The Finance Ministry has rejected accusations that Databank and Black Star Brokerage have been appointed as its advisors.
It comes on the heels of calls by Member of Parliament for Bolgatanga Central, Isaac Adongo, to reject the nomination of the Minister of State at the Ministry of Finance, Charles Adu Boahene as vetting of Deputy Ministers begin.
According to him, Mr Boahene's private firm Black Stars Advisory, Databank and other advisory firms have made ¢856 million in fees on Ghana's loans since 2017.
Mr. Adongo further claims that the conflict of interest makes him unfit for the role.
But the Finance Ministry in a statement explained that Databank and Black Star brokerage are 2 out of 9 firms that have been selected by the Bank of Ghana and the Ministry of Finance as bond market specialists and not advisors to the ministry.
The Ministry further indicated that the two firms were selected based on their historical performance in the bond market.
According to the statement, the Ministry of Finance, the Minister and his deputies have no hand in the selection process of these firms.
It adds that the process cannot also be subject to manipulation as it’s based solely on historical data of trading and performance.
The Ministry also said that the key criteria for the selection of nine companies were based on secondary market fixed on income trading operations, meritocracy and ensures transparency and performance.
They also dismissed the claim that the three advisors including Databank and Black Star stand to make ¢210 million.
Latest Stories
-
GPL: Accra Lions beat Hearts of Oak to go third
49 mins -
Seek higher grounds as rains intensify – GMet warns
1 hour -
May Day: Sam Ankrah promises to prioritise welfare and well-being of workers if elected president
1 hour -
Bawumia plans door-to-door campaign for 2024 polls
2 hours -
GAF condemns ‘unprovoked’ fatal shooting of soldier in Kasoa land dispute
2 hours -
OSP’s request for money laundering probe against Cecilia Dapaah baseless – AG advises EOCO
2 hours -
Obofour Raphael releases ‘Asem Yi Di Ka’ EP
2 hours -
‘Operation Clean Your Surroundings’: Popular Kenkey joint and public toilets in Takoradi shut down
3 hours -
GFA boss Kurt Okraku graces Dreams FC’s dinner to celebrate CAF Confederation Cup exploits
3 hours -
We’ve intensified efforts to combat misinformation, hate speech ahead of elections- Akufo-Addo
3 hours -
Sekondi-Takoradi: STMA/Joy News’ ‘Operation Clean Your Surroundings’ taskforce arrest 10 for open defecation
4 hours -
Joy Prime’s Prime Morning celebrates May Day with gallant Officers of Ghana Navy
4 hours -
YAWC Network Ghana chapter holds National summit in Accra
4 hours -
Memories of a Baby Univers
4 hours -
Akufo-Addo calls for peaceful elections, says politics shouldn’t divide us
4 hours