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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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IMANI provides detailed reasons for rejecting Agyapa deal

August 29, 2020
in Local Economy, News, Top Stories
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Policy think-tank, IMANI Africa has presented a detailed justification for its opposition to the controversial Agyapa Royalties deal.

In a 17-paged document, IMANI Africa among other things cited the level of what it calls “information-hiding” of the 4-month timeline to the IPO, and the claim that dividends will seamlessly substitute for royalties.

The Agyapa Royalties deal has become a topical subject for public discussion after members of the opposition sounded caution over it and described it as a total “rip-off.”

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Notable among those speaking against the deal is flagbearer of the National Democratic Congress (NDC), John Dramani Mahama who during his campaign tour in the Volta Region alleged that cronies of President Akufo-Addo are seeking to cut dubious deals by buying off 49% shares, in the publicly listed company which the government intends to use as a Special Purpose Vehicle (SPV) to raise funds for developmental projects.

Civil Society groups in Mines and Energy have also described the SPV as one which is not transparent and must be suspended.

IMANI, which is among the CSO’s against the deal stated in a document that “the degree of information-hiding has been so intense that, per the official record, it took the Ministry of Finance more than a year to share the full set of agreements with the Government’s own Attorney General following an initial request for legal review in January 2019. Unsurprisingly, the final agreement ratified by Parliament defies many pieces of advice offered by the Attorney General, including a suggestion that the Investment Agreement be limited to a fixed term of 30 years.”

IMANI further contended that the government’s plans of leveraging Ghana’s mineral royalties to secure about $1 billion is an undervaluation of the country’s mineral resources.

“There is a case to be made for diversifying the country’s sovereign wealth strategy and acquiring some geo-economic influence, but that should not be pursued at the high cost of valuing 75% of all of Ghana’s future royalties at 30% of their true value. The $1 billion valuation of these massive resource entitlements is unconscionable and amounts to undervaluing Ghana’s resources by over 65%,” IMANI further indicated.

Source: Jonas Nyabor / citinewsroom.com
Tags: Agyapa Royalties LimitedIMANI Africa
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