FULL REPORT: CHRAJ on Ofori-Atta Bond

Following months of investigations into allegations of conflict of interest in the recent US $2.25 billion bond issued by the government of Ghana through the Ministry of Finance, the Commission on Human Rights and Administrative Justice (CHRAJ) has emerged with a 140-paged report, stating their position on the matter.

A known NDC Member, Yaw Brogya Genfi petitioned CHRAJ to investigate

Read full articleconflict of interest in the recent US$2.25 billion bond issued by the government of Ghana through the Ministry of Finance.

He among other things alleged that the minister had placed himself in a conflict of interest position, and thus, in breach of constitutional provisions.

According to Mr. Genfi, Ken Ofori-Atta, secured 95 percent of the bond for his family and friends.

Mr. Ofori-Atta “has attempted to promote a private or personal interest for himself or for some family members and business associates, and the promotion of the private interest has resulted in, or was intended to result in, or appears to have resulted in, or has the potential to result in an interference with the objective exercise of his duties and an improper benefit or an advantage by virtue of his position.”

He argued that the bonds were not on the issuance calendar, and that the transaction seemed to have been shrouded in secrecy with the bond processes being limited to one day compared to past processes that were open.

Mr. Genfi further alleged that one single investor, Franklin Templeton Investment Limited, an American global investment management organisation founded in 1947 purchased 95 percent of the bond issued.

CHRAJ however after 5 months of investigating the issue has produced a report that clears the Finance Minister, Ken Ofori-Atta of any wrong doing. The report stated:

“On the basis of the evidence available to the Commission, it has come to the conclusion and therefore holds that, the allegations by the complainant that the respondent has contravened Article 284 of the 1992 Constitution by putting himself in a conflict of interest situation in relation to the issuance of the 5-year, 7-year, 10-year and 15-year bonds, have not been substantiated

“there was also no evidence before the Commission that there was a personal benefit to the Respondent or his private businesses and other relations”, the report further said.

Below is the full report on CHRAJ’s verdict on Government’s US $2.25 billion bond: