‘Minority ignorant about $2.2bn bond; they must read’ – Bawumia

The Vice President, Dr. Mahammudu Bawumia, has expressed shock at what he calls the ignorance of the Minority in Parliament over their allegations on the recent $2.2bn bond issued by the government.

According to him, the Minority’s position on the matter clearly shows that they are uninformed.

The Minority in Parliament have accused the government of setting the terms of the bond to favour some friends of the Finance Minister, Ken Ofori Atta.

But in an interview with the Head of Citi Business News Desk, Vivian Kai Lokko in Washington, Dr. Bawumia said the members of the Minority need education on the subject to fully understand it.

“It shows a lack of understanding. The minority have never understood this economy. And it is just amazing that people on that side who were actually in charge of managing the economy will be making such statements. It shows ignorance… and I am so sad when I hear that from people who should know better. They need to understand. Maybe they should read a little,” Dr. Bawumia said.

“This is what politics has been reduced to. Trying to say things which really have no basis and basically wrapped in ignorance.  So I am a bit sad for Ghana and for them, because they are really demonstrating a lot of ignorance in the process of managing this economy,” he added.

Government on Monday April 3, 2017, announced it was successful in the auction of a total of 2.25 billion dollars in four bonds.

The first two bonds, totaling 1.13 billion dollars, was issued at 15 and 7 years period with the same coupon of 19.75%.

In addition, the Ministry of Finance raised the cedi equivalent of USD1.12 billion in 5 and 10 year bonds via a tap-in arrangement.

But the Minority in Parliament argued that the rate at which the bonds were issued was relatively high because the Finance minister had private interests in it, alleging that most of the companies that purchased the bonds had direct and indirect links to the Minister’s private business.

Credit: Citi FM

 

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