$2bn bond saga: “Ignorant” Minority must read – Bawumia

Vice President Dr. Mahamudu Bawumia has fired salvos at the Minority National Democratic Congress (NDC) in parliament, describing them as “ignorant” following their stance over the issuance of a $2.25 billion 15-year domestic bond.

The minority at a press briefing on Tuesday, April 18, 2017 cited the finance minister for conflict of interest and lack of transparency in the issuance of $2.25 billion 15-year bond.

Government issued 15 and 7-year bonds with a coupon rate of 19.75%, raising a total amount of USD1.13 billion. The Finance Ministry additionally raised cedi equivalent of USD1.12 billion in five and 10-year bonds through a tap arrangement. Former deputy finance Minister Casely Ato Forson at the press conference asserted Franklin Templeton Investment limited which acquired about 95% of the domestic bond floated earlier this month has a direct relationship with Mr. Ofori-Atta.

Vice president Bawumia who is currently in Washington attending the World Bank/IMF spring meeting told the media the Minority lacks “understanding in managing the economy.”

He said: “It shows a lack of understanding. The minority has never understood this economy. It shows ignorance and I’m so sad this is coming from people who should know better.”

“Maybe they should read a little… we are doing even much better,” Dr. Bawumia punched the Minority, adding, “They are really demonstrating a lot of ignorance in the process of managing the economy.”

Source: starrfmonline