Director of communications for New Patriotic Party (NPP) Yaw Buaben Asamoa has stated that government fully owns Agyapa Minerals Royalties Limited.
He noted that the agreement was formed based on a law to keep track of the investments in the mining sector as monies cannot be taken directly and given to the government.
Speaking on Joy FM’s Super Morning Show, the Adentan MP said the country needs Agyapa now to secure its mineral investments.
“This entity is owned by the government,” he said.
“Agyapa Royalties is based on a law passed in 2018, the Mineral Income Investment Fund (MIIF) law which seeks to consolidate all the potential mineral incomes in one area, ” he told host, Winston Amoah.
The MP cited that the fund required a Special Purpose Vehicle (SPV) (i.e Agyapa Minerals Royalties Limited), which can be listed on the commodities exchanges abroad.
This will enable it to trade in an international and competitive environment, he said.
“As structured the fund cannot operate itself because it has public sector management rules which are not compatible with international trading rules on their exchange floors,” he explained.
This comes on the back of intense debate on whether or not the Agyapa deal will benefit the country.
Some economic experts and the former Finance Minister, Seth Terkper have kicked against the deal.
Meanwhile, 15 Civil Society Organisations (CSOs) have demanded the swift suspension of the Agyapa Minerals Royalties agreement until key documents are revealed.