The Member of Parliament for Bawku Central, Mahama Ayariga, dragged the Finance Minister, Ken Ofori-Atta, to court challenging the legality of the establishment of the Ghana Financial Stability Fund (GFSF).
The lawmaker says the GFSF was established without parliamentary approval, in violation of the Constitution of Ghana.
He is praying the court to order the Ministry of Finance to establish the Fund through an express Act of Parliament.
He is also seeking an order of the court to enjoin the Ministry of Finance from implementing or utilizing the current “Operational Framework of the Ghana Financial Stability Fund (GFSF) for the administration, disbursement, withdrawal, or recovery of funds.”
He is also seeking reliefs including “An order directing the Ministry of Finance to establish the Ghana Financial Stability Fund (GFSF) through an express Act of Parliament, outlining clear legal stipulations regarding its administration, mechanisms for disbursing funds, and procedures for fund recovery, in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana.”
An order enjoining the Ministry of Finance from implementing or utilizing the current “Operational Framework of the Ghana Financial Stability Fund (GFSF) for the administration, disbursement, withdrawal, or recovery of funds, as it is illegal and unconstitutional.”
The MP recently wrote to the World Bank and the IMF asking them to withdraw it support to Ghana.
“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.”
“The International Monetary Fund (IMF) and the World Bank will be acting in clear violation of the Constitution of Ghana of 1992 if they lend their support to this arrangement or are in any way a party to it,” he said in his letter to the World Bank.
By: Rainbowradiooline.com/Ghana
