Private legal practitioner Jonathan Amable has filed an application at the Supreme Court seeking to immediately halt the government's issuance of treasury bills.

According to the writ, which GhanaWeb sighted, the plaintiff argues that the government can only borrow or issue treasury bills if it secures prior approval from Parliament.

The application was filed at the Supreme Court Registry on November 11, 2024.

Jonathan Amable contends that the government's actions are contrary to the provisions in the 1992 Constitution and warns that the continued issuance of treasury bills without parliamentary approval will have severe consequences for the economy.

The defendant in the case is the Attorney General of the Republic of Ghana.

The injunction application also requests the Supreme Court to declare the actions of the Ministry of Finance and the Bank of Ghana unconstitutional.

"The consequence of the relevant borrowing contracts being conducted without the requisite parliamentary approval makes them liable to be declared void for unconstitutionality, and such a consequence will be made more dire by the fact that the holders of the offending debt instruments include banks, savings and loans companies, micro-finance companies, asset management companies, insurance companies, pension funds, and ordinary Ghanaians," part of the application reads.

The application further argues that the state's actions jeopardise the entire Ghanaian financial sector and the hard-earned capital of the investing public.

According to the plaintiff's lawyers, the Attorney General's office has been served with notice of the application. Therefore, any attempt by the government to issue a new Treasury Bill on Friday, November 22, 2024, would be deemed illegal.

Meanwhile, the government plans to borrow GH¢6.2 billion in its next auction.

Currently, treasury bills are the government's sole borrowing instrument.

SSD/OGB

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