NPP gov’t has caused financial loss to the state-Minority

By Justice Kofi Bimpeh

The minority in Parliament has accused the NPP government of causing financial loss to the state.

According to the Ranking Member of the Finance Committee, Cassiel Ato Forson, Ghana’s poor showing in the issuance of the 2017 Energy bond has cost the state some 1.2 billion cedis.

Speaking at a news conference on Wednesday, October 8, Mr Forson said the abysmal showing is a vote of no confidence in the Akufo Addo-led government among the investor community.

“The government could have saved up to 200 basis points if they had gone to the financial market on the strength of Government of Ghana ratings, rather than the ESLA PLC which is unrated and unknown. Simply put, the state could have saved 2% of 6 billion cedis times 10years, which is an equivalent of 1.2 billion cedis over the period. The government delegation has woefully caused financial loss to the state as a result of this gross incompetence.”

The country failed to achieve its target of raising some revenue from the bond despite an extensive road show.

Mr Forson accused government of failing to seek parliamentary approval before the issuance saying they will haul Finance Minister Ken Ofori-Atta before the House soon for causing financial loss.

"We intend to summon the minister responsible for finance to appear before parliament to answer to the circumstances that led to the willful breaches of the laws and constitution of the Republic of Ghana through this reckless conduct.

He added such gross disrespect for the constitution and parliament will have no place in our current democratic dispensation where actors like the Finance Minister arrogate to themselves the status of 12th-century despots.