Mahama Ayariga sues finance minister over Ghana Financial Stability Fund

In a legal development, the MP for Bawku Central, Mahama Ayariga, has taken the Minister of Finance, Ken Ofori-Atta, to court over the establishment of the Ghana Financial Stability Fund (GFSF). Ayariga contends that the fund was instituted without the required parliamentary approval, a move he deems unconstitutional.

Ayariga’s legal action seeks to compel the Ministry of Finance to establish the Ghana Financial Stability Fund through an express Act of Parliament, outlining specific legal provisions governing its administration, fund disbursement mechanisms, and procedures for fund recovery, in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana.

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The relief packages outlined in Ayariga’s lawsuit, as reported by citinewsroom.com, include “An order directing the Ministry of Finance to establish the Ghana Financial Stability Fund (GFSF) through an express Act of Parliament.”

Additionally, Ayariga is requesting the court to prohibit the Ministry of Finance from implementing or utilizing the current operational framework of the GFSF, arguing that it is both illegal and unconstitutional.

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This legal move follows Ayariga’s previous criticisms of Finance Minister Ken Ofori-Atta for establishing the GFSF without obtaining parliamentary approval. The MP has consistently raised concerns about the fund’s legality, and now, he has taken concrete steps to challenge its establishment through the judicial system.

Ayariga’s concerns extend beyond the domestic sphere, as he has called on international financial institutions, specifically the World Bank and the International Monetary Fund (IMF), to withdraw their support for the fund. In a letter, he stated, “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.”

As this legal battle unfolds, it raises important questions about the constitutional processes surrounding financial initiatives in Ghana and the role of parliamentary approval in establishing crucial funds such as the Ghana Financial Stability Fund.

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