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Restructured Agyapa Royalties Deal to be re-submitted to parliament

Restructured Agyapa Royalties Deal to be re-submitted to parliament

The government of Ghana has made known its intentions to re-submit a restructured Agyapa Royalties Agreement to Parliament for approval.

Finance Minister, Ken Ofori Atta, made this known when he inaugurated the Board of Mineral Income Investment Fund in Accra on Tuesday, October 12, 2021.

Mr. Ofori-Atta said the Attorney-General has already reviewed a restructured deal and repackaged it to inure to the benefit of the state.

“The Attorney-General has looked at it and we have had a few stakeholder meetings and I think the new board should be energized to review that and then go through the Parliamentary process,” he said.

The controversial deal was approved by Parliament but was withdrawn by the government following a Corruption Risk assessment by the former Special Prosecutor, Martin Amidu.

The Corruption Risk Assessment revealed that there was reasonable suspicion of bid-rigging and corruption activity in the selection process of the deal. It was also discovered that the transaction was embroiled in infractions regarding relationships and conflict of interest.

The newly inaugurated board has been tasked with the sole objective of getting the deal operational.

“I’m unequivocal that it is the way to go in terms of monetizing our minerals and finding a way to leverage it to reduce the level of debt of the country and move it into equity. And with the concerns that were raised we should be able to address them and move forward,” Mr. Ofori-Atta added.

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