Indexing government scandals one at a time
Parliament has approved the controversial Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.
The minerals royalties investment agreement between the government of Ghana and Minerals Income Investment Fund, Agyapa Royalties Limited and ARG Royalties Ghana Limited is concerning Gold Royalties Monetisation Transaction under the Minerals Income Investment Fund Act, 2018 (Act 978). The arrangement will immediately make available US$500 million once executed and the remaining half later.
Speaking in a radio interview after the approval was given, Haruna Iddrisu said the said company, Agyapa Royalties Limited was only incorporated on August 10 and the law on which the approval was given is yet to be assented by the President.
Speaking to the media, Minority Spokesperson on Finance, Cassiel Ato Forson argued the move is inimical to the progress of the nation. According to him, government has already spent US$2 million on consultancy and legal fees for the deal. The Africa Legal and Associates owned by Gabby Otchere Darko which serves as legal advisor to government for the transaction has already been paid US1 million the minority argues.
Aug. 17, 2020
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