Terkper slams Bawumia over ‘secret’ $250m Eurobond fund

The Minister of Finance, Seth Emmanuel Terkper, has lashed out at Vice Presidential Candidate of the New Patriotic Party (NPP) Dr Mahamudu Bawumia for peddling a “technically deficient” statement about proceeds from Ghana’s $1.5 billion Eurobond.

Addressing students of Accra Polytechnic last week, Dr Bawumia accused government of stashing $250 million of the fund for 2016 campaign purposes.

But reacting to Dr Bawumia’s assertion, Mr Terkper on Monday, May 9 described the statement as “factually wrong, technically deficient and gives a wrong impression to both the Ghanaian public as well as to our international investors and development partners”.

He said the funds from the Eurobond are intact and have been invested in the name of the Ghana Infrastructure Investment Fund (GIIF).

“We wish to assure all Ghanaians that the seed money as well as other flows that were moved to the commercial bank is intact and earning interest and for the avoidance of doubt it is in the name of GIIF.”

The Finance Minister pointed out that plans are far advanced to invest funds lying idle in order to earn some capital for the country.

“If Ghana is to move on, I am saying that the money which is sitting in the commercial bank is for you and for me as taxpayers and I don’t think it is prudent for me to allow that money to be sitting there for a bank – whether government bank or private bank – to invest and earn interest at our expense whereas we can place the money at a minimum call or invest in known government securities when the funds are not being utilized.”