Don’t support Ofori-Atta’s unconstitutional GSFS – Ayariga to World Bank, IMF

Bawku Central Member of Parliament (MP), Mahama Ayariga, has formally raised concerns with the World Bank and the International Monetary Fund (IMF), urging them not to provide any support to the Ghana Financial Stability Fund (GFSF).

Mr Ayariga contends that the GFSF is not in compliance with Ghana’s constitution and is therefore illegal, making it inappropriate for backing by the Bretton Woods Institutions.

In his correspondence to these international bodies, Mr Ayariga strongly emphasises that the GFSF has not undergone the necessary parliamentary evaluation and approval, thus, rendering its establishment constitutionally questionable.

“I am writing to respectfully request the World Bank (WB) and the International Monetary Fund (IMF) country offices in Ghana to refrain from endorsing the unconstitutional and illegal initiative led by the Minister of Finance and Economic Planning, Mr. Ken Ofori Atta, to establish the Ghana Financial Stability Fund (GFSF). This endeavor is solely based on guidelines and is overseen by an unconstitutionally formed entity, the Ghana Amalgamated Trust Plc (GAT), with management and disbursement procedures that lack legislative authorization and transparency,” Ayariga’s letter asserts.

Mr Ayariga raised the potential consequences of this initiative, suggesting that it could result in private indigenous bank owners losing control of their assets in these banks.

By: classfmonline.com