Vice-President at IMANI-Africa, Bright Simons has said the controversial Agyapa Mineral Royalties agreement lacks an effective term for operation.
He said the deal was not bound by a specific time during which it remains valid.
“The fact that the term is not in there definitely is beyond dispute and debate.
“In the final agreement, the beneficiary, in this case, Agyapa still has the capability to a successor agreement and renewal leases to be considered as part of the original term,” he explained.
Speaking on Joy News’ Newsfile, Mr Simons Bright alleged that the Attorney General abandoned her line of advice in the second letter after meeting the Finance Minister.
Previously, the Attorney General Gloria Akuffo described the deal as onerous, unconscionable, and a violation of Bank of Ghana Act.
However, she is said to have made a U-turn after several meetings with lawyers.
“The life of the lease incorporates renewals, replacements etc…which was the point that or own advisors had raised even before we saw the Attorney General’s document.
“We were surprised that the Attorney General will abandon that line of advise because we think it critical,” he said.
He stated that government’s discretion and other factors could make it last for a long time.
The agreement will enable the country to use a Special Purpose Vehicle (SPV), Agyapa Royalties Limited, to secure about $1 billion to finance large infrastructural projects.
The agreement said to be in line with the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978), was passed without support from the Minority in Parliament.