The Member of Parliament representing Bawku Central, Mahama Ayariga, has filed a legal action against the Finance Minister, Ken Ofori-Atta, challenging the legality of the establishment of the Ghana Financial Stability Fund (GFSF).
Ayariga argues in his lawsuit that the GFSF was formed without the necessary parliamentary approval, thereby violating the Constitution of Ghana.
He is seeking a court order directing the Ministry of Finance to establish the fund through a specific Act of Parliament.
Additionally, Ayariga is requesting the court to prohibit the Ministry of Finance from implementing or utilizing the existing “Operational Framework of the Ghana Financial Stability Fund (GFSF)” for fund administration, disbursement, withdrawal, or recovery.
The relief packages sought by the MP include an order for the Ministry of Finance to establish the GFSF through an express Act of Parliament, outlining legal stipulations for administration, fund disbursal, and recovery procedures in accordance with relevant constitutional articles.
Ayariga had previously criticized the Finance Minister for establishing the GFSF without parliamentary approval and has urged the World Bank and the International Monetary Fund (IMF) to withdraw their support for the fund.
In a letter to the World Bank, he requested them not to endorse the unconstitutional and illegal establishment of the GFSF by the Minister of Finance, citing legislative unauthorized mechanisms and the involvement of an unconstitutional body called Ghana Amalgamated Trust Plc (GAT).
Ayariga contends that the IMF and the World Bank would be acting in clear violation of the 1992 Constitution of Ghana if they support or are party to such an arrangement.
