He’s a Harvard skilled don, deified and deemed religious, reliable, dynamic, down-to-earth, decisive, and the very definition of dexterity in economics and improvement.
Certainly, because the doyen, he directs, dictates, decides and does any deed he wishes at his Ministry. A darling proudly displayed as a faithful and distinguished disciple of our expensive President.
Meticulous about deliverables, he digs and delves deep into deeds, dockets, and different paperwork on his desk from daybreak to nightfall. It’s stated he drinks debenture and devours depreciation every day.
The don dislikes disproportionate money owed with lethal dissatisfaction. He calls for devotion, dedication, diligence from all and decries any dishonourable deeds.
Like a sniff canine, he’s deeply dreaded from a distance by deviants and dragons who dabble in harmful, devilish offers.
It’s stated he can dig, detect, and dissect doubtful deeds. Nobody who dents stability sheets and defile bonds dares draw close to his den.
Disproportionate money owed with devastating results he detests with lethal drawn swords.
In the event you default in any manner, the day he comes your manner, you’d don’t have any manner or say however to pay to keep away from falling prey and being flayed.
Why this investigation?
Tiger Eye investigates the highs and the mighties. This time, our cameras infiltrated the impermeable underworld of the handlers whose seals make the offers that make Ghana enticing for traders or not.
Many experiences have cited corruption because the primary killer of investor confidence in Ghana. The banking sector disaster additional exacerbated the already fragile state of affairs of investor confidence.
Who’re these making Ghana unattractive for funding? What’s their modus operandi? The place do they function from? Tiger Eye penetrates and exposes the handlers who reduce offers on the expense of the state.
The ‘confessions’ and expose
Charles Adu Boahen, Minister of State in command of Finance on the Workplace of the President, has revealed to Tiger Eye that the Vice President, Dr Mahamadu Bawumia, wants simply USD200,000 token as an look charge and a few positions by an investor for the Vice President’s siblings to get his backing and affect in establishing a enterprise in Ghana.
This revelation was made in a gathering with Tiger Eye investigators, who in an undercover investigation, posed as businessmen, in a resort room within the United Arab Emirates. This was an investigation into top-level corruption that undermines investor confidence in Ghana.
In accordance with Charles Adu Boahen, the Vice President wants an look charge of solely USD 200,000 for him to avail himself and provide his assist to an investor.
This was when he was requested by the supposed businessmen on how an investor can get the eye of the Vice President and what have to be given to him when lastly in his presence.
“You imply, like look charges and stuff? I imply he, himself (the Vice President), if you happen to give him some (USD) 200,000 or one thing as a token, as thanks, appreciation, that’s positive. He’s not likely, he’s not likely (like) that. All he wants is to fret about his marketing campaign cash in 2020,” Charles Adu Boahen revealed.
He added that, an investor should additionally contemplate alternatives for the siblings of the Vice President for his full assist, aside from the USD200,000 look charge token to him.
“So, if you happen to include 3 or 4 initiatives and also you say, we’re doing this, we’re doing that, (and) we’re ready to jot down a cheque for this, write a cheque (for that). You see, he has a giant household. (The) Vice President has about 5 or 6 brothers and sisters.
So, what could also be, will occur is; if you happen to inform him (the Vice President) that, hey, look, I wish to do that undertaking, do you’ve any individual that I can work with that you’ll introduce me to? After which, you understand, he (the Vice President) will use that to instantly put his brother to work with us on a specific undertaking. That’s how we’d have the ability to work with him (the Vice President).
You recognize what I imply? You see what I’m saying? And the event of his companies,” the Minister of State in command of Finance within the Workplace of the President added.
Adu Boahen, after having bundles of US {dollars} unfold on a desk in entrance of him and advised to make use of it for purchasing by the supposed enterprise tycoon, promised to introduce the tycoon to the powers that be; the President, HE Nana Addo Dankwa Akuffo-Addo, and the Vice President, in Ghana.
This, in response to Adu Boahen, will make them, the supposed entity and tycoon, influential when they’re within the nation to ascertain their companies.
He additionally emphasised how simple it could be for him to introduce the supposed businessmen to the President at some extent of their transactions. He defined that the President was his late father, the late Professor Adu Boahen’s former marketing campaign supervisor. He additionally claimed that the President is his uncle.
“The President himself can also be, like my uncle. He was my father’s marketing campaign supervisor when my father was working for workplace. So, he may even (are available in).”
He, nevertheless, concluded that the Vice President is an important energy to be launched to within the banking enterprise, subsequently the one to satisfy.
“However you understand (that) on the operational stage, the Vice President is the one who handles every thing. So, he’s the man we should always go and meet.”
This was when he was requested about how he could lead on ‘the enterprise tycoons’ to the highly effective individuals in Ghana who may give them affect whereas they function in Ghana.
“Wonderful. Wonderful. You recognize, I used to be simply telling (that) Isaac, that I’ve to introduce you to the Vice President. (The) Vice President is an excellent man and he was once the Deputy Governor of Financial institution of Ghana. So, if I inform him you wish to come and open a financial institution, he’ll want it that manner.
As quickly as you possibly can, I’ve to introduce you. As a result of you understand, even when I’m going to deal with one thing like this, he’s any individual that I’ve to herald at some stage, even when not the entire particulars. As a result of, you understand it can be crucial that you just get to know him,” Charles stated.
When requested on the assembly what would be the price for him, Charles Adu Boahen, to cause them to make investments with about 500 million (US) {dollars} in Ghana, he stated that he’ll take 20% of the quantity that will likely be invested as fee for his providers.
“Okay. No drawback. Okay, let me take into consideration that as a result of (I) assume we are able to handle one thing. Okay. Hm! That is powerful. Sheik, what’s the best handle? What ought to I name you? Okay, Sheik. Sheik, 20%,” he lastly stated.
This was after he had given the supposed entrepreneurs the choices of both giving him a share earlier than the work is finished and the returns from this share will likely be his alone. Or simply giving him a finance charge and share the returns made within the funding with him.
Charles, in the identical occasion, advised the supposed enterprise magnates that he solely takes monies he has labored for. As an alternative of direct money, he supplied up choices for the businessmen to plug cash into his actual property enterprise.
“Let me provide you with an instance. I personal myself a Actual Property firm, so, we’re into Actual Property. So, we simply completed an workplace block. … I don’t wanna (wish to) earn a living that I haven’t labored for it. You recognize, I consider in working for cash. If let’s say we wish to do inexpensive housing initiatives which might price $15 million, you possibly can are available in and share that with me. In the event you convey the entire $15 million for the undertaking, you possibly can earmark 20% of that $15 million as mine, and no matter returns I make on that 20%, I hold. Otherwise you put the cash to work and provides me a ten% finance charge, after which give me share of no matter returns on the undertaking as effectively. We usually would make a return of perhaps 25% returns, 30% greenback fairness charge, after we do initiatives like that. So, it’s as much as you and the way (what) you might be comfy (with) and the way you wish to work,” he stated as he gave these choices.
He additionally tried to foyer for the supposed entity to purchase a Debt Instrument (Bond) however was not profitable as ‘the enterprise magnates’ weren’t concerned with that.
“However you aren’t allowed to purchase any debt instrument? You recognize, we subject bonds. You recognize we simply issued this power bonds. Is he allowed to; can you purchase bonds?”
The money and President’s minister
In spite of everything is claimed and accomplished, the excited Minister of State in command of Finance on the Workplace of the President, on the sight of bundles of US {Dollars} on the desk for his purchasing began spewing quite a lot of “thanks and we are going to do quite a lot of purchasing” in appreciation. He pointed to the money asking whether or not he can pack them into the black polythene bag added to the money. Charles, after selecting the black polythene bag, shaking it to open up and with the velocity of sunshine packed all the cash into it with smiles throughout his face. He picked up his file and different paperwork and added them to the polythene bag and left the room.
In the meantime, Tiger Eye spoke with Dr Gideon Boako, the Financial Advisor and Spokesperson on the Workplace of the Vice President, on whether or not there was an occasion the place the Vice President has approved or mentioned with anyone to solicit for funds for his political ambitions or an look charge/token for an investor to satisfy with him, the Vice President.
Dr Gideon Boako in response, advised Tiger Eye that, there has not been any such occasion or occasion to that impact as finest as he can keep in mind.
“So, on high of my head and having been with him carefully, I’ll say no. I understand how discreet he, the Vice President, is and he’s good and he wouldn’t even dare do such a factor”, Dr Boako remarked.
Similar sequence
On this similar sequence, there was a authorized practitioner who isn’t a public workplace holder in a separate assembly. A senior solicitor and a standard chief, stated he was not within the place to manage or counsel a package deal for the President of Ghana, H.E Nana Addo Dankwa Akufo-Addo and the Vice President, Dr Mahamudu Bawumia, in a gathering in a resort room in United Arab Emirates.
The Barrister advised the Tiger Eye investigators, posed as enterprise tycoons, that he couldn’t manipulate the President to do his bidding. Nonetheless, he’ll attempt to assist them have entry to the President and his Vice and a few influencers to do their enterprise in Ghana.
“I’ll strive. I’ll do my finest. You see we’re speaking of the President, so, I can not inform you that I can management the President however, I can inform you that I’ll do my finest to make sure that no matter that you really want shall be accomplished,” he stated within the dialog.
“You see, I believe it’s a bit too early for me to begin to speak about this stuff. I imply speak concerning the package deal for the President, and so on. For me, Sir, cash is necessary, (however) cash isn’t every thing. It’s the relationship. When we now have a very good relationship, cash will come. So, don’t fear concerning the package deal, we are able to all the time (do this). You’re a good man. So, let’s depart that one out. However in Ghana, whenever you arrange enterprise and also you interact native companions, you, the investor, you will need to retain at the least 75% which supplies you the management. A minimum of, let’s say, talking in respect of the financial institution,” he suggested. He additionally stated he was instrumental within the appointment of Adu Boahene.
Associated improvement
In different tales, the Minister of State in command of Finance, Charles Adu Boahen collectively along with his former boss – the Minister of Finance, Ken Ofori-Atta, have just lately been dealing with quite a lot of backlash from the lots for mismanagement of the financial system. This backlash has worsened to the extent of the lots calling for the sacking of the 2.
80 out of the 137 Members of Parliament from the ruling New Patriotic Social gathering, which these two ministers are members of, have additionally in a Press Convention added their voice to the decision of the lots by urging the President to sack Charles Adu Boahen and Ken Ofori-Atta as a result of poor working of the financial system that has introduced immense hardships upon the individuals.
Charles has additionally just lately been fingered by Non-public Authorized Practitioner, Lawyer Martin Kpebu, for battle of curiosity, favouritism and nepotism for the Finance Minister to make it doable for Adu Boahen’s Black Star Brokerage, to be chosen to switch extra skilled corporations like Strategic Africa Securities, Barclays Financial institution and Stanbic Financial institution on the bond market.
In accordance with the astute lawyer on Pleasure Information’ Information File on August 20, 2022, as on the time (in 2017) Black Stars Securities, was being chosen by the Finance Ministry, it had subsequent to zero market share, was inexperienced and was comparatively small as in comparison with the companies that Black Star was chosen to switch.
However, Adu Boahen, who was on the time deputy to Ken Ofori-Atta, had his personal agency chosen over others who merited the contract.
“Black Star Securities had subsequent to zero market share on the time they have been made a part of this complete bond acquisition and sale course of,” the astute lawyer stated.
“I’m daring the Finance Ministry, they need to present us Black Star Safety’s buying and selling share in 2017. How did they qualify?” he dared and requested the Finance Ministry.
“Adu Boahen was strolling right here with a really small firm in his armpit. The corporate was subsequent to nothing, so, they need to present. What are the statistics in 2017 on the time they got here into workplace,” Lawyer Martin Kpebu stated and queried.
This subject was nevertheless, confirmed when the MoF may solely present the monetary historical past of Black Star Brokerage from 2019 to 2021 and nothing from the yr 2017 when it was chosen over the likes of Stanbic and Barclays banks of their Press Launch.
Keep tuned.
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