Your write up has not answered the question of conflict of interest. The Finance minister is seriously compromised in this sale. He must examine his position and do the honourable thing by resigning. But in Ghana we know that ... read full comment
Your write up has not answered the question of conflict of interest. The Finance minister is seriously compromised in this sale. He must examine his position and do the honourable thing by resigning. But in Ghana we know that his will never happen. In more civilised countries this will never happen, but if it did, resignation or dismissal is the obvious consequence.
nimdee2k 7 years ago
Nancy Pelosi didn't resign. Ibrahim Mahama didn't resign.
Nancy Pelosi didn't resign. Ibrahim Mahama didn't resign.
Stormborn 7 years ago
Hey dude or babe. What's good? 4 whole months gone! 4 months!!! If you can, why not? If I told U each 5 mins, U have the potential to pick at least N5000 ($15) from a walk-in customer for that smartphone or tablet fix, will U ... read full comment
Hey dude or babe. What's good? 4 whole months gone! 4 months!!! If you can, why not? If I told U each 5 mins, U have the potential to pick at least N5000 ($15) from a walk-in customer for that smartphone or tablet fix, will U still be home idle? Very common with this business! Learn today. Get " Mobile Phones & Tablets Repairs : A Complete Guide for Beginners and Professionals " from Amazon marketplaces, Barnes & Noble, eBay etc. Sure bet!
Col Q 7 years ago
The NPP is expert in legalizing corruption and deception because they have the necessary judiciary powerbase and support!But no bloody fears (paanu nsro)they will fall into their own dugout traps as usual! Time will tell and ... read full comment
The NPP is expert in legalizing corruption and deception because they have the necessary judiciary powerbase and support!But no bloody fears (paanu nsro)they will fall into their own dugout traps as usual! Time will tell and this time around we would not wait too long! They are sooooo desperate to recover their loses during the long opposition years that they throw away all caution and advice to persue their nefarious plans! We are watching and waiting!
Citizen 7 years ago
First lie you told mr writer is to assume that the mahama government took a loan at 25%. Let's stop the lies in this country. The last euro bond the government went for was at about 10% and the NPP went on ranting about how ... read full comment
First lie you told mr writer is to assume that the mahama government took a loan at 25%. Let's stop the lies in this country. The last euro bond the government went for was at about 10% and the NPP went on ranting about how it was astronomically high
Second lie is how NPP is making it look like FT is doing Ghana a favour. WOW!!!. For Christ sake, FT is an investment fund meaning they take money from their clients in the US and offer them to invest it in financial instruments to make them super Profits. FT is no charity organisation!!!
You sell local bonds at an interest rate of 19% to pay back the interest and principal in cedis. FT brings in dollars, changes it into cedis and buys your local bonds.
After maturity, FT takes cedi principal and interests and converts it to dollars to be given back to their clients.
So in effect FT is betting on an appreciated cedi to make their supernatural PROFITS. There is no win scenario here for Ghana my people. If Ghana struggles to appreciate the cedi, FT cashing in on their profits alone will send the cedi on a fast depreciation spree.
Assuming FT brought in 2 billion dollars in march at an exchange rate of 4.8. FT thus has cedis of 9.6 billion worth of local currency bonds. Assuming after a year of maturity, FT has 9.6 billion plus an interest of 1.9 billion cedis totalling 11.5 billion. Now assuming the interest rate of today is applied (4.15), FT will have 2.77 billion dollars.
Now let us take their initial principal of 2 billion dollars and find the actual interest recieved by FT. This actually amounts to 38.5 % !!!!!!!!!!!!!!!!!!
Honourable Ken ofori atta is playing a very risky game and running Ghana like his personal investment fund.
The only way Ghana can gain and for FT to loose is for out cedi to depreciate.
And who has given FT the information that our cedi will appreciate?? With the SANKOFA fields coming into production, this government will see some inflows of foreign currency and this money is in fact just going to go into the pockets of FT.
NPP have clearverly executed the biggest version of Create, Loot and Share in the history of the Republic.
God save us from these crooks !!!!
No Need 7 years ago
NDC contracted bad loans? What is the name of Holy Mary are you talking about? What is a "bad loan"?
If you can talk about saving Ghana millions or "far lower interest", then at least tell us what the yield on the debt is. ... read full comment
NDC contracted bad loans? What is the name of Holy Mary are you talking about? What is a "bad loan"?
If you can talk about saving Ghana millions or "far lower interest", then at least tell us what the yield on the debt is. Do you even know that?
Alex 7 years ago
You have made my day with this excellent piece. Stay blessed.
You have made my day with this excellent piece. Stay blessed.
Kk 7 years ago
Stop the serious lies to make the bond look like a miracle to save Ghana. Which bond gets sold secretly to a sole company in 2 days at 25% interest rate with dollars from western economy where interest rate are less than 6% f ... read full comment
Stop the serious lies to make the bond look like a miracle to save Ghana. Which bond gets sold secretly to a sole company in 2 days at 25% interest rate with dollars from western economy where interest rate are less than 6% for such bonds. So this bad deal costing Ghana over 20% more for 15 years. This is looting Ghana for our Finance Minister who is the owner of the company that bought over 95% of the bonds - what is conflict of interest? Why did the writer failed to comment on all these aspect of this criminal bonds? Why did he write like the bonds was saving Ghana money? Stop the lies. The Minister and his looting gang should be arrested and jail for causing finical loss to Ghana.
For the record, i will like to note that i have always personally admired Ken Ofori-Atta quite a bit for all his hard-work and accomplishments. However, citizens of the country need to be informed of the facts. Seeing that i am just beginning my Forensic Economics investigation into this incident, the most profound observations that immediately occur to me are:
Conflicts of interest: The company that represented the single largest investor in this transaction was also personally affiliated to the current Finance minister through his wife and personal business partner.
Political crime: An argument could be made that the actors involved in this transaction, who are all mostly affiliated with the current administration, engaged in this ruse, in order to help them strengthen their political interests, at the expense of the citizens and other parties.
Insider trading: Considering the fact that this bond transaction doesn’t seem to have been fairly valuated as per current market conditions and comparable valuations, it is likely proper due diligence might not have been conducted.
Financial crime and malpractice: And since it it likely that Enterprise Group made money from this transaction, that will in itself, constitute a textbook case of Financial crime and malpractice.
Your write up has not answered the question of conflict of interest. The Finance minister is seriously compromised in this sale. He must examine his position and do the honourable thing by resigning. But in Ghana we know that ...
read full comment
Nancy Pelosi didn't resign. Ibrahim Mahama didn't resign.
Hey dude or babe. What's good? 4 whole months gone! 4 months!!! If you can, why not? If I told U each 5 mins, U have the potential to pick at least N5000 ($15) from a walk-in customer for that smartphone or tablet fix, will U ...
read full comment
The NPP is expert in legalizing corruption and deception because they have the necessary judiciary powerbase and support!But no bloody fears (paanu nsro)they will fall into their own dugout traps as usual! Time will tell and ...
read full comment
First lie you told mr writer is to assume that the mahama government took a loan at 25%. Let's stop the lies in this country. The last euro bond the government went for was at about 10% and the NPP went on ranting about how ...
read full comment
NDC contracted bad loans? What is the name of Holy Mary are you talking about? What is a "bad loan"?
If you can talk about saving Ghana millions or "far lower interest", then at least tell us what the yield on the debt is. ...
read full comment
You have made my day with this excellent piece. Stay blessed.
Stop the serious lies to make the bond look like a miracle to save Ghana. Which bond gets sold secretly to a sole company in 2 days at 25% interest rate with dollars from western economy where interest rate are less than 6% f ...
read full comment
FROM ANNANG TAWIAH'S WEBSITE
https://anangtawiah.com/2017/04/18/economic-crime-analysis-ghanas-recent-2-2b-bond-sale-templeton-global-bond-enterprise-group-et-al/
Conclusion:
For the record, i will like to note that ...
read full comment