Legal Practitioner Seeks Supreme Court Injunction to Halt Government’s Treasury Bills Issuance
A private legal practitioner, Jonathan Amable, has filed an application at the Supreme Court seeking to immediately halt the government’s plan to issue Treasury Bills.
The motion, filed on November 11, 2024, argues that the government must first obtain approval from Parliament before proceeding with any Treasury Bills issuance.
The Motion for Interlocutory Injunction targets government bodies such as the Finance Ministry and the Bank of Ghana, requesting the Supreme Court to stop borrowing activities related to Treasury Bills until the case is decided.
The Attorney General, Godfred Yeboah Dame, has been named as the defendant in the suit.
Legal representatives for Mr. Amable have confirmed that the Attorney General’s office has been served with the motion. Should the government attempt to issue new Treasury Bills on November 22, 2024, as scheduled, it would be considered illegal.
At the heart of the legal argument is the assertion that the government’s approach to borrowing does not align with the statutory requirements under the Financial Administration Act and the Bank of Ghana Amendment Act, both of which stipulate that Parliament’s approval is necessary for the issuance of debt instruments.
The plaintiff contends that without Parliament’s prior approval, such borrowings would place an undue financial burden on the state.
The implications of the suit are significant, as the government is aiming to raise approximately GHS 78 billion through Treasury Bills in 2024, with GHS 10.8 billion targeted for the final quarter of the year.
Treasury Bills have been a vital source of revenue for the government, and any legal interruption could affect its financial plans for the remainder of the year.
The suit is believed to be on the back of the now-resolved impasse between the NDC and NPP Caucuses over who formed the majority side in Parliament following the declaration of four parliamentary seats vacant last month by the Speaker of Parliament, Alban Bagbin.
