The Alliance of Civil Society Organisations (CSOs) Working on Extractives, Anticorruption, and Good Governance have welcomed the Special Prosecutor’s intervention in the controversy surrounding the implementation of the Minerals Income Investment Fund Act, and its associated Agyapa transaction.
According to the CSOs Alliance, the Special Prosecutor’s “decision to review documents on the project for any inherent or associated corruption risks, and the subsequent call for suspension of the transaction is good for Ghana, as it buys Ghanaians time to ensure that the national interest is safeguarded in government’s efforts at optimising the benefits of the country’s mineral resources.”
The Special Prosecutor, Martin Amidu in a September 10, 2020, letter to the clerk of Parliament, said his investigation is in pursuit of his Office’s mandate to exercise the functions and powers of the prevention of corruption.
Documents expected to be presented to the Special Prosecutor include the Mineral Income Investment Fund Bill 2018; Mineral Income Investment Fund (Amendment) Bill 2020; and the Minerals Royalties Investment Agreement among government of Ghana, the Minerals Income Investment Fund, Agyapa Royalties Limited and ARG Royalties Limited in relation to Gold Royalties Monetization.
Other documents include the Amended and Restated Minerals Royalties Investment Agreement, the relationship agreement, the assignment agreement, and the indemnity agreement between government and financial institutions handling the deal like Merril Lynch International.
The report of parliament’s Finance Committee on the agreement is also part of the documents to be sent to Martin Amidu.
Meanwhile, the Office of the Special Prosecutor has advised government to pull the brakes on its planned launch of an Initial Public Offer (IPO) regarding the Agyapa Royalties agreement.
According to Martin Amidu, the move is to allow his outfit the opportunity to conclude its ongoing corruption risk assessment.
The Alliance of CSOs assured the Special Prosecutor of their unflinching support, should they be invited to make a presentation, as he reviews the corruption risks in the transaction.
“We will nonetheless continue with our public education and citizens’ mobilisation to bring pressure to bear on the government for the redress of other concerns that may fall outside the mandate of the Special Prosecutor,” they said.
They concluded by entreating “all state accountability institutions to take proactive steps to act, as required by their mandate, when serious public interest issues are raised by citizens, else they risk losing public confidence and trust in their existence and function.”
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