Ayariga to file motion to compel Ofori-Atta to submit debt exchange to Parliament

Bawku Central Member of Parliament Mahama Ayariga has said he will be filing a motion in Parliament on Friday, February 17 to compel Finance Minister Ken Ofori-Att to submit the Domestic Debt Exchange (DDEP) for Parliamentary approval.

He said the Minister cannot, on his own, run around as though there is no institution to supervise him.

“The matter must come to Parliament for a vote,” he said on the Ghana Tonight show on TV3 Thursday, February 16.

“The Speaker did indicate that if we wanted more opportunity to look at this, we should, in the form of motion and he is ready to admit the motion,” he added.

He stressed, “whatever it is there has to be the approval or blessing of the Parliament.”

He further said the Finance Minister has no legal right to solely decide on domestic bonds.

Mr Ayariga said every action of the Finance Minister should be scrutinized and approved by Parliament per the Public Financial Management Act.

“If he has not been coming to Parliament for approval, I am telling him today that he is doing the wrong thing, he must come to parliament for approval of the domestic bond.

“Tomorrow I will file a motion in Parliament requesting the Finance Minister to submit to Parliament,” he said on the Ghana Tonight show on TV3 Thursday, February 16.

The government announced that no revocations or withdrawals are permitted as the Domestic Debt Exchange Programme (DDEP) closes.

The Programme closed at 4:00pm on Friday, February 10 with approximately 85 percent participation.

This exceeds the target by the Ministry of Finance, which on more than three occasions extended the deadline to get more bondholders to sign up.

In a statement on Tuesday, February 14, the Ministry expressed satisfaction with the outcome of the Programme’s rollout, insisting that it is a significant achievement for government to fully implement the economic strategies in the post-Covid-19 Programme for Economic Growth (PC-PEG).

It pointed out that to provide sufficient time to settle the new bonds in an efficient manner, the Settlement Date has been extended to Tuesday, February 21 from Tuesday, February 14.

“This Settlement Date extension is, however, only to process the settlement of the New Bonds,” the statement said.

“The issue date, interest accrual schedules and payment schedules for the New Bonds will be adjusted to reflect the actual Settlement Date.

“As the Exchange period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted.”

By Laud Nartey|3news.com|Ghana

They should have challenged the autrhoty of the Finace Minister who seks to coerce them into trading their bonds into reduced coupon rates, he really ahs not condition powers to do so

 

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