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General news for Wednesday, September 16, 2020
Source: 3 News
2020-09-16
Minority Leader, Haruna Iddrisu
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The minority leader, Haruna Iddrisu, has insisted that the Agyapa royalty deal is a bad deal that does not serve Ghana’s interests.
He said his party, the Democratic National Congress (NDC), will not partner with him if the party wins this year’s election.
“We will not partner with him,” he told Berla Mundi at TV3’s Electoral Command Center on Wednesday, September 16, adding that “it will be subject to review. It’s bad business. Article 181 (5) of the constitution is offended, we have not seen the condition and the prospectus ”.
Ghana’s legislature approved the controversial Agyapa Mineral Royalty Limited deal on Friday, August 14, despite a minority protest.
Under the agreement, Agyapa Royalties Limited (ARL) will trade shares on the Ghana Stock Exchange and the London Stock Exchange for private individuals to purchase.
But the Mineral Income Investment Fund (MIIF) will remain the majority shareholder.
The Minority said the agreement makes it impossible for a future government to replace the directors of Agyapa Royalties Limited, although the Minerals Income Investment Fund will remain the majority shareholder.
Some groups of civil society organizations have also raised questions about the transparency of the agreement and are demanding its immediate suspension for greater stakeholder participation.
But Finance Minister Ken Ofori-Atta said the deal will not be canceled because the government is convinced it is good for Ghana.
He said on Joy FM that “the issue of transparency, valuation, tax haven and all those little things that people need to know, I pray that we have done justice.”
When asked if the government can publish 30-year cash flow projections based on the Agyapa module juxtaposed with royalty inflows from the current deal over the same 30-year period, he replied: “That’s welcome. There is nothing that we cannot or should not do and really in the end after three, four, five years everything is projection. “
“Yes we can. So that we can do that, I can tell my guys to start with me,” he said.
When asked again if the government will stop the agreement in the face of some of the dissenting opinions expressed on it, he replied: “No, we are not. I think this is a good transaction. I believe that the issues that have been raised have been clarified. This is an incredible opportunity, the highest gold prices in the world ”.
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