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Finance Minister Ken Ofori-Atta says his team carried out due diligence regarding the processes that led to the approval of the Agyapa Royalty Agreement in Parliament.
This follows a directive from President Akufo-Addo to the Finance Ministry to return the agreement to Parliament for further scrutiny after a corruption risk assessment report from special counsel Martin Amidu was sent to the presidency.
In the report, Mr. Amidu had raised red flags against the agreement and insisted that a number of processes were deliberately circumvented.
According to the Special Prosecutor, the selection and appointment of advisers for the agreement did not comply with the “foundations of probity, transparency and accountability.”
It also alleged that all the various officials who participated in the processes that led to the approval of the agreement by Parliament violated various laws with impunity.
But defending the deal, Ofori-Atta in a memo copied to the president and seen by JoyNews insists that his ministry has been transparent throughout the transaction process.
He argued that the approval by the General Prosecutor’s Office and Parliament evidenced the transparency of the treatment and the processes involved, despite the complaints made by the Special Prosecutor’s Office.
“This Ministry believes that it has been transparent from the beginning,” read part of the memorandum.
Background
The Agyapa Accord, which is said to be in line with the Mineral Income Investment Fund (MIIF) Law 2018 (Law 978) was approved by Parliament on August 14.
The new 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.
However, the transaction has faced strong opposition from members of the NDC, some civil society organizations and a cross-section of Ghanaians.
Subsequently, the Special Prosecutor’s Office recommended that the government stop the planned launch of an Initial Public Offering (IPO) on the Agyapa Royalties agreement.
According to Martin Amidu, the move was to give his team the opportunity to conclude its ongoing corruption risk assessment.
After presenting the report to the Presidency on October 15, President Akufo-Addo ordered the Finance Minister to send the agreement to Parliament for further scrutiny.
