The Finance Ministry has rejected accusations that Databank and Black Star Brokerage have been appointed as its advisors.
It rebuttal followed calls by Member of Parliament for Bolgatanga Central, Isaac Adongo, to reject the nomination of the Minister of State at the Ministry of Finance, Charles Adu Boahen in the ongoing vetting of Deputy Ministerial nominees.
Mr Adongo had alleged that Mr Boahen’s private firm Black Stars Brokerage, Databank and other advisory firms have made GH¢856 million in fees on Ghana’s loans since 2017.
He also claimed that the conflict of interest makes minister of state nominee unfit for the role.
However, the Finance Ministry in a statement explained that Databank and Black Star brokerage are 2 out of 9 firms that have been selected by the Bank of Ghana and the Ministry of Finance as bond market specialists and not advisors to the ministry.
The Ministry further indicated that the two firms were selected based on their historical performance in the bond market.
According to the statement, the Ministry of Finance, the Minister and his deputies have no hand in the selection process of these firms.
It added that the process cannot also be subject to manipulation as it’s based solely on historical data of trading and performance.
The Ministry also said that the key criteria for the selection of nine companies were based on secondary market fixed on income trading operations, meritocracy and ensures transparency and performance.
They also dismissed the claim that the three advisors including Databank and Black Star stand to make GH¢210 million.
