The Member of Parliament for Bawku Central, Mahama Ayariga, has sued the Finance Minister, Ken Ofori-Atta over the legality of the establishment of the Ghana Financial Stability Fund (GFSF).
According to him, the Ghana Financial Stability Fund (GFSF) was established without the approval of parliament and per the 1992 constitution, it is illegal.
“Declaration that the establishment of the Ghana Financial Stability Fund (GFSF) through administrative fiat issued by the Ministry of Finance and Economic Planning is illegal and unconstitutional, as it violates the provisions of articles 175, 176, 178, and 179 of the 1992 Constitution of Ghana.”
He stated that, the court should order 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 in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana.”
Member of Parliament for Bawku Central, Mahama Ayariga, on October 30, 2023 cautioned World Bank and the International Monetary Fund (IMF) to withdraw their support for the Minister of Finance, Ken Ofori-Atta, in establishing the Ghana Financial Stability Fund (GFSF).
In a letter to the two institutions, Ayariga stated that the GFSF was established through “mere guidelines” and put under the administration of an “illegal and unconstitutional body known as Ghana Amalgamated Trust Plc (GAT).”
“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.
He also expressed concern about the “opaque and legislatively unauthorized management and disbursement mechanisms” of the fund.
Click the link below to read the law suit
