The Member of Parliament for North Tongu Constituency, Honorable Samuel Okudzeto Ablakwa has requested information on the transaction and engagements between the Bank of Ghana and Marine Metro Development Limited from the Bank of Ghana.

The Ranking member of the Foreign Affairs Committee of Parliament made the request under the Right to Information Act, 2019 (ACT989) and Article 21(1) (f) of the 1992 Constitution of Ghana.

In a statement released by the legislator, he emphasized that the request is in line with his constitutional mandate of parliamentary oversight. He believes matters about the transactions and engagements between the Bank of Ghana and a company which was incorporated on 21^st April 2020 known as Marine Metro Development Limited must be of grave concern to every well-meaning Ghanaian.

“Within the parameters of good governance which can only be firmly anchored on transparency, accountability and the people’s constitutional right to know, particularly considering that the Bank of Ghana is a public institution which belongs to the good people of this nation, and in compliance with section 18 of Act 989, I hereby seek information on the following”
Okudzeto Ablakwa

The member of parliament who is widely known for championing issues related to corruption and good governance among other things is seeking information on what happened to the initial decision of the current management of the Bank of Ghana to construct its new head office at the Accra Marine Drive Project, particularly, following several board resolutions and field visits to the Accra Marine Drive enclave between 2017 and 2020.

Again, the legislator is requesting to know how the Marine Metro Development Limited was engaged by the Bank of Ghana, what were the terms of such engagement and why the Bank of Ghana paid Marine Metro Development Limited an amount of US$ 5 million which was received in the Ghana Commercial Bank account of Marine Metro Development Limited in December 2020.

Moreover, considering that the Bank of Ghana is constructing its new controversial head office at a different location- that is at the West Ridge, the MP is requesting why Marine Metro Development Limited has not refunded the US$ 5 million it received from the alarmingly distressed central bank which has made unprecedented losses of staggering GHS60.8billion.

Issues Of Conflicts Of Interest On BOG-MMDL Transaction

According to Mr. Ablakwa, incontrovertible incorporation documents he has obtained from the office of the Registrar of Companies reveal that Dr. Kwame Nyantakyi-Owusu is a Director of Marine Metro Development Limited.

He indicated that from the Bank of Ghana’s 2020, 2021, and 2022 Annual Reports and Financial Statements, Dr. Kwame Nyantakyi-Owusu has been appointed as a Non-Executive Director of the board of Bank of Ghana.

“Does this not present an unmistakable and unmitigated case of blatant conflict of interest? What is the position of the Bank of Ghana’s ‘Office of Ethics and Internal Investigations” on this apparent fetid conflict of interest?”
Okudzeto Ablakwa

The Honorable Ablakwa chastised the Bank of Ghana for its repugnant and lawless conduct as he alleged that Dr. Kwame Nyantaky-Owusu is a powerful brother-in-law of President Nana Addo Danquah Akuffo Addo who is not new to questionable deals of such nature.

“Recalling that a few years ago, and under similar troubling opaque circumstances, Dr Nyantaky-Owusu was the beneficiary of US$ 24 million nepotistic tax-waiver for his struggling Pullman Hotel project which many industry experts now describe as a failed project”
Okudzeto Ablakwa

He also requested to know if the Bank of Ghana has made additional financial commitment to Marine Metro Development Limited beyond the US$ 5 million it issued, especially being cognizant of internal memos in his possession suggesting that this was only an initial payment and also, having regard for recent promotional materials by Marine Metro Development Limited claiming that its David Adjaye redesigned Accra Marine Drive Project which is valued at US$1.2billion.

Mr Ablakwa is therefore requested to know the remedial steps, if any, the Bank of Ghana is pursuing to ensure that it’s dealing with the hurriedly incorporated Marine Metro Development Limited with a stated capital of a paltry GHS60,000.00 does not cause financial loss to the Central Bank and the State.

He also called on the Bank of Ghana to promptly provide a detailed breakdown of its Capital Expenditure Commitment of GHS 711.21million which auditors have discovered that the Bank of Ghana failed to disclose in its financial statements as of December 31, 2022.