The Supreme Court has adjourned to May 8, judgement on a suit filed by MP for Bawku Central, Mahama Ayariga, against former Minister of Finance Ken Ofori-Atta challenging the legality of the establishment of the Ghana Financial Stability Fund.
Judgement on the case was set for today March 13, 2024 but the court said it was not ready and could not be delivered as scheduled. Chief Justice Gertrude Torkornoo who chaired the panel of judges was unhappy with the absence of the plaintiff Mr. Ayariga who she said has never shown up in court after filing the process.
She warned to award costs against the MP should the judgment go against him.
According to the suit filed in November 2023, Mr Ayariga, argues that the establishment of the Ghana Financial Stability without Parliamentary approval violates the Constitution.
The Bawku Central MP is therefore asking the Supreme Court for reliefs including a declaration that the establishment of the Fund through administrative fiat issued by the Ministry of Finance and Economic Planning is illegal and unconstitutional as it contravenes articles 175, 176, 178, and 179 of the Constitution.
He also wants a declaration that the Ministry of Finance’s 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 the said Constitutional provisions is in clear disregard of the Constitution.
He is praying for 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 the Constitution.
Mr Ayariga is further praying the apex court to injunct the Ministry of Finance from implementing or utilizing the current Operational Framework of the Ghana Financial Stability Fund as it is illegal and unconstitutional.
