Supreme Court dismisses $2.25bn Eurobond suit against Ofori-Atta

The Supreme Court has, in a unanimous decision, dismissed the suit which accused the Finance Minister, Ken Ofori Atta, of procedural error and conflict of interest in the issuance of the $2.25 billion Eurobond.

A seven-member panel presided over by Chief Justice Anin Yeboah, said the suit had been dismissed and details of the ruling would be made available on Wednesday.

The Dynamic Youth Movement of Ghana (DYMOG), in 2018, filed a suit against the Finance Minister, Attorney General and the Commission for Human Rights and Administrative Justice (CHRAJ) for the $2.25 billion bond issuance.

The group, in its suit, argued that Mr Ofori Atta had put himself in a conflict of interest situation because one of the directors of the US-based investment group, Trevor Trefgarne, is also a director of a company owned by the Finance Minister.

In its suit, the group invoked the proper jurisdiction of the Supreme Court to interpret Article 284 of the 1992 constitution which states: “A public officer shall not put himself in a position where his personal interest conflicts or is likely to conflict with the performance of the functions of his office.”

Supreme Court adjourns judgement on ‘controversial’ $2.25b Eurobond to June 4

The reliefs sought by the plaintiff included: (a) A declaration that by going beyond investigations to make a pronouncement (of guilty or otherwise) on the 1st Defendant in respect of the allegation of breach of conflict of interest, the 2nd Defendant has contravened Article 287 of the 1992 Constitution.

(b)A declaration that by interpreting Article 284 of the 1992 Constitution (as disclosed between paragraph 3 of page 127 and paragraph 3 of page 133 of the Report) the 2nd Defendant has contravened Article 130(1)(a) of the 1992 Constitution.

The youth group also sought a declaration that by issuing or overseeing the issuance of the said bonds to Templeton without disclosing his relational interest with a director at Templeton, one Trevor G. Trefgarne, the 1st Defendant had acted in contravention of Article 284 of the 1992 Constitution.