Indexing government scandals one at a time
The Minority in Parliament has lambasted the Akufo-Addo government accusing it of blowing GHc177 million on processes that preceded the issuance of the energy sector bond.
According to the Minority spokesperson on Finance, Cassiel Ato Forson, government spent GHc87 million on administrative expenses, as well as GHc400, 000 on the printing of material for the energy bond roadshow.
“From the cost that I have that the taxpayer is paying; the state is paying the arrangers, the banks, GHc87.5 million. The state is paying legal fees of GHc700, 000; the state is paying the accountant, GHc350,000. Surprisingly, the state is paying administrative expenses of GHc80 million. Overall the state is paying GHc177 million. I think this amount is way too much.”
Mr. Ato Forson argued that, when the $1 billion Eurobond was issued under John Mahama’s administration, the amount spent was way lower than what the current administration is spending.
“This is not the first time the state is raising a bond. The last bond we raised under the Eurobond of $1 billion which translates to about GHc4.4 billion, the total cost was under 0.2 percent. Today, we are seeing a bond that we are raising for about 4 billion and the cost is about 1.77 percent."
Nov. 9, 2017
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