Deputy Finance Minister, Charles Adu Boahen, says Agyapa Royalties Limited’s name was changed from Asaase Royalties Limited due to how common the Asaase name was in Ghana.
In an interview with JoyNews, the Minister said when they had tried to register the name as Asaase Royalties Limited; they had discovered 22 other companies with similar names in Ghana.
“I mean essentially it was because we realised that too many companies incorporated in Ghana that had the name Asaase in them. We identified about 22 of them, including some in the mining space,” he said.
The name change from Asaase Royalties Limited to Agyapa Royalties Limited had led to some raised brows as according to the Minority in Parliament the ownership of the company was not clear.
“We’re shocked in the sense that the government in doing so has decided to incorporate a company called Agyapa Royalties Limited. Do you agree with me that not long ago there was some discussion that government had formed a company called Asaase Royalties Limited?
“After the issue came to the public this government has now decided to change the name from Asaase to Agyapa,” Minority Spokesperson on Finance, Cassiel Ato Forson said.
Agyapa Royalties Limited has been approved by Parliament to monetise royalties from gold.