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Business news for Saturday, September 5, 2020
Source: www.ghanaweb.com
2020-09-05
Finance Minister Ken Ofori-Atta
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Finance Minister Ken Ofori-Atta has assured that the government will publish the details of the Agyapa royalty agreement to broaden public understanding of the agreement.
Speaking on Joy FM’s Newsfile on Saturday September 5, Ken Ofori-Atta said “the issue of transparency, valuation, tax haven and all those little things that people need to know, I pray that we have done justice.”
Addressing concerns about whether the government can publish 30-year cash flow projections based on the Agyapa module compared to the royalty agreement already in place over the same 30-year period, he replied in the affirmative.
“That is welcome. There is nothing that we cannot or should not do and really in the end after three, four, five years everything is projection. If we can. So we can do that. I can tell my guys to start with that. “
In addition, he indicated that the government will not stop the deal in the face of all the controversies.
“We are not. I think this is a good transaction. I think the issues that have been raised have cleared them up. This is an incredible opportunity, the highest gold prices in the world.”
Ghana’s legislature approved the controversial Agyapa Mineral Royalty Limited deal on Friday, August 14, 2020 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 purchase by private individuals. But the Mineral Income Investment Fund (MIIF) will remain the majority shareholder.
The standard bearer of the Democratic National Congress (NDC), John Dramani Mahama, has also questioned the agreement, saying that he will not recognize it if he wins this year’s election.
A CSO group led by Dr. Steve Manteaw, president of the Civil Society Platform on Oil and Gas, noted that the Ghanaian government and Parliament were quick to pass Agyapa’s controversial royalty agreement.
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