The Minister of State-designate for Finance, Mr Charles Adu-Boahen, has stated that the government’s solid management of the COVID-19 pandemic has made it a victim of its own success.
“Under the exceptional leadership of President Nana Addo Dankwa Akufo-Addo, we managed to tackle the pandemic so well that people do not realise how devastating it was and what the potential ramifications could have been,” he stated.
He said the challenges of the economy were due to the harsh times that the country went through last year.
Mr Adu Boahen gave the explanations when he appeared before Parliament’s Appointments Committee Wednesday [June 2, 2021]. He was the first, in addition to two deputy ministers designate, to appear before the committee.
The Minister of State-designate told the committee that he was no longer involved in the running of Black Star Brokerage, which he owns.
Prior to the minister’s vetting, the Member of Parliament (MP) for Bolgatanga Central, Mr Isaac Adongo, had called on the committee to reject him, accusing him of conflict of interest due to the involvement of Black Star Brokerage in the issuance of the country’s bonds.
But when he appeared before the committee, Mr Adu-Boahen said he had resigned from the company in 2017 and had since not engaged in any of its activities.
“As I mentioned earlier, I resigned from the board and the management of Black Star Brokerage in 2017. I have no role and do not participate in its business dealings,” he stated.
Mr Adu Boahen, however, confirmed that his firm, Black Star Brokerage, was selected as one of the advisors to the international markets programme which included the issuance of the Eurobond.
He said in spite of the selection, the company did not participate in the Eurobond issuance and, therefore, did not have any engagement or sign any engagement letter, nor was it paid any fees or did any business with government.
He noted that the appointment of Black Star Brokerage was purely based on merit and stressed that he had no influence over the decision.
“In its current capacity as a bond market specialist, it is operating purely based on performance and I have no influence or say in what it does. It is the responsibility of its management to go out and raise money for government when bonds are issued. They then get paid based on their ability to do so,” he explained.