Mahama coming back to review Agyapa deal – Jinapor

Member of Parliament(MP) for Yapei Kusawgu Constituency in the Savannah Region, John Abdulai Jinapor has said that the National Democratic Congress (NDC) government is coming to power on January 7 to review the stinking Agyapa Royalties deal to save the people of Ghana.

Parliament has approved five agreements to allow the country to derive maximum value from its mineral resources and monetise its mineral income in a sustainable and responsible manner, in line the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978).

The approval will enable the country to use a special purpose vehicle, Agyapa Royalties Limited to secure about $1 billion to finance large infrastructural projects.

In line with that, Agyapa, which will operate as an independent private sector entity, will be able to raise funds from the capital market, both locally and internationally, as an alternative to the conventional debt capital market transactions.

The funds, which is expected to be raised from the Ghana Stock Exchange (GSE) and the London Stock Exchange (LSE), will be a long-term capital, without a corresponding increase in Ghana’s total debt stock and hence without a public debt repayment obligation.

But speaking on Accra-based Asempa FM, John Abdulai Jinapor insisted that the deal is in a bad taste and not in the interest of the people of Ghana.

He said “we cannot exercise our sovereign rights and majority stake to change the member on the board if we are not happy. Why did President Akufo-Addo change all the boards of state-owned Institutions when he came to power, why didn’t he leave them? I can give you 1000 companies that are not 100% state-owned but he changed the board and put people he feels he can work with."

"So you can dismiss people, you can change people but when President Mahama wins this election and assumes office on January 7 he cannot? Kojo we have promised the people of Ghana that when we assume office we will review this agreement and by the Grace of Almighty God, we will win this election and review it.

He indicated that the NDC is against the deal because the government is mortgaging the country’s future for a paltry sum.

“Let me be very unequivocal. In principle, we are against mortgaging our future revenue for a so-called 500 million. We are against it in principle because it makes no sense.”