Member of Parliament (MP) for Bawku Central, Mahama Ayariga, has filed a petition with the World Bank and the International Monetary Fund (IMF), urging them not to extend any support to the Ghana Financial Stability Fund (GFSF).

Mr. Ayariga contends that the GFSF is unconstitutional and illegal, and therefore should not be endorsed by the Bretton Wood Institutions.

In a letter addressed to the World Bank and IMF offices in Ghana, Mr. Ayariga emphasised that the GFSF has not undergone parliamentary scrutiny or subsequent approval.

He further raised concerns about the potential consequences of establishing the fund without proper legislative oversight.

Mr. Ayariga also drew attention to a legal suit he initiated in the Supreme Court to challenge the legality of Finance Minister Ken Ofori Atta's use of a private entity, Ghana Amalgamated Trust Plc (GAT), to manage the disbursement of public funds to banks.

The MP's letter said: “I write to request the World Bank (WB) and the International Monetary Fund (IMF) country offices in Ghana not to lend your support to the unconstitutional and illegal attempt by the Minister of Finance and Economic Planning (Mr. Ken Ofori Atta) to establish a Ghana Financial Stability Fund (GFSF) using mere guidelines and putting it under the administration of an illegal and unconstitutional body known as Ghana Amalgamated Trust Plc (GAT) based on opaque and legislatively unauthorized management and disbursement mechanisms.”

"It is a scheme with the potential to deprive private indigenous bank owners of the ownership of their assets in these banks after his mismanagement of the financial sector has rendered these banks vulnerable. And it has not been subjected to parliamentary oversight and scrutiny."

This was after the Ministry of Finance and Economic Planning announced plans to establish the Ghana Financial Stability Fund, with funding expected from the Government of Ghana and major donors including the World Bank and IMF.