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General News of Wednesday, 26 August 2020


Good job on Agyapa but can you speak on Airbus scandal? – Franklin Cudjoe to Mahama

Franklin Cudjoe, president of IMANI Africa Franklin Cudjoe, president of IMANI Africa

Franklin Cudjoe, the president of IMANI Africa has commended the flagbearer of the National Democratic Congress (NDC) John Dramani Mahama for his promise to abrogate the controversial Agyapa Royalties deal.

The former president in an interview with Radio XYZ said that the deal smacks of corruption and does not serve the interest of Ghanaians.

He urged Ghanaians not to accept the deal and probe for more answers on the ‘shady’ deal.

“Agyapa is a very shady deal”, asserting: “It is a theft of Ghanaian royalties. If I become president, I will not accept that deal,” he threatened.

"It is against the money laundering rules. If you look at the people who put this together, they are people close to the president and already they have been paid two million dollars,” the flagbearer of the National Democratic Congress claimed.

Reacting to Mahama’s comment on Twitter, Franklin Cudjoe praised him for the promises.

He, however, asked him to comment on the Airbus scandal which has implicated a man believed to be his brother.

“JM on PDS and Agyapa. Solid responses and resolve to review them. Shall we hear from him on the Airbus and whether he knows who Government Official 1 is? Anaaa?,” he tweeted.

About Agyapa deal

Parliament passed the deal two weeks ago by approving five agreements to allow the country to derive maximum value from its mineral resources and monetise its mineral income accruing to the country in a sustainable and responsible manner, in line the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978).

The approval will enable the country to use a special purpose vehicle, Agyapa Royalties Limited, to secure about $1 billion to finance large infrastructural projects.

In line with that, Agyapa, which will operate as an independent private sector entity, will be able to raise funds from the capital market, both locally and internationally, as an alternative to the conventional debt capital market transactions.

The funds, which are expected to be raised from the Ghana Stock Exchange (GSE) and the London Stock Exchange (LSE), will be long-term capital, without a corresponding increase in Ghana’s total debt stock and hence without a public debt repayment obligation.