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The Minister of Finance Dr. Kwabena Duffuor has told Parliament that his the ministry did nothing wrong by not seeking parliamentary approval for bonds issued to raise money to clear the Tema Oil Refinery debt.
He said this when he appeared before Parliament to answer questions over some key issues, particularly on why he did not seek parliamentary approval before issuing bonds to clear the Tema Oil Refinery debt.
According to Joy FM’s Sammy Darko, the Finance Ministry explained that since the bonds were approved in the 2010 budget under the Domestic Financing Package, they did not need go back to Parliament for approval.
However, when the Minister's attention was drawn to Article 181 of the 1992 Constitution and told that the issue of bonds fall under the category of loans and that the terms and conditions should have come before Parliament for approval, he said he would consult the Attorney General about the right procedure on the issuance of bonds.
Meanwhile MPs have paid tribute to the late MP for Wulensi, Alhaji Saani Idi who passed away on Monday at the Korle-Bu Teaching Hospital.
The remains of the MP who died after a short illness have been laid to rest at Tema, in accordance with the Islamic tradition.
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