FULL RULING: Why ECOWAS court dismissed Agyapa Royalties deal

In July 2023, a regional court dismissed a suit against the Agyapa Royalties deal as filed by the Ghana Integrity Initiative and Transparency International Ghana.

The ruling by the Economic Community of West African States' (ECOWAS) Court of Justice meant that there was no basis in the call by the plaintiffs for Ghana to stop the sale of the country’s gold royalties through the Agyapa deal.

The court dismissed all the reliefs of the plaintiff; Transparency International, and its subsidiary the Ghana Integrity Initiative, during a virtual hearing held on July 11, 2023.

Transparency International, Ghana Integrity Initiative and Ghana Anti-Corruption Coalition sued the Ghanaian government over the Agyapa deal at the ECOWAS court.

GhanaWeb has gotten a copy of the ruling as handed down by the court.



The Agyapa Royalties deal

In 2020, the government of Ghana proposed a deal which was meant to raise money by floating shares in a company called Agyapa Royalties Limited on the London Stock Exchange.

This deal was met with wide criticism from civil society groups and the opposition, who claimed that it was a secretive and corrupt deal that would allow politicians to enrich themselves at the expense of the country.

Later that year, it was confirmed by veteran journalist Kweku Baako that Gabby’s firm had been transaction advisors to the government in the failed deal.

He clarified that a UK-based law firm was the principal advisors on the deal and Africa Legal Associates worked for the firm.

“It is not true that Gabby’s firm got US$2 million from the deal. It is not true that his firm is a beneficiary of US$2 million. It’s not even up to US$105,000. It is the main transaction advisor that paid Gabby. It is about US$103,000. It is not US$2 million”.

One major issue that has emanated from the brouhaha surrounding the deal is the role of Osafo-Maafo’s son and Gabby Otchere-Darko.

SARA

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Watch the latest edition of BizTech and Biz Headlines below: