No Result
View All Result
Saturday, June 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Independent Power Producers demand 30% payment of arrears

    We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

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

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

  • TECHNOLOGY

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

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

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

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

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Independent Power Producers demand 30% payment of arrears

    We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

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

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

  • TECHNOLOGY

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

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

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

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

CSOs initiate online petition against Agyapa Royalties deal

September 1, 2020
in Business, Top Stories
Franklin Cudjoe

Franklin Cudjoe

0
SHARES
1.5k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Some Civil Society organizations have initiated an online petition to galvanize public support against the implementation of Agyapa Royalties Limited.

Though the Finance Ministry last Friday sought to put all related matters to rest, civil society groups continue to mount pressure for the suspension of its implementation.

President of IMANI Africa, Franklin Cudjoe, who is also a member of the Alliance of CSOs working in Extractive, Anti-Corruption and Good Governance, told Citi News that there are still more questions on the deal than there are answers.

ADVERTISEMENT

“The contract had been okayed by Cabinet as of March 2020. The final contract still has grave issues which show that the government is shortchanging the republic. There are a number of confusing issues. The contract states clearly that we are getting 1 billion dollars and that is based on the fact that we have depressed the value of the asset by 70% and we are getting just about 50 percent.

“There are alternate procedures so they should not go and list on the stock exchange, undervalue it and then raise the stocks and the shareholders will benefit. Unfortunately, the dividends arguments also do not hold. You are likely to get a maximum of 10 million dollars a year but the sad aspect is that they keep confusing everyone that they have only signed 12 mining leases. The government who is shepherding this whole process must bring everything to the table,” he said.

The Agyapa Royalties deal has become a topical issue following concerns from members of the opposition.

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama has 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 valuations of these massive resource entitlements is unconscionable and amounts to undervaluing Ghana’s resources by over 65%,” IMANI said.

Previous Post

Angry clients of defunct Fund Management firms arrested for picketing at Finance Ministry

Next Post

Court dismisses MTN’s suit against NCA on market share regulation

Next Post

Court dismisses MTN's suit against NCA on market share regulation

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.