Agyapa Royalties deal: Govt keen on engaging CSO's on transaction - Pius Enam

The Deputy Information Minister, Pius Enam Hadzide has said government is keen on an engagement to provide clarity to civil society groups (CSO's) on the controversial Agyapa Royalties Limited transaction.

This follows calls by some CSO's and the minority calling for the transaction to be suspended due to a full non-disclosure of the terms in the agreement prior to its approval in Parliament.

According to the minister, the government continues to work in the best interest of the citizenry in using the nation's mineral resources in leveraging for assets for the future.

Speaking at the press briefing in Accra on September 3, 2020, the deputy information reiterated the income from the Agyapa Royalties agreement will be used in four key areas of the country's development.

"The areas namely are in health, education, road infrastructure, and housing and government continue to keep its eye on the board," he explained.

Meanwhile, the Finance Minister Ken Ofori-Atta has asserted there are no hidden beneficiaries in the just approved Agyapa Royalties transaction by Parliament as suggested by the Minority and some civil society groups.

He explained the Agyapa Royalties transaction is 100 percent owned by the MIIF, an entity that is also solely owned by the government of Ghana prior to its approval in Parliament on August 14, 2020.

Prior to approving the Agyapa Royalties transaction, Parliament in 2018 passed the Minerals Income Investment Fund (MIIF) Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies and receive royalties on behalf of government.

The sole purpose of the fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country and government through the MIIF.

In exchange for that, the company aims to raise between US$500 million and US$750 million for the Government on the Ghana and London Stock exchange’s intended for development projects.