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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Minority petitions US SEC over $ 2.25bn bond

bycitibusinessnews
May 16, 2017
in Banking And Finance, Government, Local Economy, Top Stories
Haruna Iddrisu, Minority Leader in Parliament

Haruna Iddrisu, Minority Leader in Parliament

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The Minority in Parliament has petitioned the Securities and Exchange Commission of the United States to commence investigations into the NPP government’s 2.25 billion dollars bond issued this year.

A statement on the petition by the Minority and copied to Citi Business News  said,

“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.”

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Government in April this year raised $2.25 billion from four bonds including a 7 and 15 year bond, at a rate of 19.75%.

The bond which was open to resident and non-resident investors raised a lot of concerns especially from members of the opposition NDC.

The Minority raised issues of possible conflict of interest following the purchase of 95% of the bonds by Mr. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group.

Gov’t defends bonds issue

Government has since defended the bonds issue explaining that it did not flout any regulation.

For instance, at the recent World Bank/IMF Spring meetings in Washington, the Vice President, Dr. Bawumia criticized the Minority describing their stance as a display of ignorance on the situation.

Some financial analysts have also said government did no wrong concerning issues of conflict of interest raised by some critics.

The Minority’s petition, Citi Business News understands, was filed early this month (May) by the Ranking Member on Parliament’s Foreign Affairs Committee – Hon. Samuel Okudzeto Ablakwa on behalf of the Minority.

The US SEC has since acknowledged receipt of the petition.

Lawyer demands authentic details of $2.25bn bond

The move by the Minority follows a similar one embarked on by private legal practitioner, Victor Kojogah Adawudu.

He has written to the government requesting for more information on the controversial $2.25 billion domestic bond which was issued in April 2017.

According to the lawyer, Victor Kojogah Adawudu, he exercised his right to information due to the scanty details provided by the Ministry of Finance on the issue.

In a letter addressed to the Attorney General and copied to the Ministry of Finance, Mr. Adawudu, who also enclosed a processing fee of GHc 1,000, said the information he is seeking is aimed at addressing several concerns voiced on the matter.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

 

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