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Business News of Tuesday, 12 October 2021


Agyapa deal: Concerns raised will be addressed before re-submission to Parliament – Ofori-Atta

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

• The Agyapa Royalty deal will be back in Parliament

• The deal was earlier suspended over a number of concerns raised

• Ken Ofori Atta said the A-G and other stakeholders have had a meeting over the deal

Minister for Finance and Economic Planning, Ken Ofori-Atta, has reiterated that government will address all concerns surrounding the proposed Agyapa Minerals Royalty transaction before re-submitting it to Parliament.

The controversial gold royalty deal hit a snag after some Civil Society Organisations and a section of the general public raised some concerns which compelled government to suspend the deal for further deliberations.

Speaking after the inauguration of a nine-member board of the Minerals Income Investment Fund in Accra on October 12, 2021, Ken Ofori-Atta maintained that the deal was still in best of the country in terms of transforming the economy.

“The Attorney General has looked at it. We had a few stakeholder meetings and I think the new board should be energised to review that and go through the parliamentary process. I’m unequivocal that it is the way to go in terms of monetising our minerals and finding a way to leverage mining” he told journalists.

He also added that the Agyapa Royalty transaction is the best vehicle to boost Ghana’s development and growth through the mining sector.

Earlier in March this year, President Akufo-Addo while delivering his State of the Nation Address told Parliament his government intends to further engage lawmakers on the future of the transaction.

The sole purpose of the Agyapa Royalty transaction is to manage and invest mineral royalties and revenue from equities for higher returns for the benefit of the country and government through the MIIF.

In exchange, the Agyapa Mineral Royalty Limited plans to raise between US$500 million and US$750 million for the Government on the Ghana and London Stock exchanges to invest in developmental projects.

MIIF Board

The newly inaugurated nine-member board of the Minerals Income and Investment Fund Board will be chaired by Professor Douglas Boateng, former chairman of the Public Procurement Authority Board.

Other members of the board include investment banker, Ernest Nana Yaw Koranteng who is also the Chief Executive of the Fund; Rev. Amishaddai Owusu Amoah, Commissioner General of the Ghana Revenue Authority, Dr. Maxwell Opoku Afari, the first Deputy Governor of the Bank of Ghana.

The rest are, Felicia Nana Dapaah Gyamfi Ashley; Professor Akosua Apea Osafo; George Mireku Duker; Kow Abaka Essuman Esq.; Professor Grace Ofori Sarpong.

Now that the new board for the Mineral Income Investment Fund has been inaugurated, its Chief Executive, Nana Yaw Koranteng will have the responsibility to ensure the transaction sails through successfully.