The Supreme Court, has adjourned judgement in the case filed by the Member of Parliament for Bawku Central, Mahama Ayariga, against the former Finance Minister, Ken Ofori-Atta, challenging the legality of the establishment of the Ghana Financial Stability Fund. Judgement which was set for Wednesday March 13, has now been adjourned to May 8.
The panel, presided over by the Chief Justice, Justice Gertrude Torkornoo, said the judgement, was not ready and could not be delivered as scheduled. Meanwhile, Justice Torkornoo was unhappy with the absence of the plaintiff, Mr. Ayariga, and has cautioned about awarding a huge fine against any MP who fails to be present for hearing in matters filed by them and in which judgment goes against them.
In his suit which was filed in November 2023, Mahama Ayariga, argued that the establishment of the Ghana Financial Stability Fund without parliamentary approval, violates of the Constitution of Ghana.
The MP for Bawku Central, therefore, is asking the Supreme Court, for reliefs including a declaration that the establishment of the Ghana Financial Stability Fund through administrative fiat issued by the Ministry of Finance and Economic Planning is illegal and unconstitutional.
He says it violates the provisions of articles 175, 176, 178, and 179 of the 1992 Constitution of Ghana. A declaration that the Ministry of Finance use of opaque and unscrutinised mechanisms for the administration and disbursal of funds of the Ghana Financial Stability Fund, without the necessary authorization by an express Act of Parliament in accordance with articles 175, 176, 178, and 179 of the Constitution, is in clear disregard of the 1992 Constitution of Ghana.
Declaration that the mechanisms provided for in the Operational Framework of the Ghana Financial Stability Fund, for the withdrawal and recovery of funds is an attempt to evade legal and constitutional scrutiny in clear violation of articles 93(2) and 108, and and should not be recognized as valid.
An order directing the Ministry of Finance to establish the Ghana Financial Stability Fund through an express Act of Parliament, outlining clear legal stipulations regarding its administration, mechanisms for disbursing funds, and procedures for fund recovery, in accordance with articles 93(2), 108, 175, 176, 178, and 179 of the Constitution of Ghana.
An order injuncting the Ministry of Finance from implementing or utilizing the current “Operational Framework of the Ghana Financial Stability Fund for the administration, disbursement, withdrawal, or recovery of funds, as it is illegal and unconstitutional.
An order directing the Ministry of Finance to adhere to the constitutional requirements for establishing public funds, as specified in the Constitution of Ghana 1992, in any future establishment or operation of the Ghana Financial Stability Fund. The Apex Court returns to sit on May 8, 2024 with its decision on the matter.
