Member of Parliament for Bawku Central, Mahama Ayariga, has filed a class action suit against the Finance Minister, Ken Ofori-Atta, over the establishment of the Ghana Financial Stability Fund (GFSF).

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He has accused the Minister of Finance, Ken Ofori-Atta, of coming up with a scheme with the potential to deprive private indigenous bank owners of the ownership of their assets.

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Mr. Ayariga contends that the Finance Minister's use of unscrutinized methods in handling the Fund constitutes a violation of the 1992 Constitution of Ghana.

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In a writ submitted to the Supreme Court on Wednesday, November 15, the former Information Minister is pursuing multiple reliefs, including a declaration that the establishment of the GFSF is both illegal and unconstitutional.

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Mr. Ayariga is urging the court to compel the Finance Minister to present the Ghana Financial Stability Fund (GFSF) to Parliament for a comprehensive examination.

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The filed writ states, "Declaration that the establishment of the Ghana Financial Stability Fund (GFSF) through administrative fiat issued by the Ministry of Finance and Economic Planning is illegal and unconstitutional, as it violates the provisions of articles 175, 176, 178, and one 179 of the 1992 Constitution of Ghana."

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The lawmaker further requests a declaration that the "Ministry of Finance's use of opaque and unscrutinized mechanisms for the administration and disbursement of funds from the GFSF, without the necessary authorization by an express Act of Parliament, is a clear disregard for the 1992 constitution of Ghana, as outlined in articles 175, 176, 178, and one 179."

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Supreme-Court-filingDownload

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He earlier petitioned the World Bank and the International Monetary Fund (IMF), not to lend their support to the Ghana Financial Stability Fund (GFSF).

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Mr Ayariga indicated that 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 anyway party to it."

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"Article 192 of the Constitution of the Republic of Ghana states categorically that a “public corporation shall not be established except by an Act of Parliament.” Article 179 recognizes the setting up of public corporations as commercial ventures.  The current arrangement by which the Government of Ghana seeks to use NTHC Ltd to ho

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ld shares in GAT for a commercial venture offends the Constitutional requirement, which vests Government with the authority to only engage in a commercial venture through the medium of a public corporation enacted by an Act of Parliament," he added.

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