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IMANI-Africa Vice President Bright Simons has said that Agyapa’s controversial mineral royalty deal lacks an effective deadline to operate.
He said that the agreement was not subject to a specific time during which it remains valid.
“The fact that the term is not there is definitely out of the question and debate.
“In the final agreement, the beneficiary, in this case Agyapa, still has the ability to have a successor agreement and renew the leases to be considered as part of the original term,” he explained.
Speaking on Joy News’ News Archive, Simons Bright alleged that the Attorney General abandoned his line of advice in the second letter after meeting with the Minister of Finance.
Previously, Attorney General Gloria Akuffo described the treatment as burdensome, inconceivable and a violation of the Bank of Ghana Law.
However, he is said to have made a U-turn after several meetings with lawyers.
“The term of the contract incorporates renewals, replacements etc … which was the point that the advisers themselves had raised even before we saw the Attorney General’s document.
“We were surprised that the Attorney General abandoned that line of advice because we consider it essential,” he said.
He claimed that the government’s discretion and other factors could make it last a long time.
The agreement will allow the country to use a special purpose vehicle (SPV), Agyapa Royalties Limited, to secure around $ 1 billion to finance large infrastructure projects.
The agreement said to be in line with the Minerals Income Investment Fund (MIIF) Law of 2018 (Law 978), it was approved without the support of the Minority in Parliament.
