The Agyapa Royalties deal, according to Finance Minister Ken Ofori-Atta, has not been abandoned.
He maintains that the agreement is still on his mind because he believes it is best for the country.
“My firm philosophical belief really is that the capital markets are meant for something that will lead us to equity resources and we are not leveraging on it,” he said at a press conference in Accra on Thursday, May 12. As a result, the question is not whether monetizing mineral royalties or listing the company is good or bad.
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“It is good because that is how you raise the resources. The question is the process of doing that. If you have a problem with the process just articulate it, lets cure it but let us not drop something that will be good for us that will reduce our debt exposure. So those are tow very different questions. How best to do it as opposed to, don’t do it. My mind is still there, I know the president has mentioned something about that going through the AG, Parliament to do that.
“But it is not something that is an asset to the country that one need to drop , you need to examine all your equity and debt positions and the best choice for the country. We will never have done free SHS if we listened to other people that is 400,000 lives that have a chance to do something , we would have stopped shot at e-levy because of the noise, suddenly we have a tax handle that will be pheromonally important for the country. so we need to look at that.”
His comments come after the Minerals Income Investment Fund (MIIF) was reported to have said that it is redesigning its strategy for listing its wholly owned subsidiary Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange after being named the best financial institution in the mining sector by the French-based publication Forbes Monaco.
Forbes recognised MIIF’s strategic acquisition of over 14 million shares and a roughly 4.65% stake in Asante Gold Corporation, a Canadian- and Frankfurt-listed gold production company which operates in Ghana.
It is recalled that in his first state-of-the-nation address to that Parliament in his second term in office on Tuesday, March 9, President Nana Addo Dankwa Akufo-Addo said “in the course of this session of Parliament, Government will come back to engage the House on the steps it intends to take on the future of the Agyapa transaction”.
The agreement, which was approved by the Seventh Parliament on Friday, August 14, 2020, had to be withdrawn after a corruption-risk assessment was conducted by then Special Prosecutor, Martin Alamisi Amidu.
Resigning a few days afterwards, the Special Prosecutor accused President Akufo-Addo of interfering in his assessment on the deal under the Minerals Income Investment Fund Act, 2018 (Act 978).
“The reaction I received for daring to produce the Agyapa Royalties Limited Transactions anti-corruption report convinces me beyond any reasonable doubt that I was not intended to exercise any independence as the Special Prosecutor in the prevention, investigation, prosecution, and recovery of assets of corruption,” Mr Amidu said in his resignation letter to the president.
The Executive Secretary to the President, Nana Asante Bediatuo, replied the resignation letter and said a mere meeting between the president and a Special Prosecutor cannot be said to be interference.
“Your accusation of interference with your functions simply on account of the meeting the president held with you is perplexing. In exercise of what you considered to be your powers under Act 959, you had voluntarily proceeded to produce the Agyapa Report.
“The president had no hand in your work. Without prompting from any quarter within the Executive, you delivered a letter purporting to be a copy of you report to the president.
“The purpose of presenting a copy of the Agyapa report to the president is decipherable from paragraph 32 of your letter to the president in which you indicated that you hoped the report will be ‘used to improve current and future legislative and executive actions to make corruption and corruption-related offences very high risk enterprise in Ghana’.”
On Tuesday, March 9, President Akufo-Addo hinted of sending the deal back to Parliament for re-consideration.
