Ofori-Atta cannot unilaterally decide on domestic bonds, he needs Parliament’s approval – Ayariga
Central Member of Parliament Bawku Mahama Ayariga said the Finance Minister has no legal right to decide on domestic bonds.
Mr. Ayariga said every action of the Minister of Finance must be scrutinized and approved by Parliament under the Public Finance Management Act.
“If they have not come to Parliament for approval, today I told them that they are doing something wrong, they must come to parliament to approve the domestic bond.
“Tomorrow I will table a motion in Parliament asking the Minister of Finance to send it to Parliament,” he said on TV3’s Ghana Tonight program on Thursday, February 16.
The government has announced that no cancellations or withdrawals will be allowed when the Domestic Debt Exchange Program (DDEP) is closed.
The program closes at 16:00 on Friday, February 10 with approximately 85 percent participation.
This exceeded the target by the Ministry of Finance, which more than three times exceeded the deadline to ask more bondholders to register.
In a statement on Tuesday, February 14, the Ministry expressed its satisfaction with the results of the launch of the Program, stressing that it is a significant achievement for the government to fully implement the economic strategy in the Post-Covid-19 Economic Growth Program (PC-PEG).
It states that in order to provide sufficient time to complete the new bonds in an efficient manner, the Completion Date has been extended to Tuesday, February 21 from Tuesday, February 14.
“This Settlement Date Extension, however, is only for the New Bond settlement process,” the statement said.
“The issue date, interest accrual schedule and payment schedule 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 cancellations or withdrawals will be permitted.”
Meanwhile, the government said it has received expressions of interest from other stakeholders for the same Programme.
Therefore, he said it changed the six-month “clear market” provision of New Bonds so as not to limit the government from issuing Domestic Public Debt.
Mr. Ofori-Atta later told Parliament that he had met pensioners who had picketed to protest their entry into the DDEP three times.
He said he had explained the terms of the new bond
Briefing Parliament on Thursday, February 16, he said “the government is committed to the welfare of senior citizens and pensioners. The government will respect coupon payments and the principle of maturing.
He added, “I have met with them on three occasions when they explained the terms of the new bond. I then wrote to the convenors to let them know that all pensioners who did not participate in the bond offer were not exempted.
By Laud Nartey|3news.com|Ghana
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