Mahama Ayariga, Member of Parliament (MP) for Bawku Central, has petitioned the World Bank and the International Monetary Fund (IMF) to withdraw their support for the Ghana Financial Stability Fund (GFSF).
The GFSF, he claims, is unconstitutional and illegitimate.
As a result, he has requested the two international organisations not to assist them.
Mr. Ayariga highlighted in a letter to the World Bank and IMF headquarters in Ghana that the GFSF has not been subjected to parliamentary review or subsequent approval.
He also expressed concern about the fund’s potential ramifications in the absence of effective parliamentary control.
In his appeal, he referred to a Supreme Court case he filed challenging the constitutionality of Finance Minister Ken Ofori Atta’s employment of a private firm, Ghana Amalgamated Trust Plc (GAT), to administer the disbursement of public funds to banks.
“I write to request the World Bank (WB) and the International Monetary Fund (IMF) country offices in Ghana not to lend your support to the unconstitutional and illegal attempt by the Minister of Finance and Economic Planning (Mr. Ken Ofori Atta) to establish a Ghana Financial Stability Fund (GFSF) using mere guidelines and putting it under the administration of an illegal and unconstitutional body known as Ghana Amalgamated Trust Plc (GAT) based on opaque and legislatively unauthorized management and disbursement mechanisms.”
“It is a scheme with the potential to deprive private indigenous bank owners of the ownership of their assets in these banks after his mismanagement of the financial sector has rendered these banks vulnerable. And it has not been subjected to parliamentary oversight and scrutiny.”
This was after the Ministry of Finance and Economic Planning announced plans to establish the Ghana Financial Stability Fund, with funding expected from the Government of Ghana and major donors including the World Bank and IMF.
Read the full petition below
By: Rainbowradiooine.com/Ghana
