November 10, 2017

The Ranking member of Finance,Cassiel AtoForson has taken a swipe at government accusing it of blowing GHc 177 million cedis in the process that proceeded the issuance of the energy sector bond.

He noted in an interview on Thursday that government spent GHc 87 million on administrative expenses, as well as GHc 400, 000 on the printing of material for the energy bond roadshow.

His latest comment follows a press conference the Minority held on Wednesday where they alleged among others that the bond issue was a failure.

They also at the press conference accused the Akufo-Addo government of causing financial loss to the state, and requested that the Finance Minister, Ken Ofori-Atta be hauled before Parliament.
According to the Member of Parliament for Ajumako-Enyan-Essiam constituency, the expenditure amounts to reckless spending.

“From the cost that I have that the taxpayer is paying; the state is paying the arrangers, the banks, GHc87.5 million.

The state is paying legal fees of GHc700, 000; the state is paying the accountant, GHc350, 000. Surprisingly, the state is paying administrative expenses of GHc80 million. Overall the state is paying GHc177 million. I think this amount is way too much.”

Mr. Ato Forson pointed that the former administrations $1 billion Eurobond it issued the amount spent was lower than what the current administration is spending.

“This is not the first time the state is raising a bond. The last bond we raised under the Eurobond of $1 billion which translates to about GHc4.4 billion, the total cost was under 0.2 percent. Today, we are seeing a bond that we are raising for about 4 billion and the cost is about 1.77 percent.

He further said the Minister of Finance will be hauled before Parliament to give the actual breakdown of expenses for the energy bond since they suspect wrongdoing.

“I think it is important that we ask questions. So the question we are asking is that we want the Ministry of Finance to provide the state with further and better particulars.

We are asking for full breakdown of what constituted the administrative expenses. Printing of the road show material was GHc400, 000. We are going to haul the Minister before Parliament, to give us full breakdown to account for every cedi that has been spent so far. We think it is way too much and we smell something fishy,” he added.

By: Kwaku Sakyi-Danso/