Ken Ofori-Atta
The Supreme Court today, May 5, 2020, dismissed a case of conflict of interest initiated against Finance Minister, Ken Ofori-Atta, by a pro-NDC group, Dynamic Youth Movement of Ghana (DYMOG) over the issuance of $2.25billion bond.
A seven-member panel presided over by Chief Justice Kwasi Anin Yeboah in an unanimous decision threw away the case, describing it as unmeritorious.
The court says reasons for the dismissal would be filed at the Supreme Court’s Registry by the close of day.
The NDC boys hiding under the guise of DYMOG had gone to the Supreme Court following the decision of the Commission on Human Rights and Administrative Justice (CHRAJ) to clear the Finance Minister of conflict of interest which the group wanted him investigated.
They contended that by going beyond investigations to make a pronouncement (of guilt or otherwise) on the Finance Minister in respect of the allegation of breach of conflict of interest, CHRAJ contravened Article 287 of the 1992 Constitution.
The Finance Ministry in 2017, announced the issuance of 15 and 7 years bonds with the coupon value of 19.5% raising a total of $1.13 billion.
It also stated that it raised the cedi equivalent of $1.12 billion in five and 10 years bonds via a tap-in arrangement.
This means the total amount raised through the bonds as at 3rd April 2017 was $2.25billion.
Following the issuance of the bond, former Ashanti Regional Youth Organiser of the National Democratic Congress (NDC), Yaw Brogya Genfi petitioned CHRAJ to investigate the transaction, saying Mr Ofori-Atta failed to declare his interest in Databank Brokerage Limited and Databank Financial Holdings Limited before taking office.
The other members of the panel were Justices Jones Dotse, Paul Baffoe-Bonnie, Yaw Apau, Gabriel Pwamang, Nene Amegatcher and Prof. Nii Ashie Kotei.