Ofori-Atta Secures Another Ghc1.24billion Public Debt

The borrowing Finance Minister, Ken Ofori-Atta, is piling on the debt and creaming off big time with his private brokerage firm, Databank Financial services, as his latest haul tops a whopping Ghc1.24billion.

The debt instrument is a 6-year bond that was oversubscribed by 24%. 

According to reports the interest rate of 18.80%. and the money secured is expected to finance part of this year’s budget and settle some maturing debts.

The 6-year bond was opened to both resident and non-resident investors according to a report by Accra-based Joy FM.

Already, there are concerns about Ghana’s debt spiralling out of control. Already, the debt burden is a whopping 332.4 billion, almost 77% of GDP.

However, even though concerns have been expressed by both the IMF and the World Bank, Mr. Ofori-Atta only continues to borrow.

Former President Mahama and the MP for Bolgatanga Central, Hon. Isaac Adongo, have pointed out that Ofori-Atta’s addiction to borrowing is due to the fact that his company, Databank benefits anytime he borrows.

He has made Databank a so-called bond market specialist so that anytime the country borrows, particularly on the Eurobond market, his private company gets paid for bookkeeping services that it is supposed to have rendered.

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