The Member of Parliament (MP) for Bawku Central, Mahama Ayariga, has initiated legal action against the Finance Minister, Ken Ofori-Atta, challenging the legality of the Ghana Financial Stability Fund (GFSF).
In the suit, Mr Ayariga contends that the establishment of the GFSF was executed without parliamentary approval, a violation of the Constitution of Ghana.
Mr Ayariga is seeking a court order directing the Ministry of Finance to establish the Ghana Financial Stability Fund through an express Act of Parliament.
He asserts that such an Act should outline clear legal stipulations regarding the fund’s administration, mechanisms for disbursing funds, and procedures for fund recovery, aligning with constitutional provisions.
The MP is also requesting the court to enjoin the Ministry of Finance from implementing or utilising the current “Operational Framework of the Ghana Financial Stability Fund (GFSF)” for the administration, disbursement, withdrawal, or recovery of funds, deeming it illegal and unconstitutional.
According to the court documents, Mr Ayariga is seeking relief packages including an order for the establishment of the GFSF through an express Act of Parliament, in accordance with constitutional articles.
Additionally, he is seeking to prevent the implementation of the current operational framework, which he argues lacks legal standing.
Mr Ayariga had previously criticised the Minister of Finance for establishing the GFSF without parliamentary approval.
Meanwhile, the Bawku Central MP has called on the World Bank and the International Monetary Fund (IMF) to withdraw their support for the fund.
In a letter addressed to the World Bank and the IMF, Mr Ayariga implored them not to support what he deems an unconstitutional and illegal attempt to establish the GFSF.
He warned that such support would constitute a clear violation of the Constitution of Ghana, urging the international institutions to refrain from involvement in the disputed arrangement.
