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Agyapa Royalties Agreement to be Revamped and re-submitted to parliament

The Government of Ghana has revealed its purpose to re-submit a restructured Agyapa Royalties Agreement to Parliament for approval.

Finance Minister, Hon. Ken Ofori Atta, made it clear during the inauguration of the Board of Mineral Income Investment Fund in Accra on Tuesday, October 12, 2021.

Hon. Ken Ofori-Atta stated that the Attorney-General has already assessed a restructured deal and repackaged it to accustom to the benefit of the state.

“The Attorney-General has looked at it and we have had a few stakeholder meetings and I think the new board should be energised to review that and then go through the Parliamentary process,”

The contentious deal, was accepted by Parliament but was pulled out by government following a Corruption Risk assessment by the former Special Prosecutor, Mr. Martin Amidu.

The Corruption Risk Assessment showed that indeed there was fair suspicion of bid-rigging and corruption activity in the selection process of the deal. It was also known that the transaction was entangled in breach regarding relationships and conflict of interest.

The recently inaugurated board has been assigned with the sole objective of getting the deal functional.

“I’m unequivocal that it is the way to go in terms of monetizing our minerals and finding a way to leverage it to reduce the level of debts of the country and move into equity. And with the concerns that were raised we should be able to address them and move forward,” Mr Ofori-Atta .

Background

On Monday, August 14, 2020, Parliament accepted the Agyapa Minerals Royalties Investment Agreement and four related documents to allow for the monetisation of Ghana’s future gold royalties.

In the agreement, Agyapa Mineral Royalties Limited has been included in Jersey close to UK to collect and preside over royalties from 16 gold mining leases over the next 15 years.

In exchange, the firm will list on the London and Ghana Stock Exchanges (GSE) and to raise at least $500 million for government to invest in it’s infrastructure, health and education.

The listing will allow private people to buy a 49 percent stake in the firm.

Nevertheless, some 22 civil society organisations requested for a suspension of the deal, insisting it was not in the interest of Ghana.

Content created and supplied by: Millbill (via Opera News )

Agyapa Royalties Agreement Board of Mineral Income Ghana Ken Ofori-Atta Martin Amidu

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