The member of parliament for Bolgatanga Central constituency, Honourable Isaac Adongo has dropped some revelations about the Bond Market and what Ken Ofori Atta and his deputy did. His revelation has got people talking on social media.
In an interview on Newsfile show on Joy News this morning, Honorable Adongo revealed that Ken Ofori Atta and his deputy nominated a total of 17 non-bank financial institutions for the bond market. Out of this number, Ken Ofori Atta and his deputy selected on three. Out of the three selected, two of them belong to Ken Ofori Atta and his deputy. He added that the other institution, which is IC Securities is a well qualified institution because it has proved itself over the years to be supportive to the government.
He revealed that the two other institutions selected by Ken Ofori Atta and his deputy have all underperformed over the years. He revealed that those institutions have had a score of zero in 2017 during one financial rating. He believes that selection of the institutions were not based on merit but rather through conflict of interest.
“You pick 17 non-bank financial institutions who were qualified to be bond market specialists, you pick 3 out of the 17, and 2 were your companies [Finance Minister & Deputy]. With only one IC Securities not belonging to the two of you. And IC Security has been the major and the biggest player in the industry right from the days of the NDC. And you want to tell me that the decision was taken on merit.”
“When the that you said you took on merit did zero in their markets. The data is quite clear. This happened in 2017. That is why they always quote the numbers from 2019. In 2017 when they arrives in government and Charles Adu Boahene was a deputy minister, his was doing both buy and sell side of the market scoring zero. How can the biggest become a bond market specialist” he said
Click here to watch the video.
Below are some reactions.
Tell us what you also think about this by commenting below.
Content created and supplied by: Rexbank (via Opera
News )