Ofori-Atta, Adu Boahen Lied To Parliament Under Oath-Adongo Awards Government Bond Contracts To Themselves

Following revelations by Member of Parliament for Bolga Central, Isaac Adogo, that Finance Minister Ken Ofori-Atta, and Minister of State in charge of Finance, Charles Adu Boahen, have awarded themselves contracts government’s bond market advisors, he has made a follow-up revelation.

Member of Parliament for Bolga Central, Isaac Adogo, has revealed that investigations at the Registrar General’s Department reveal that Finance Minister Ken Ofori-Atta and the current Minister of State at the Finance Ministry had deceived the Ghanaian Parliament and lied under oath that they are no more direct owners of DataBank Financial Services and BlackStar Brokerage respectively.

Ken Ofori-Atta and Charles Adu Boahen have reportedly awarded themselves contracts as government’s bond market advisors through the two companies and when questioned had claimed they have relinquished their interest in the companies and that those interests are currently held by a Trusts.

However, Mr. Adongo says, the reverse is the truth at the Registrar Generals’.

 “My checks at the Registrar General’s Department as at two weeks ago was that Black Star Brokerage is owned by a holding company called Black Star Holdings Ghana Ltd. Black Star Holding is owned 95% by Charles Adu Boahen and 5% by his brother, Christopher Adu Boahen,” Adongo revealed 

“And he appeared before us and said he has transferred his shares to a Trust. That is lying under oath. I checked this after he came to Parliament to be vetted and I can confirm that not a share has been transferred to anyone.” 

In respect of Ken Ofori-Atta and his Databank, Adongo again reveals that Mr. Ofori-Atta is still holding on to his shares in Databank as its founder.

“I have also checked, at the same time that Data Bank and its initial shareholders who contributed about Ghc230, 000 to form Data Bank, the shares are still in their names, it is not transferred to a Trust; he lied to us in 2017 that he has transferred to a Trust, came and lie again in 2021 that he has transferred to a Trust. I am telling you all those are lies and the records are at the Registrar General’s Department,” Hon. Adongo said.

The Finance Ministry had in a statement explained that the two had shed their shares in the companies. The two had subsequently told Parliament’s Appointments Committee before which they were being vetted that they had transferred their shares to Trusts.

In 2017, Ofori-Atta had claimed that he had transferred his shares in the company to a Trust.

Meanwhile, Adongo had fingered Adu Boahen for using his company to deliberately break company laws in Ghana as part of its sharp practices to keep the ownership of the company in shrouds. 

“In any case, the new companies Act 992, makes it clear that it is an annual requirement for companies to file beneficial ownership of their companies, how come they have not filed? The shares are still in the names of Charles Adu Boahen and Christopher Adu Boahen.”

In May, the Bolga Central Lawmaker had revealed that Finance Minister, Ken Ofori-Atta, and his former Deputy and now Minister of State in charge of Finance, had had their companies listed as financial advisors for Government’s borrowing program worth some Ghc60billion

And as advisors, the companies of the two would get to share in a Ghc210million pile of fees that will accrue from serving as bond market advisors to the government.

Hon. Adongo pointed out that given that the two head the Finance Ministry which awarded them the contracts, it effectively means they had awarded themselves the contracts, decrying the conflict of interest involved.