Policy analyst and campaign coordinator for the Integrated Social Development Centre (ISODEC) , Dr Steve Manteaw, says the Agyapa deal is faulty and beyond understanding.
The Agyapa agreement seeks to mortgage Ghana’s future mineral royalties and long term national assets in perpetuity, without any regard to its implication on future national revenue streams.
Per the transaction, the Akufo Addo government will use a Special Purpose Vehicle (SPV), Agyapa Royalties, incorporated as an offshore company in Jersey, in the Channel Islands, a known tax haven, in exchange for an upfront amount of ¢500 million, under the Mineral Development Fund Act, 2018 (Act 978) and its amendment Act, which strangely, was yet to be assented to by the President in accordance with article 106 of the 1992 Constitution to make it law.
According to the agreement, the Government of Ghana will own 51 per cent of the shares of the company and remaining 49 per cent floated on the London Stock Exchange.
In an interview with host of Atinka FM’s AM Drive with host Ekourba Gyasi, Policy analyst and Campaign coordinator for the Integrated Social Development Centre (ISODEC) , Dr Steve Manteaw, said the Agyapa Royalties agreement is bad and should be cancelled.
He lauded the special prosecutor, Martin Amidu for his assessment of the Agyapa Mineral Royalties agreement and submitting it accordingly to the president.
The Special Prosecutor in a letter with reference number OSP/SCR/20/12/20 dated 16th October 2020, conveyed the conclusions and observations of the anti-corruption assessment to H. E. the President and the Hon. Minister of Finance as a matter of courtesy before informing the public.
“The Special Prosecutor’s report also falls short of recommending actions to cure the potential illegalities and the process breaches outlined in the report.While we commend the president for acting on the report, we hold the view that the action directed by the president is inadequate and not sustainable. There are potential breaches on various laws, the Public Procurement Act and Financial Management Act”, Steve Manteaw told Ekourba Gyasi.
Ghana | Atinkaonline.com | Vivian Adu Boatemaa
