The Supreme Court will deliver its ruling today, February 25, 2025, on a case filed by private legal practitioner Jonathan Amable, who seeks an immediate injunction on the government’s issuance of Treasury Bills.
Mr. Amable contends that the government can only proceed with issuing Treasury Bills if it secures prior approval from Parliament. His arguments were presented in an application filed at the Supreme Court Registry on November 11, 2024.
Legal Motion for Injunction
The motion seeks to prevent the government and its financial agencies, including the Ministry of Finance and the Bank of Ghana, from borrowing through Treasury Bills. The Attorney General, Godfred Yeboah Dame, has been cited as the defendant in the case.
According to Mr. Amable’s legal team, the Attorney General’s office has already been served, meaning any attempt by the government to issue new Treasury Bills—such as the planned issuance on November 22, 2024—would be deemed illegal.
Legal Arguments
The motion argues that the Financial Administration Act and the Bank of Ghana Amendment Act establish a statutory framework for state borrowing, which the government must adhere to. The plaintiff emphasizes that parliamentary approval is crucial, as such borrowings impose repayment obligations on the state.
Potential Impact
The government plans to raise approximately GHS 78 billion through Treasury Bills in 2024, as outlined in the Treasury Bills Calendar. The Finance Ministry is specifically aiming to generate GHS 10.8 billion in the last quarter of the year.
Given that Treasury Bill sales are a significant source of revenue for the government, the Supreme Court’s ruling could have major implications for the country’s financial strategy.
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