A statement issued by the Ministry on June 1, 2021 in reaction to claims by Bolgatanga Central MP Isaac Adongo that Databank and Black Star Brokerage, owned by the Minister of Finance, Mr Ken Ofori-Atta and Minister of State-designate at the Finance Ministry, Mr Charles Adu-Boahen, respectively, have been appointed advisors to the Ministry, said the opposition lawmaker got it wrong.
The statement explained that the selection of the nine firms was solely based on their historical performance on the bond market.
It said “both Ken Ofori-Atta and Charles Adu Boahen are no longer involved, in any way, with the day-to-day operations of either Databank or Black Star. Mr Adu Boahen resigned from the Board and from management of Black Star back in January 2017, immediately after he was nominated by the President as one of his Deputy Ministers of Finance”.
“He also transferred his shares in the company to a family trust on assumption of public office. Mr Ofori-Atta resigned as Executive Chair of Databank in August 2012 and resigned from all the Databank Boards in February 2014”.
The statement further debunked claims that “the three advisors, including Databank and Black Star, stand to make more than GHS210 million in fees”, describing the assertion as “inaccurate, misleading and intended to procure cynicism against the process”.
In his article, Mr Adongo said “Ken Ofori-Atta and Charles Adu Boahen have contracted their own companies to be transaction advisors to themselves and decided how much they should pay their own companies”.
“This transaction is tainted with potential insider-trading and conflict of interest. They killed competition and set a new low in fiduciary standards and an empty lawyer is celebrating this new normal?”
Response to social media article on firms of Ofori-Atta, Adu Boahen appointed advisors to Finance Ministry
The attention of this Ministry has been drawn to an article circulating on social media headlined, ‘Firms of Ofori Atta, Adu Boahen appointed advisors to Finance Ministry’. The story relates to the development of Ghana’s domestic market for government bond issuance which is a key debt strategy in accordance with Section 58 of the PFM law and a recent public notice issued by the Bank of Ghana titled “Licensed Primary Dealers (PDs) and Bond Market Specialists (BMSs).
This Ministry would like to state that the selection of the Primary Dealers [PDs] and Bond Market Specialists [BMSs] is an automatic process based on market performance and historical secondary market trading activity which is […]