No Result
View All Result
Wednesday, June 29, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    NIB MD laments cost of borrowing for private sector

    Kwahu Summit to focus on Africa’s economic transformation under AfCFTA – APN

    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    NIB MD laments cost of borrowing for private sector

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    NIB MD laments cost of borrowing for private sector

    Kwahu Summit to focus on Africa’s economic transformation under AfCFTA – APN

    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    NIB MD laments cost of borrowing for private sector

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

15 CSOs demand immediate suspension of Agyapa Royalties deal

August 25, 2020
in Business, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

15 Civil Society Organizations (CSOs) under the umbrella name Alliance of CSOs working on Extractive, Anti-Corruption and Good Governance are demanding the immediate suspension of the implementation of the controversial Special Purpose Vehicle, Agyapa Royalties Limited established by government though the Minerals Income Investment Fund.

The CSOs say until there is full disclosure on the beneficial ownership of the Special Purpose Vehicle, Agyapa Minerals Royalties, the implementation of the deal should be deferred.

Parliament last Friday approved five agreements to allow the country to derive maximum value from its mineral resources and monetise its mineral income accruing to the country in a sustainable and responsible manner, in line with the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978).

ADVERTISEMENT

The approval gives Agyapa Royalties Limited, the legal backing to secure about $1 billion to enable government finance large infrastructural projects.

But Chairman of the Alliance of CSOs working on Extractive, Anti-Corruption and Good Governance, Dr. Steve Manteaw at a press conference on Tuesday, August 25, 2020, said the deal is opaque, lacks oversight arrangements, and places Agyapa Royalties above the country’s tax laws.

“The recent amendment of the Minerals Income Investment Fund creates more suspicion. The rushed amendment and inserting worrying clauses including clauses that leaves a special purpose vehicle; Agyapa Royalties above Ghanaian tax laws, outweighs Ghana’s immunity and by that, expose Ghana to the risk of damaging lawsuits should any future government seek to reverse this transaction.”

“What we find even more repulsive about this whole transaction is the provision that permits Agyapa Royalties, a supposed company of the sovereign state, to register in tax payments to borrow money or raise equity in foreign currency from any source on the back of the gold royalties of Ghanaians without the requirement of any further approval, consent and administrative Act of the Government of Ghana. This provision takes Agyapa Royalties away from parliamentary oversight and control”, he added.

Already, the deal has been criticised by many who described it as a way of mortgaging Ghana’s mineral resources.

National Democratic Congress (NDC) flagbearer, John Mahama also described the deal as questionable whilst a presidential aspirant of the Progressive People’s Party (PPP), William Dowokpor, called it fraudulent.

Defence of deal

But the Minerals Income and Investment Fund (MIIF) has defended the integrity of the agreements to monetise the country’s gold royalties through Agyapa Royalties Limited.

Describing it as a “forward-thinking” endeavour, the Fund said the deal was “being created with Ghanaians’ best interests at heart.”

It assured of its transparency noting that it was listed on both the Ghana and London Stock Exchange, which mandates full disclosure from shareholders.

The Fund further refuted claims it was owned by President Akufo-Addo.

It said, currently, MIIF is the sole shareholder of Agyapa Royalties, an SPV that is expected to be listed on the London and Ghana Stock exchanges.

“Regardless of who is in power, the MIIF is the custodian of Ghana’s future mineral revenues in terms of the MIIF Act.”

“In general, Ghanaians will benefit because the capital raised “will finance strategic capital investments such as infrastructure and also mining in collaboration with local equity participants to spur socio-economic development,” it added.

Source: Nii Larte Lartey / citinewsroom.com
Tags: Citi Business NewsMinerals Income and Investment Fund (MIIF
Previous Post

Akufo-Addo commended for commissioning Ekumfi Fruits and Juices factory

Next Post

John Allotey sworn-in as new CEO of Forestry Commission

Next Post

John Allotey sworn-in as new CEO of Forestry Commission

Accra Kotoka International Airport Arrivals
ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.