.

From April 2004 to April 2007, she worked as a Financial Executive with Citicorp Investment Services, Maryland, USA, where she managed businesses with financial portfolios in excess of US$ 20 million and also provided financial planning and client advisory services to both
retail clients and small to medium size businesses.

She had worked as a financial advisor on domestic and international capital markets, equity and bond markets at the American Express Financial Advisors Inc. Columbia, Maryland, USA, from July 2003 to March 2004, and her work focused primarily on client acquisition, marketing and execution of transactions, including bonds, stocks, mutual funds and other investment instruments.

As a Group Treasurer with Ashanti Goldfields Company Limited from October 1991 to December 1999, Mrs Quartey managed the group’s extensive risk management systems, which included gold, foreign currency and interest rate hedging programme.

She also managed the general treasury functions across the group, including liquidity management and short to medium-term investments. She played a vital role in the ‘Initial Public Offer’ of Ashanti Goldfields on the London and Ghana Stock Exchanges, and then subsequently on the New York Stock Exchange, all between 1994 and 1997.

She was also involved in corporate strategy transactions, including mergers and acquisitions, valuation analysis, greenfield development as well as served as a director of several companies within the Ashanti Group and Technical Advisor to Ashanti Treasury, Isle of Man, UK.

From July 1991 to October 1991, Mrs Quartey worked with Ecobank Ghana in Accra as a Treasury Analyst where she managed the day-to-day asset/liability position of the bank, assisted in credit analysis of large customers, currency trading, and financial risk management.

Mrs Quartey serves as a director of Golden Star Resources – Gold Mines since 2010, Green Pastures and Still Waters Limited since 1999, Ghana Water Company Ltd, 2014, SIMNET Ghana Ltd, since 2013 and BVM Finance Advisory Services Ltd, since 2000.

From December 2010 to December 2013, she also served as a Chairperson of the Merchant Investment Holding Ltd.

From April 2003 to 2007, Mrs Quartey secured USA brokerage qualifications Series 7 and 66, where she majored in Euromoney courses, including Treasury Management, Corporate Finance, Project Finance and Risk Management.

In Dalhousie University, Halifax, Canada, in 1991, she graduated with a Master’s in Business Administration, majoring in Finance and International Marketing.

In 1987, she was awarded a Bachelor of Science (Honours), Planning, by the Faculty of Architecture at the University of Science and Technology, Kumasi.

Mrs Quartey completed her “A” Levels at the Labone Secondary School in 1982 after she had attained her “O” Levels in Science and Advanced Mathematics at Achimota School in 1980.

More to come!

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