New NDC government will not honour terms of fraudulent Agyapa deal - Minority

The Minority in Parliament has stated that the Agyapa Minerals Royalty deal was passed through a process he has described as an indecent haste.

Despite the claims by the government that the processes took two years, Parliament only had 4 hours to scrutinize the deal.

Leader of the House, Haruna Iddrisu said his side boycotted the proceedings on the deal because the government failed to provide them with documents on the deal to inform their decision.

He stated that although the Minority requested for the document several times, Finance Minister Ken Ofori Atta on all occasions declined to present the document.

He indicated that the government must tell Ghanaians what the prospectus is.

He warned the future NDC government would honour the terms of the unconscionable transaction because it is inimical to the interest of Ghanaians.

He said tax havens are susceptible to money laundering activities hence the decision to allow the deal to be on a tax haven is terrible and could have Ghana blacklisted as a money-laundering country.

Parliament on August 14, approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.



The House had passed the Minerals Income Investment Fund Act 2018, which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of the government, in 2018.

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

The law allows the fund to establish Special Purpose Vehicles (SPVs) to use for the appropriate investments.

But the Minority says the deal is bad for Ghana and in breach of the law.

He also raised issues of conflict of interest as well as the company being incorporated in a tax haven city in the United Kingdom without oversight from Ghana.

He accused the government of shrouding the deal in secrecy and also said the deal makes it impossible for a future government to replace managers of Agyapa Royalties Limited even when they under-perform.

He added that when the Finance Minister presented and had the mid-year budget review approved, there was nothing captured in the mid-year review that additional revenue is coming in this form. Read Full Story