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Business News of Monday, 4 July 2022

Source: www.ghanaweb.com

Suspend all moves to implement, resubmit Agyapa Royalties deal – Citizens' Coalition

Gold bars [File photo] play videoGold bars [File photo]

Agyapa deal to resubmitted before Parliament

Minority caucus vows to kick against Agyapa Royalties

CSO calls for suspension of Agyapa deal


A civil society organisation, Coalition for Democratic Accountability and Inclusive Governance, has called on the government to suspend all steps geared toward reintroducing the Agyapa Royalties transaction.

The group, which is also known as the Citizens' Coalition, said the president’s promise of having the gold royalty agreement resubmitted to parliament for thorough scrutiny has been disregarded by the Ministry of Finance and Minerals Income Investment Fund (MIIF).

Addressing journalists at a press briefing in Accra on July 4, the group accused the ministry and the MIIF of initiating the Special Purpose Vehicle (SPV) steps on the London and Accra Stock Exchanges.

“Given the significant concerns raised by CSOs, the Office of the Special Prosecutor and other independent watchers about value for money, the duration of the agreements and corruption risks, it is reckless for government to push the deal through and go ahead with implementation,” the group said.

“We urge government to suspend all steps at implementing the deal for a more thorough public scrutiny of agreements,” they added.

Meanwhile, the Minerals Income Investment Fund (MIIF) has said it plans to list 49 percent of Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange.

The intended listing on both exchanges is expected to raise between US$450 million and US$700 million from gold royalties.

In an earlier statement sighted by GhanaWeb, Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng said funds from the intended listing will be invested into national infrastructure and socio-economic amenities.

He added that special focus will be placed on mining communities across the country.



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