Years After IFC & CNTCI Loans Fiasco
Kweku Baako, has once again taken on the National Democratic Congress (NDC), saying its members on the minority side of Parliament, will make a mockery of themselves for petitioning a US regulatory body to investigate the recent $2.25 billion bond issued by the Akufo-Addo government.
According to the Editor-in-Chief of the New Crusading Guide newspaper, NDC is going to internationalize their incompetence.
What is interesting is that, the same man years ago during the Kufuor administration, placed his integrity on the line swearing heaven and earth that the US$300 million loan facility procured by the Kufuor government from the China New Technic and Construction Investment (CNTCI) was not a scam according to his investigations, but it turned out to be.
CNTCI turned out to be a Chinese railway company, which does not give loans.
the same man had earlier in 2002, placed his integrity on US$1 billion loan agreement from a phony institution called the International Finance Consortium (IFC) by the Kufuor administration, insisting the money was coming according to his investigations, however, the loan could not come, and the IFC turned out to be a saloon and a barber shop in London and not the International Finance Corporation (IFC), a member of the World Bank Group.
In both instances, he had vehemently fought the Minority NDC then led by Alban Kingsford Sumani Bagbin, providing public relations and radio advocacy for the NPP government.
The NDC minority, has filed a complaint with the Security and Exchange Commission (SEC) of the United States of America (USA) to commence investigations into the US$2.25 billion bond issuance by the Akufo-Addo government in which Franklin Templeton, a US registered company purchased 95percent of 15-year and 7-year bonds.
The party believes, the US regulatory body, would help to bring finality to the issue in hope that the NDC will win the case against the government.
Addressing the issue on Peace FM’s ‘Kokrokoo’, Editor-in-Chief of the New Crusading Guide newspaper, opined that the petition by the NDC to the US regulatory body, will amount to nothing.
To him, the party can never win the case and that “at the end of the day, they will know that they will internationalize their incompetence and embarrassment. They’re widening the scope of the international ridicule that they will be subjected to. The poverty of their thinking, of their knowledge and things on this matter will manifest, and that for I think is education by negative experience. We’ll all learn from it.”
He added that “in the most unlikely situation that they will win and I doubt it, it cannot happen. It just cannot happen. But if it happens, well, I will come and sit here, render an apology to the good people of this country. It is never going to happen. It is not going to happen, in Ghana and in the US…because the records are so well documented.”
Mr. Baako, however, expressed confidence in CHRAJ to investigate the recent $2.25 billion bond issued by the Government of Ghana.
CHRAJ confirmed receipt of a petition specifically requesting it to investigate allegations of interest and transparency issues with regards to the bond among other issues of conduct surrounding Finance Minister Ken Ofori-Atta and Attorney General Gloria Akufo.
“I have complete confidence in the work that CHRAJ will do and you’ll see that it was just noise…In fact, they’ll vindicate Bawumia who said that at the end of the day, what they were doing was driven by ignorance and mischief. You can add misinformation and mis-education to it. They’re just noise,” Mr. Baako stated.
The Minority in Parliament had petitioned the Securities and Exchange Commission (SEC) of the US, over the US$2.25 billion bond issue, 95percent of which was purchased by Franklin Templeton
The government 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 USD1.12 billion in 5 and 10-year bonds via a tap-in arrangement.
The Minority then raised concerns over the bond issue and 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.
The Bank of Ghana and Finance Ministry have insisted that the bond could not have been manipulated as claimed by the Minority but officials and Members of Parliament of the opposition NDC have insisted a probe is required.
A statement issued by the Minority Leader, Haruna Iddrisu on Tuesday, May 16, 2017, said Ranking Member on Parliament’s Foreign Affairs Committee, Samuel Okudzeto Ablakwa filed the complaint on behalf of the Minority with the Enforcement Division of the SEC in Washington DC. On May 1.
Read the Minority Leader’s statement below:
US$2.25 BILLION BOND SCANDAL – MINORITY SUCCESSFULLY PETITIONS SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES OF AMERICA
The National Democratic Congress Minority in the Parliament of Ghana wishes to bring to the attention of the good people of Ghana that in fulfilment of the pledge we made at our April 17, 2017 media encounter and consistent with our constitutional and democratic mandate, we have successfully filed a complaint with the Securities and Exchange Commission (SEC) of the United States of America.
This will lead to the commencement of investigations by the US regulatory body into the infamous US$2.25 billion bond issuance in which a US registered company – Franklin Templeton purchased 95% of 15-year and 7-year bonds.
The SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of US law by the Hon. Trevor G. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group – a company owned and founded by the Finance Minister of Ghana, Hon. Ken Ofori Atta.
The Minority’s complaint was filed with the Enforcement Division of the SEC in Washington DC on 1st May, 2017 by our Ranking Member on Parliament’s Foreign Affairs Committee – Hon. Samuel Okudzeto Ablakwa on behalf of the Minority. In a response, the SEC thanked the Minority for the fruitful engagement and provided a reference number for the case as: TCR1493656314549.
The Minority also wishes to observe that, note has been taken of the interest shown in this matter by Ghana’s Commission on Human Rights and Administrative Justice (CHRAJ) after receiving a petition from a private citizen and assures that the investigations being conducted by the United States regulatory body will not conflict nor undermine CHRAJ’s investigation. The Minority takes this opportunity to re-emphasize our commitment and cooperation in assisting with both investigations in any way we can in the supreme national interests of Ghana and the United States of America.