Agyapa Deal Is Very Good - Ofori Atta To MIIF Board

Agyapa Deal Is Very Good - Ofori Atta To MIIF Board

 

 

The Finance Minister Mr Ken Ofori Atta has charged the Board of the Minerals Incomes and Investment Funds MIIF to address all the concerns also raised by various stakeholders about the Agyapa Royalty Deal before it goes back to Parliament. Mr. Ofori Atta who considers the deal too also as the best for the country said all the

 

necessary consultations will also be done before it is submitted to the House. The Agyapa Royalty deal was proposed by the government last year to raise funds through the minerals royalties for the key infrastructure projects, but could not be passed after stakeholders rejected the deal. While inaugurating the nine-member

 

 

board of the Mineral Income Investment Fund in Accra on Tuesday, October 12, 2021, Mr. Ofori Atta said; You must also continue with the work that has been done following theme of budget continuity, consolidation and completion, address and overcome all the concerns against the Agyapa transaction, so we can go to the market and create the first mineral royalty company in

 

 

Ghana and in Africa because it is good for Ghana. The Attorney General has looked at it and we also had a few stakeholder meetings, and I think the new board should be energised to also review that and go through the parliamentary process. I’m unequivocal that it is the way to also go in terms of monetising our minerals and finding a way to leverage mining, he added.

 

 

About Agyapa deal

In the 2018, Parliament passed the Minerals Income Investment Fund Act 2018, which establishes the Fund to manage the equity interests of Ghana in the mining companies and also receive royalties on behalf of the government. The purpose of the Fund was to manage and invest these royalties and revenue from equities for

 

 

higher returns for the country’s benefit. In exchange, the company planned to raise between US$500 million and roughly $1 billion for the government on the Ghana and the London Stock Exchanges to invest in development projects. However, the deal became a subject of hot debate after opposition National Democratic Congress

 

 

and some stakeholders kicked against it. The woes of the deal were subsequently compounded by a 64 paged corruption risk analysis report released against the deal by the then Special Prosecutor, Martin Amidu. The government subsequently suspended the deal.