Agyapa deal won't be leaking pipe in the public purse - Ofori Atta rejects Amidu's claims

The Minister of Finance, Ken Ofori-Atta has defended the processes that led to the approval of the controversial Agyapa Royalties Agreement in Parliament insisting it is without blemish.

Ofori-Atta put up the defense in a memo in response to a corruption risk assessment report issued by the Special Prosecutor, Martin Amidu, on the Agyapa deal.

“Prior to initiating the Transaction, MoF ensured to undertake all the necessary prerequisite action required by law, from the procurement of transaction advisors, to the submission of transaction documents to the AG and Parliament for their review, input and approval.”

“This Ministry believes that it has been transparent from the onset. Once Government had independently assessed the potential value of the Transaction to Ghana, and Cabinet had approved the policy to monetize future gold royalties to support current developmental projects, MoF included in the 2018 Budget and Economic Policy Statement, Government’s intention to leverage the future wealth of Ghana’s gold resources to support current developmental needs,” Ofori-Atta said in the memo.

President Akufo-Addo has directed the Finance Minister to take the Agyapa deal back to Parliament following the completion of the corruption risk assessment by Special Prosecutor Martin Amidu.

Ofori-Atta thus rejected the conclusions made by the Special Prosecutor over the suspicion that the Agyapa deal will be “a leaking pipe in the public purse.”

He insisted that “There is no justifiable reason for concluding that the current members of the MIIF Board will jeopardize their apparent professional integrity and reputations to engage in corrupt practices motivated by partisan considerations”.

Amidu’s conclusion on corruption risk assessment report 

“There is no guarantee that the sovereign minerals income royalties being ceded to Agyapa Royalties Limited without a national consensus and the analysis of the risk of corruption, and anti-corruption assessment environment as hereinbefore analyzed is not and will not be a leaking pipe in the public purse. There is further no guarantee that it will not constitute a wind fall from this leaking public purse pipe for those Ghanaians lucky through partisan affiliations to be represented on its management and who might have had stakes as promoters in establishing and incorporating it in the safe haven of Jersey aforesaid.”