Government has disclosed its intentions to submit a restructured Agyapa Royalties Agreement to Parliament for approval.
Finance Minister, Ken Ofori Atta, made this known when he inaugurated the Board of Mineral Income Investment Fund in Accra on Tuesday, October 12, 2021.
Mr Ofori-Atta said the Attorney-General has already reviewed a restructured deal and repackaged it to inure 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," he said.
The controversial deal, was approved by Parliament but was withdrawn by government following a Corruption Risk assessment by the former Special Prosecutor, Martin Amidu.
The Corruption Risk Assessment revealed that there was reasonable suspicion of bid-rigging and corruption activity in the selection process of the deal. It was also discovered that the transaction was embroiled in infractions regarding relationships and conflict of interest.
The newly inaugurated board has been tasked with the sole objective of getting the deal operational.
"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 debt of the country and move it into equity. And with the concerns that were raised we should be able to address them and move forward," Mr Ofori-Atta added.
Background
On August 14, 2020, Parliament approved the Agyapa Minerals Royalties Investment Agreement and four related documents to allow for the monetisation of Ghana’s future gold royalties.
Under the agreement, Agyapa Mineral Royalties Limited has been incorporated in Jersey near UK to receive and manage royalties from 16 gold mining leases over the next 15 years or so.
In exchange, the firm will list on the London and Ghana Stock Exchanges (GSE) and raise at least $500 million for government to invest in infrastructure, health and education.
The listing will allow private people to buy a 49 per cent stake in the firm.
However, some 22 civil society organisations called for a suspension of the deal, insisting it was not in the interest of Ghana.
Latest Stories
-
We didn’t sneak out 10 BVDs; they were auctioned as obsolete equipment – EC
3 hours -
King Charles to resume public duties after progress in cancer treatment
4 hours -
Arda Guler scores on first start in La Liga as Madrid beat Real Sociedad
4 hours -
Fatawu Issahaku’s Leicester City secures Premier League promotion after Leeds defeat
4 hours -
Anticipation builds as Junior Speller hosts nationwide auditions
5 hours -
Etse Sikanku: The driver’s mate conundrum
5 hours -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
5 hours -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
5 hours -
We have enough funds to pay accruing benefits; we’ve never missed pension payments since 1991 – SSNIT
6 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
6 hours -
Liverpool agree compensation deal with Feyenoord for Slot
7 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
7 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
7 hours -
ZEN Petroleum supports Tse-Addo Future Leaders School
8 hours -
NPP must win back Adentan seat in 2024 polls – Obeng Fosu
8 hours