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General News of Wednesday, 26 August 2020

Source: www.ghanaweb.com

Agyapa deal explains why Ghana is under money-laundering watch - Terkper

Seth Terkper Seth Terkper

Seth Terkper, a former Minister for Finance is worried about how the Agyapa Minerals Royalties deal is putting Ghana in a bad light in the sight of investors.

Speaking to Joy FM on Tuesday, Terkper said: “First of all, you are under a money-laundering watch which may be the result of using investors [both local and foreign] as conduits for shady tax transactions and investments and this is likely to accentuate why [the country] is under a money-laundering watch.”

The Agyapa Mineral Royalties deal was approved by Parliament of Ghana on Friday, August 14, 2020.

The Minority staged a walkout to express their displeasure to some comments made on the floor of the House by the Information Minister, and to the deal at large.

The House passed the Minerals Income Investment Fund Act 2018 to establish a Fund that will manage the equity interest of the nation in mining companies, and receive royalties on behalf of the government.

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

The Minerals Income Investment Fund Act 2018 has made provision for the establishment of Special Purpose Vehicles (SPVs) that will manage appropriate investments. The Akufo-Addo administration in July introduced an amendment to the Act to ensure that the SPVs have unfettered independence.

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