The Minority Leader in Parliament, Haruna Iddirsu, has accused the President and Finance Minister of engaging in some unacceptable and unconstitutional acts of expropriation.
Speaking on the erosion of bondholders’ principals and interests as a result of the government’s domestic debt exchange programme, he noted that it was akin to an act of expropriation which is illegal under the constitution.
“President Nana Addo Dankwa and Ken Ofori-Atta are engaged in an unacceptable act of expropriation. Legitimately, you’ve invested your money. You’re entitled to the interest on your investment, whether interest plus principal or interest and principal it’s yours. If the state decides to take it, that is an act of expropriation and the constitution frowns upon it,” he said.
He added that the 1992 constitution of Ghana does not support the unilateral varying of terms and conditions of loans approved by Parliament by the Finance Minister in the manner in which he is doing now.
He explained that before the issuance of the bonds to bondholders, the Finance Minister had sought the permission of Parliament to do so, thus in the instance where there is a fiscal emergency such as now, the Finance Minister should have returned to Parliament to place his proposal before the house for deliberation.
He noted that the failure of Ken Ofori-Atta to return to Parliament renders the entire exercise illegal and impeachable.
“Now two, Article 181 (4) says that Parliament shall by a resolution approve by simple majority the terms and conditions of a loan agreement. So if you took money from a bilateral creditor whether it is China that we owe 2.6billion or Paris Club that we owe 2.1billion, you entered into a certain terms and conditions. Ken Ofori-Atta is now varying the terms as an individual and as Minister of Finance. My argument is that he doesn’t have the authority and mandate to do so.
“I should think that he has to come back to Parliament under Article 181 (1) and (5) of the constitution. He’s engaged in varying the terms and conditions of a loan. When Parliament approved the loan, it probably approved for tenure, it provided for moratorium, it provided for interest and principal shall be paid within a certain period of 5 years. Now you’re saying that you’re issuing 12 bonds, and that 2023 zero coupon, now he says for banks 5%.”
Speaking on PM Express, Haruna Iddrisu noted that to stop this abuse of the Finance Minister’s powers, Parliament must rein him in.
“So what we even need to do, that’s why I’m saying that Parliament needs to position itself, the PSB (Public Sector Borrowing) of these treasury bills must all now come back To Parliament. Maybe we’ve given him too much latitude and he’s now in my view padding it, he’s now walking around as if every authority in this country is vested in him as Minister of Finance. I’m sorry that is not the case,” he said.
- Fuel prices to increase by 7%-13% from February 1, 2023 – IES
- The Fourth Estate uncovers fraud in SHS computerised placement
- My wife has left me because of my child with another woman – Osofo Kyiri Abosom
- Full video: SHS computerised placement for sale
- New chief falls from palanquin during coronation in Central Region
- Debt Exchange Programme: Article 71 Office Holders must take a 50% haircut – Labour Federation
- 8 persons arrested in ‘School placement for sale’ exposé
- Haruna led Minority leadership had challenges working with Bagbin – Asiedu Nketia
- Education Ministry cautions against payment of money for school placement
- Assault on Latif Iddrisu: No policeman touched him – Attorney General
- Roads Minister promises to fix deteriorating portion of Mampong-Ejura highway
- Philanthropist provides 6-Unit classroom block to Lente-Wute Community Basic School
- Cost of fuel: Ghanaians must pay fair market prices – PUMA Energy President
- DWP USA was created to bring all cultures together
- School placement for BECE graduates to be released in February – Ministry of Education
- Gold for Oil deal lacks transparency; it must go before Parliament – Mahama
- School placement system must be overhauled – Dr Peter Anti
- Deborah Acquah qualifies for 2023 World Athletics Championships
- Pay Toure over GHC 100k within 45 days or face transfer ban – FIFA orders Medeama
- Gold for Oil deal: First consignment not enough for market – Research Analyst
- Police nab 4 over alleged robbery at Wassa Agona
- Stop National Cathedral project, cut-down government expenditure and leave our money alone -Nurses to government
- 3 grabbed for pulling down storey building at Cantonments
- NTDs in Ghana; Let’s act now, let’s act together, let’s invest in the fight!
- School placement for sale exposé: Culprits will be dealt with – Education Minister