Private legal practitioner, Martin Kpebu, has tongue-lashed government for elbowing Togbe Afede’s Strategic Africa Securities and replacing it with the Black Star Brokerage, a company owned by Minister of State at the Finance Ministry, Charles Adu Boahen.
According to him, Charles Adu Boahen’s company had next to zero market share at the time it was made part of government’s bond acquisition and sale process.
He wondered how Adu Boahen’s company qualified to be a part of the bond acquisition and sale process, stating that, Black Star Brokerage in 2017 was a very small company with no market share.
Martin Kpebu also dared the Finance Ministry to make public how Black Star Securities got the clearance to involve itself in the Eurobond market from 2017.
Speaking on News File on Saturday, August 20, 2022, and monitored by GhanaWeb, the legal luminary said, “Black Star Securities had next to zero market share at the time they were made part of this whole bond acquisition and sale process…I am daring the Finance Ministry, they should show us Black Stars Security’s trading share in 2017. How did they qualify?”
“Adu Boahen was walking here with a very small company in his armpit. The company was next to nothing so they should show. What are the statistics in 2017 at the time they came into office…” Martin Kpebu stated.
Government in 2017 terminated a contract for Eurobond bookrunners, after a two-year contract started under the John Mahama government expired.
In the process of reconstituting the bookrunners, all three previous companies were replaced through a process that lawyer Martin Kpebu has described as a ‘mafia game.’
According to him, Finance Minister, Ken Ofori-Atta, put processes in place to allow a fairly new company belonging to his then deputy, Charles Adu Boahen, to be appointed despite there being more experienced industry players.
The three companies that lost their place were: Togbe Afede’s Strategic Africa Securities, SAS, Stanbic Bank and Barclays Bank.