I don’t benefit from gov’t borrowing – Adu Boahen

The Minister of State nominee at the Ministry of Finance has debunked claims that he still has dealings with his Black Star Brokerage Advisors company.

Charles Adu Boahen said he resigned from the company in 2017, and has since stopped all engagements with the said company.

He was responding to a concern raised by the National Democratic Congress (NDC) MP for Bolgatanga Central, Isaac Adongo, about the conflict of interest situation that could possibly make Adu Boahen unfit for the position.

This was during the vetting of ministerial appointees in Parliament on June 2.

The Bolgatanga Central MP said the nominee’s company is one of the two companies currently hired as transaction advisors and book-runners for government loans.

At a press briefing prior to Wednesday’s vetting, Mr Adongo urged the nominee to withdraw his company deals with the government or risk rejection.

The MP mentioned that private firms associated with the nominee including Black Star Advisors, Data Bank and other advisory firms had made GH₵856 million in fees on Ghana’s loans since the New Patriotic Party (NPP) assumed office.

“The reason we are borrowing 60 billion, 70 billion, and 280 billion is not because Ghana needs it, but because some people need the money. Ken Ofori-Atta and Charles Adu Boahen benefited from that money through the fees they get for their company.

“I am calling on them as a matter of conscience to withdraw those companies immediately. As for Charles Adu Boahen who is due for vetting, I want him to do the honourable thing and withdraw Black Star Brokerage Advisors before Wednesday.

“I want to assure them that this particular activity, I will not relent on it, and I am going to the extent of petitioning the IMF and the World Bank, I will also petition the International Investor community and CHRAJ to look into this,” Mr Adongo had vowed.

But Mr Adu Boahen, appearing before Parliament’s Appointment Committee said there was no truth to the said claims and should be disregarded.

He insisted that he had no influence over the business dealings of the brokerage since 2017.

“Mr Chairman, as I mentioned earlier, I resigned from the board and management of Black Star Advisors in 2017. I have no role and I do not participate in their business dealings,” he stressed.

He explained that his firm, Black Star, was selected as one of the advisors to the international markets programme which includes the issuance of the Eurobond.

Mr Adu Boahen maintained that his appointment was purely based on merit.

He, therefore, urged the appointment committee to give him the green light to assume office, adding that there will be no conflict of interest.