Mahama Ayariga, Member of Parliament for Bawku Central, has filed a lawsuit against Finance Minister Ken Ofori-Atta, questioning the legitimacy of the formation of the Ghana Financial Stability Fund (GFSF).
According to Mr. Ayariga, the GFSF was founded without parliamentary authority, which violated Ghana’s Constitution.
He is requesting a court order requiring the Ministry of Finance to create the Fund through an explicit Act of Parliament.
The Bawku Central MP further requests that the court stop the Ministry of Finance from adopting or utilizing the present.
“An order directing the Ministry of Finance to establish the Ghana Financial Stability Fund (GFSF) through an express Act of Parliament, outlining clear legal stipulations regarding its administration, mechanisms for disbursing funds, and procedures for fund recovery, in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana,” Ayariga asked in the writ.
Earlier, Mahama Ayariga chastised the Finance Minister for establishing the Ghana Financial Stability Fund (GFSF) without legislative consent.
Ayariga has also asked the World Bank and the International Monetary Fund (IMF) to stop supporting the fund.
“I write to request the World Bank (WB) and the International Monetary Fund (IMF) country offices in Ghana not to lend your support to the unconstitutional and illegal attempt by the Minister of Finance and Economic Planning (Mr. Ken Ofori Atta) to establish a Ghana Financial Stability Fund (GFSF) using mere guidelines and putting it under the administration of an illegal and unconstitutional body known as Ghana Amalgamated Trust Plc (GAT) based on opaque and legislatively unauthorized management and disbursement mechanisms.”
“The International Monetary Fund (IMF) and the World Bank will be acting in clear violation of the Constitution of Ghana of 1992 if they lend their support to this arrangement or are in any way a party to it,” he said in his letter to the World Bank.”