Bright Simons questions selection process for managers of Agyapa Royalties

Honorary Vice President of think tank, IMANI Africa has charged government to make public the selection process it adopted to select the prospective management of Agyapa Minerals Royalties Limited.

Bright Simons, who was speaking on Joy FM’s Newsfile Saturday, argued that it was necessary since the method government through the Finance Ministry adopted is questionable.

He noted that as a member of the 15 Civil Society Organisations (CSOs) who have opposed the Agyapa deal, their investigations have given them cause to question government to give further explanations.

“We have made inquires, we cannot see any public advertising for the role, obviously there should be a database. We have asked a lot of people that traditionally will be approached and none of them were aware that this recruitment was going on.

“So that suggests that somehow the attempt to look for a Ghanaian to helm this entity was not as extensive as possible,” he said.

Mr Simons further questioned why the Akufo-Addo administration chose to establish a private market instead of transacting business directly with existing royalty streaming companies.

“Did they do any analysis of transactions in the private market? And did those analyses suggest that if they had used that method, they would have made less money if they went directly to instead of using this route.

“And what was the outcome in terms of proceeds per annum ounce of gold in royalties in that analysis?” he quizzed.

Meanwhile, the Deputy Finance Minister, on the same show mounted a strong defence over the selection of Kofi Osafo Maafo, son of the Senior Minister as the consultant and prospective CEO of the Agyapa Minerals Royalties Limited.

Charles Adu Boahen said the selection process was thorough and competitive.

“It was just a mere coincidence that the person we selected is the son of a member of our party,” he stated.

The Agyapa Royalties deal

Parliament on August 14, approved the controversial Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.

Two years ago, the house passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of government.

The purpose of the fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.

The law allows the fund to establish Special Purpose Vehicles (SPVs) to use for the appropriate investments.

Last month, government introduced an amendment to the act to ensure that the SPVs have unfettered independence.