The true definition of family and friends government seems to be manifesting in the 103 days old NPP government led by Akufo-Addo.After appointing a dozen cousins and his daughter into his government, Akufo-Addo’s government is in the news again for obvious wrong reasons and this time round his first cousin who doubles as the finance minister is the one in the spotlight.
On March 31st , 2017, the finance ministry issued a statement announcing the successful sale of over $2.25b government of Ghana bond, the press release mentioned that 95% of the bond was purchased by ‘’ a very respected global financial investor’’, the identity of this ‘’ respected global financial investor’’ was never mentioned. Official sources at the finance ministry who wish to remain anonymous later revealed that this "respected global investor’’ is actually Franklin Templeton, an affiliate company of the long time friend and business partner of Ken Ofori-Atta.
Templeton is a global fund manager based in the United States of America with the Hon. Trevor G. Trefgarne as a director who also doubles as the group Board Chairman of the Enterprise Group, a conglomerate owned by Ken Ofori Atta, Ghana’s finance minister and cousin of Ghana’s President Akufo-Addo. The bid process was hastily arranged. Bids for the bond were opened for just a few hours in the trading day, a situation created to favour Ofori-Atta's Franklin Templeton cronies.
Our source at the Finance ministry was very uncharitable when he spoke to us, he thinks that this is the single largest white colour fraud perpetrated on Ghana by an individual and his cronies. ‘’Trevor Trefgarne is Ofori-Atta's personal friend and long time business partner. Trevor Trefgarne is a major Franklin Templeton fund affiliate, shareholder and director. Ofori-Atta as Finance Minister sells Ghana's Bond of over 2.25 billions of dollars to Franklin Templeton for a huge annual interest of close to 20% for up to 15 years. This means a handsome regular income worth of $400 million dollars for Ofori-Atta's personal friend's affiliate company over so many years. This is where the real corruption lies.’’
By : TheNewStateman