Mahama Ayariga sues Ofori-Atta over GFSF

Bawku Central MP, Mahama Ayariga, has filed a lawsuit against Ghana’s Finance Minister, Ken Ofori-Atta, concerning the establishment of the Ghana Financial Stability Fund (GFSF). Ayariga asserts that the Finance Minister’s use of unchecked methods in managing the Fund goes against Ghana’s 1992 Constitution.

In Ayariga’s writ submitted to the Supreme Court on November 15th, he seeks several reliefs, including a declaration that the GFSF is both illegal and unconstitutional. Ayariga asks the court to compel the Finance Minister to present the GFSF to Parliament for proper examination. The filed writ states, “Declaration that the establishment of the Ghana Financial Stability Fund (GFSF) through administrative fiat issued by the Ministry of Finance and Economic Planning is illegal and unconstitutional, as it violates the provisions of articles 175, 176, 178, and one 179 of the 1992 Constitution of Ghana.” Additionally, Ayariga requests a declaration that the “Ministry of Finance’s use of undisclosed and unexamined mechanisms for the administration and disbursement of funds from the GFSF, without explicit authorization by an Act of Parliament, blatantly disrespects Ghana’s 1992 Constitution, as detailed in articles 175, 176, 178, and one 179.” Ayariga has taken further action by submitting a petition to the World Bank and the International Monetary Fund (IMF), urging them not to support the Ghana Financial Stability Fund (GFSF).

Ayariga argues that the GFSF is unconstitutional and illegal, thus advocating against endorsement of the fund by these global financial institutions. In a letter addressed to the local offices of the World Bank and IMF in Ghana, Ayariga emphasizes that the GFSF has not undergone parliamentary scrutiny or received subsequent approval, rendering it ineligible for support from these international entities.