Terkper Should Resign; Bawumia Agitates For His Dismissal

Seth Terkper said he has not breached the law in any way and would not resign

Running mate of the NPP’s flag bearer, Dr Bawumia has charged the Minister of Finance, Seth Terkper to resign from his position for breaching the regulations of the Bank of Ghana. This comes on the heels of recent allegations against the government for diverting states fund for campaign purposes.

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Dr Bawumia had last week accused government of diverting  about $250 million of the total proceeds from the nation’s $ 1 billion Eurobond it issued in 2015, to a private account at the United Bank of Africa (UBA). Government has however trashed those claims saying that “the US$250 million seed money to Ghana Infrastructure Investment Fund (GIIF) lodged by the Board with a Commercial Bank is safe and has already started bearing interest to the idle Fund.”

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The Finance minister had released a statement to throw more light on the transaction.

But Bawumia still maintains his grounds and has called for a Parliamentary inquiry into the issue. Also to buttress his claims, he quoted section 53 of the Bank of Ghana Act which states that “The bank shall hold all foreign exchange of the state and be responsible to parliament in the performance of its function in relation to the foreign exchange.” Dr Bawumia stressed that the Mr Finance violated the regulations by allowing such transactions to be made.

He maintained that there is no other place to save Ghana’s foreign exchange apart from the Bank of Ghana.

But Seth Terkper said he has not breached the law in any way and would not resign. The Finance minister explained that he has good legal advisers and that he takes advice from them before making such decisions.