Charles Adu Boahen
The Minister of State-designate for Finance, Charles Adu-Boahen, says the government has become “a victim of its own success” regarding the management of the COVID-19 pandemic.
According to him, “under the exceptional leadership of the President, we managed to tackle the pandemic so well that people do not realise how devastating it was and what the potential ramifications could have been.”
Answering questions at the public hearing of the Appointments Committee of Parliament’s vetting of deputy ministerial nominees of President Akufo-Addo’s government for the second term, Mr. Adu-Boahen indicated that the COVID-19 pandemic led to a dire economic situation in the country, with its attending job losses and collapse of businesses.
“I mean it will be really tough and I think that hardship (being experienced in the country) is as a result of the dire situation that we went through last year,” the nominee explained, and added that “in fact it could have been a lot worse and if you go to some other countries and you listen to some of the stories, not only in the loss of lives, but businesses and livelihoods.”
Mr. Adu-Boahen said it would take the nation awhile to recover from the impact of the COVID-19 and “I think that we are actually on the right path, and the introduction of the vaccines will help us get back to normal quicker which will allow businesses to resume work, the boarders will be open fully and for economic activities to resume.”
“I believe once that happens, the hardship will be relieved and people will feel better off,” he posited.
According to him, there was equally positive impact of the COVID-19 on the economy, and said the pandemic helped the country’s reserve because import was slowed down “and so we didn’t have to use more dollars to buy goods and bring in.”
“It is also reflected in the currency being more stable,” he noted and indicated, however, that “that does not really translate into better living conditions, especially given the devastating effects of the pandemic.”
Conflict of Interest
Mr. Adu-Boahen denied any impropriety following claims he awarded a contract to his company, Black Star Advisor Limited, intimating that “it is very important that I state categorically that I resigned from the board and management of Black Star advisors at the beginning of 2017.”
“Since then, I have never stepped into that office and I don’t involve myself in any of their business dealings or what goes on there,” the nominee stressed, and continued that he did not know the company had applied and being listed as a bond specialist to raise money for the government.
“I have no role or participated in their business dealings and their current capacity as bond market specialist is operation based on performance. It is their responsibility to go out and raise money for the government when the government issues bonds and they get paid based on their ability to do so,” he emphasised to repeated questions on his company.
Black Star Advisors Limited is among private companies shortlisted to raise funds for the government.
By Ernest Kofi Adu, Parliament House