Bawku Central MP, Mahama Ayariga, has taken legal action against the Finance Minister, Ken Ofori-Atta, regarding the establishment of the Ghana Financial Stability Fund (GFSF).
Mr Ayariga argues that the Finance Minister’s utilization of unscrutinized methods for managing the Fund violates the 1992 Constitution of Ghana.
In a writ submitted to the Supreme Court on Wednesday, November 15, the former Information Minister is seeking various reliefs, including a declaration that the GFSF is illegal and unconstitutional.
Mr Ayariga is urging the court to compel the Finance Minister to present the GFSF to Parliament for a thorough examination.
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.”
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.”
Mahama Ayariga has already taken further steps by submitting a petition to the World Bank and the International Monetary Fund (IMF), urging them to refrain from supporting the Ghana Financial Stability Fund (GFSF).
Mr. Ayariga says the GFSF is unconstitutional and illegal, hence his advocacy against the endorsement of this fund by the Bretton Wood Institutions.
In a letter directed to the local offices of the World Bank and IMF in Ghana, Mr Ayariga highlighted that the GFSF has not undergone parliamentary scrutiny or received subsequent approval, making it ineligible for support from these international financial entities.
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