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General news for Thursday, September 17, 2020
Source: www.ghanaweb.com
2020-09-17
Ken Ofori-Atta, Minister of Finance
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Alex Mold, former chief executive officer (CEO) of the Ghana National Petroleum Corporation (GNPC), has questioned the Finance Ministry’s decision to list the majority of shares in Agyapa’s controversial royalty deal on the London Stock Exchange. instead of Ghana. Bag.
According to him, the “apocryphal” explanations of the Finance Minister and his deputy Charles Adu-Boahen have done nothing to reassure the Ghanaians.
In an open letter to Ken Ofori-Atta (KOA), the Minister of Finance, Mold argued that if this so-called “novel” really benefits the people of Ghana, why not float most of the shares in it? ” Wonderful company “Agyapa on the Ghana Stock Exchange (GSE)?
Mold explained that when the shares are listed on the Ghana Stock Exchange, it will allow Ghanaians to buy and own at least 75% of what is offered to potential investors.
“The remaining 25% that would be listed on the London Stock Exchange (LSE) could be offered exclusively to Ghanaians living in the diaspora to be inclusive.
“This is definitely a more patriotic option than selling 49% to foreign investors, which people speculate could be limited to a select few investors, and perhaps primarily to Friends and Family, directly or indirectly, a notion that is not far off. earned, based on his track record of the 2017 bond issuance saga that favored his friend and partner Franklin Templeton; and excluded Ghanaians from the diaspora from investing, ”his letter read.
Paraphrasing Donald Rumsfeld’s quote that there are some known acquaintances, many known strangers, and even unknown strangers, Alex Mold noted that by now Ghanaians know that Agyapa’s source of funds will be “our royalty income; which has been used in recent years for budget support and was part of the government’s consolidated fund ”.
This income, he said, will now be used by Agyapa to invest in other gold companies and companies that lend money to gold companies around the world, that is, gold royalties or Gold Streaming, the business of lending money to gold mines. gold and be reimbursed. the life of the loan in gold.
Mold, a former CEO of Standard Chartered Bank Ghana then asked the Finance Minister: “Why take a safe and risk-free cash flow (our royalties) and use it to invest in speculative and risky companies?
Mold further noted that the ministry had been explaining to the people of Ghana that Ghana would want to participate in the stock market by investing in speculative companies such as overvalued gold funds. However, the minister was not aware of such gold funds invested in gold companies and in debt instruments of gold mining companies.
“KOA, I’m sure the people of Ghana don’t know that this is what you intend to do. Therefore, it is important that you clarify to us Ghanaians exactly what you want to do and the related risks; you owe a lot to the people of Ghana – it is your fiduciary duty! ” he is stressed.
Read the full letter from Alex Mold to the minister below.
A letter to the Minister of Finance
AGYAPA: FLOUNDERS OFORI-ATTA AT MURKY STREAMS OF GOLD
Dear Minister of Finance, Ken Ofori-Atta (KOA), would you be kind enough to explain a few things to us about this Agyapa deal?
To paraphrase Donald Rumsfeld: there are a few known acquaintances, many known strangers, and even unknown strangers!
So let’s start with the known insights, what we know: Agyapa’s source of funds will be our royalty income; It has been used in recent years for budget support and was part of the government’s consolidated fund.
Agyapa will use this proceeds to invest in other gold companies and companies that lend money to gold companies around the world; that is, Gold Royalties or Gold Streaming: the business of lending money to gold mines and being repaid during the term of the loan in gold.
So the fundamental question of the people of Ghana is: WHY take a safe and risk-free flow of funds (our royalties) and use it to invest in speculative and risky ventures?
This then brings us to the known unknowns. We understand that you want to participate in the stock market by investing in speculative companies like Overvalued Gold Funds. However, these gold funds invest in gold companies and in debt instruments of gold mining companies, whose participation and risk management are unknown.
KOA, I’m sure the people of Ghana don’t know that this is what you intend to do. It is therefore important that you clarify to us Ghanaians exactly what you want to do and the related risks; This owes a lot to the people of Ghana – it is their fiduciary duty!
Lastly, KOA, the apocryphal explanations you have provided thus far have done nothing to ease our minds. If this so-called novel is really for the benefit of the people of Ghana, why not list the majority of the shares of this “wonderful company” Agyapa on the Ghana Stock Exchange (GSE)?
This would certainly allow Ghanaians to buy and own at least 75% of what is offered to investors. The remaining 25% that would be listed on the London Stock Exchange (LSE) could be offered exclusively to Ghanaians living in the diaspora to be inclusive.
This is definitely a more patriotic option than selling 49% to foreign investors, which people speculate could be limited to a select few investors, and perhaps primarily Friends and Family, directly or indirectly, a notion that is not far-fetched, based on on his record of the 2017 bond issue saga that favored his friend and partner Franklin Templeton; and excluded Ghanaians in the diaspora from investing.
All Ghanaians should have the opportunity to invest and benefit from what are fundamentally OUR Ghanaian assets.
And finally, the unknown unknown is in Agyapa’s assessment, which requires an entirely new set of other questions; some even unknown !!!
Stay tuned Mr. Minister
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