An alliance of 25 civil society organisations (CSOs), including Ghana Integrity Initiative (GII), has urged lawmakers in Ghana to roll back the Agyapa Royalties deal.
They say the controversial deal would sell most of Ghana’s future gold royalties to a Jersey-based company.
Agyapa Royalties, Development Diaries understands, was established by the government through the Minerals Income Investment Fund.
With the deal, Ghana would sell almost 76 percent of the royalties generated from 16 large gold mines to Agyapa Royalties Limited, a special purpose vehicle company registered in the British Crown dependency of Jersey.
It is understood that 49 percent of Agyapa Royalties shares, based on the deal, would be listed on the London Stock Exchange.
CSOs had asked the government of the West African country to suspend the deal until all documents tied to its establishment and its owners have been disclosed.
Special Prosecutor Martin Amidu had revealed in a Corruption Risk Assessment report that the Agyapa transaction was tied to conflict of interest, allocations among others.
The report, which was presented to President Nana Akufo-Addo on 16 October, also indicated that the involvement of Databank Financial Services as a local rider company was a manipulation by the Finance Ministry.
‘The abrogation of the Agyapa transaction should lay the grounds for a more open and consultative process for options and solutions to getting the best value for our mineral resources’, the CSOs said.
Source: Transparency International
Photo source: Ben Sutherland