Why a finance minister cannot be linked to a financial company - Prof. Aheto explains

Some government communicators and ministers of state have jumped to the defence of Finance Minister Ken Ofori-Atta after he was cited for a conflict of interest for engaging Data Bank to facilitate loan agreements for the government.

They have argued that since the finance minister no longer works at the bank, there is no issue

Read full articleof a conflict of interest if he decides to work with them.

Other defenders have said that Data Bank has served as an adviser to the governments in previous bonds it has issued under other finance ministers, and so there is nothing wrong with the bank continuing with the role under Ofori-Atta.

But Prof. John Aheto, a renowned academic, has debunked these arguments.

He argues that the finance ministers should have no links with financial institutions.

In a TV3 interview monitored by GhanaWeb, Prof. Aheto said that Ofori-Atta working with Data Bank is a clear case of conflict of interest because he is a former director of the bank and is alleged to be its majority shareholder.

“This is serious and real conflict of interest. And anybody who wants to pretend that he does know that there is no conflict of interest is actually pretending.

“As the minister of finance (Ofori-Atta) being the minister of finance in all those years (when Data Bank was facilitating loan agreements for the government). At those times he was acting independently, his company was not in a position to benefit. He was not a minister of finance in those years.

“Now he is the minister of finance and his company is the advisor, advising on going to borrow, how much to borrow, and so on. And his company is in the position to gain a percentage of the amount raised. He knows that, everybody knows that, so we cannot use the law to deceive the people,” he said.

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