John Dramani Mahama, the National Democratic Congress’s (NDC) presidential candidate for 2020, has declared that the opposition party remains opposed to the disputed Agyapa contract. He stated that the NDC will fight any attempt to seize Ghana’s mineral riches in exchange for debts. “We remain opposed to the Agyapa agreement,” the former President said on Facebook.
Mr. Mahama’s statement comes after rumors that the government plans to repackage a bungled contract aimed at securing Ghana’s gold riches for a few years.
The Minerals Income Investment Fund (MIIF) announced a few days ago that it is rethinking its strategy for listing its wholly-owned subsidiary Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange after Forbes Monaco named it the top financial institution in the mining sector.
A Deputy Minister of Finance, John Kumah, indicated in a recent interview that the arrangement will provide Ghana with money from gold.
According to him, the Agyapa agreement must go through the proper channels in order to succeed because it has the potential to lessen the country’s debt burden.
In an interview with Okay FM in Accra, he said that people have exported gold from Ghana without following the procedures.
“We’ve been mining gold and other minerals for years and it has had little impact on the country’s economy,” he said, adding that the E-levy will help the country generate cash.
The Agyapa acquisition was widely panned and eventually suspended, but the government claimed that a report announcing the transaction’s suspension was false.
The Agyapa Royalties deal has not been abandoned, according to Finance Minister Ken Ofori-Atta.
He remarked that the agreement is still on his mind since he believes it is in the best interests of the country.
“My firm philosophical conviction actually is that the capital markets are meant for something that will lead us to equity resources, and we are not leveraging on it,” he told the press in Accra on Thursday, May 12, 2022. As a result, the question isn’t whether monetizing mining royalties or listing the company is good or bad.