Mr. Ayariga’s primary argument is that the GFSF is both unconstitutional and illegal, and, as a result, should not receive the endorsement of the Bretton Wood Institutions. He emphasizes that the GFSF has not undergone parliamentary scrutiny or subsequent approval.

In his letter addressed to the World Bank and IMF offices in Ghana, Mr. Ayariga expressed his concerns about the potential consequences of establishing the fund without proper legislative oversight.

Additionally, he drew attention to a legal suit he initiated in the Supreme Court to challenge the legality of Finance Minister Ken Ofori Atta’s utilization of a private entity, Ghana Amalgamated Trust Plc (GAT), to oversee the disbursement of public funds to banks.

The letter reads: “I write to request the World Bank (WB) and the International Monetary Fund (IMF) country offices in Ghana not to lend your support to the unconstitutional and illegal attempt by the Minister of Finance and Economic Planning (Mr. Ken Ofori Atta) to establish a Ghana Financial Stability Fund (GFSF) using mere guidelines and putting it under the administration of an illegal and unconstitutional body known as Ghana Amalgamated Trust Plc (GAT) based on opaque and legislatively unauthorized management and disbursement mechanisms.”

Mr. Ayariga continued, “It is a scheme with the potential to deprive private indigenous bank owners of the ownership of their assets in these banks after his mismanagement of the financial sector has rendered these banks vulnerable. And it has not been subjected to parliamentary oversight and scrutiny.”

This action follows the Ministry of Finance and Economic Planning’s announcement regarding its intention to establish the Ghana Financial Stability Fund, which is expected to receive funding from the Government of Ghana and major donors, including the World Bank and IMF.