President Akufo-Addo terminates the appointment of Charles Adu Boahen

The President of Ghana, Nana Addo Dankwa Akufo-Addo, has sacked his Minister of State at the Ministry of Finance, Charles Adu Boahen.

This was contained in a statement issued by the president on Monday, November 14, 2022.

According to the statement, his dismissal takes effect immediately.

“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has terminated the appointment of the Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen, with immediate effect,” the statement read.

Providing reasons for the dismissal, the president said that it is based on the knowledge that allegations of corruption had been levelled against the minister.

The allegations, the statement added, are in line with an undercover investigative piece that is yet to be shown by Anas Aremeyaw Anas.

The statement added that the Office of the Special Prosecutor is to investigate the matter.

“After being made aware of the allegations levelled against the Minister in the exposé, ‘Galamsey Economy’, the President spoke to Mr. Adu Boahen, after which he took the decision to terminate his appointment, and also to refer the matter to the Special Prosecutor for further investigations.

Earlier, GhanaWeb reported how Charles Adu Boahen was implicated in the investigative video as follows:

Charles Adu Boahen, Minister of State in Charge of Finance, has alleged that Vice President Dr Mahamudu Bawumia, needs just USD200,000 as an appearance fee and some positions by an investor for his siblings to get his backing and influence in establishing a business in Ghana, Anas Aremeyaw Anas has reported.

Barely a few hours before the showing of his latest undercover exposé, the celebrated investigative journalist in a post on his Facebook timeline stated that when his Tiger Eye PI team met with the Minister of State in charge of Finance in the United Arab Emirates, UAE, he stated, for the Vice President to avail himself to the undercover investigators who posed as investors, he will need an appearance fee of only USD 200,000 and also support their investment.

“You mean, like appearance fees and stuff? I mean he, himself (the Vice President), if you give him some (USD) 200,000 or something as a token, as thank you, appreciation, that’s fine. He’s not really, he’s not really (like) that. All he needs is to worry about his campaign money in 2020,” Charles Adu Boahen said when he was asked how an investor can get the attention of the Vice President.

He added that an investor must also consider opportunities for the siblings of the Vice President for his full support, apart from the USD200,000 appearance fee token to him.

“So, if you come with 3 or 4 projects and you say, we are doing this, we are doing that, (and) we are prepared to write a cheque for this, write a cheque (for that). You see, he has a big family. (The) Vice President has about 5 or 6 brothers and sisters. So, what may be, will happen is; if you tell him (the Vice President) that, hey, look, I want to do this project, do you have somebody that I can work with that you will introduce me to? And then, you know, he (the Vice President) will use that to immediately put his brother to work with us on a particular project. That’s how we would be able to work with him (the Vice President). You know what I mean? You see what I’m saying? And the development of his businesses,” the Minister of State in charge of Finance in the Office of the President added.

Anas noted that Adu Boahen, after having bundles of US dollars spread on a table in front of him and told to use them for shopping by the supposed business tycoon, promised to introduce the tycoon to the powers that be; the President, HE Nana Addo Dankwa Akuffo-Addo, and the Vice President, in Ghana.

“The President himself is also, like my uncle. He was my father’s campaign manager when my father was running for office. So, he will also (come in),” the Minister noted.

He, however, concluded that the Vice President is the most important power to be introduced to in the banking business, therefore the one to meet.

“But you know (that) at the operational level, the Vice President is the one who handles everything. So, he’s the guy we should go and meet.”
This was when he was asked about how he could lead ‘the business tycoons’ to the powerful people in Ghana who can give them influence while they operate in Ghana.

“Excellent. Excellent. You know, I was just telling (that) Isaac, that I have to introduce you to the Vice President. (The) Vice President is a very good man and he used to be the Deputy Governor of Bank of Ghana. So, if I tell him you want to come and open a bank, he will prefer it that way. As soon as you can, I have to introduce you. Because you know, even if I’m going to handle something like this, he’s somebody that I have to bring in at some level, even if not the whole details. Because, you know it is important that you get to know him,” Charles Adu Boahen stressed.

Charles Adu Boahen further told the supposed investors that he will charge 20% when they want to invest 500 million (US) dollars in Ghana as a commission for his services.

“Okay. No problem. Okay, let me think about that because (I) think we can manage something. Okay. Hm! This is tough. Sheik, what’s the right address? What should I call you? Okay, Sheik. Sheik, 20%,” he finally said.

This was after he had given the supposed entrepreneurs the option of either giving him a percentage before the work is done and the returns from this percentage will be his alone. Or just give him a finance fee and share the returns made in the investment with him.

“Let me give you an example. I own myself a Real Estate company, so, we are into Real Estate. So, we just finished an office block. … I don’t wanna (want to) make money that I haven’t worked for it. You know, I believe in working for money. If let’s say we want to do affordable housing projects which would cost $15 million, you can come in and share that with me. If you bring the whole $15 million for the project, you can earmark 20% of that $15 million as mine, and whatever returns I make on that 20%, I keep. Or you put the money to work and give me a 10% finance fee, and then give me a share of whatever returns on the project as well. We normally would make a return of maybe 25% returns, 30% dollar equity rate, when we do projects like that. So, it’s up to you and how (what) you are comfortable (with) and how you want to work,” Adu Boahen said while giving these options.

He also tried to lobby for the supposed entity to buy a Debt Instrument (Bond) but was not successful as ‘the business magnates’ were not interested in that.

“But you are not allowed to buy any debt instrument? You know, we issue bonds. You know we just issued these energy bonds. Is he allowed to; can you buy bonds?”