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General news for Tuesday, September 1, 2020
Source: www.ghanaweb.com
2020-09-01
Gabby Asare Otchere-Darko and John Dramani Mahama
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Gabby Asare Otchere-Darko, a mastermind of the PDS / Agyapa scandals, has suggested that former President John Dramani Mahama is hypocritical about the Agyapa scandal, which is trending, because the Atta-Mills administration, under which Mahama was vice president, created the Ghana Gold Company. .
According to him, Ghana Gold Company was created under the Ministry of Finance in 2010-11 to hold and monetize Ghana’s gold royalties.
“It will be interesting to know what the position of Vice President @ JDMahama was when his government established the Ghana Gold Company (Committee) under the Ministry of Finance in 2010/11 to maintain and monetize our gold royalties. Remember the 2011 budget that proposed this? he asked on his Twitter timeline.
On November 18, 2010, Dr. Kwabena Duffuor, the then Minister of Finance and Economic Planning, when presenting the 2011 budget stated: “Currently, Ghana has shares and interests in several mining companies that allow [the] government to receive significant royalty and dividend cash flows. Current increases in gold prices, increased demand for exposure to gold by investors, and appreciation of equity interests in gold mining companies present a unique opportunity for the government to consider monetizing gold. all or part of your holdings in gold to offer a profit. significant sum of capital to support the growth and development of the nation.
“Starting at [the] fiscal year 2011 therefore, [the] The government will begin discussions on the establishment of a national vehicle, the Ghana Gold Company (GGC), which will maintain the country’s gold royalties and shareholding. The GGC will be a newly incorporated company that will be 100% owned by the government and to which the government will transfer its capital and interests in gold.
Former President Mahama has stated that when he wins the December presidential elections, his “government will not respect the [Agyapa] deal ”which, according to him, was shrouded in secrecy.
John Dramani Mahama argued: “The Ghana Infrastructure Investment Fund (GIIF) could have played the same role as Agyapa if the Akufo-Addo-led government wanted to be transparent.
“This president is not willing to fight corruption. Depending on who you are in his administration, you can do whatever you want and get away with it because he will personally clear it up and tell you that nothing bad has happened. “
It will be interesting to know which Vice President @JDMahamaWhat was your position when your government established the Ghana Gold Company (Committee) under the Minister of Finance in 2010/11 to maintain and monetize our gold royalties? Remember the 2011 budget that proposed this?
– Gabby Otchere-Darko (@GabbyDarko) August 31, 2020
Agyapa Minerals royalty offering
On Friday, August 14, 2020, the Parliament of Ghana approved five agreements that allow the country to obtain the maximum value of its mineral resources and monetize its mineral income in a sustainable and responsible manner, in line with the Income Investment Fund Act in Minerals (MIIF) of 2018 (Law 978).
The law allows the country to use Agyapa Royalties Limited, a special purpose vehicle, as a conduit to raise around $ 1 billion to finance large infrastructure projects.
In line with this, Agyapa, which will operate as an independent entity from the private sector, will be able to raise funds from the capital market, both locally and internationally, as an alternative to conventional transactions in the debt capital market.
The funds are expected to be sourced from the Ghana Stock Exchange (GSE) and the London Stock Exchange (LSE).
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