Story: News Desk 

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

In his suit, Ayariga argues that the GFSF was established without parliamentary approval, in violation of the Constitution of Ghana.

He is seeking an order directing the Ministry of Finance to establish the Fund through an express Act of Parliament.

Ayariga is also praying the court to injunct the Ministry of Finance from implementing or utilizing the current “Operational Framework of the Ghana Financial Stability Fund (GFSF) for the administration, disbursement, withdrawal, or recovery of funds.”

The MP’s reliefs packages include: “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.”

An order injuncting the Ministry of Finance from implementing or utilizing the current “Operational Framework of the Ghana Financial Stability Fund (GFSF) for the administration, disbursement, withdrawal, or recovery of funds, as it is illegal and unconstitutional.”

Mahama Ayariga had earlier criticized the Minister of Finance for establishing the Ghana Financial Stability Fund (GFSF) without parliamentary approval.

Ayariga has also called on the World Bank and the International Monetary Fund (IMF) to withdraw their support for 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 party to it,” he said in his letter to the World Bank.