John Mahama: NDC will “vigorously” oppose Agyapa Deal

John Mahama
John Mahama

Former President John Dramani Mahama has reaffirmed the NDC’s resolve to kick against the Agyapa Royalties Investment Agreement should it resurface in parliament.

This comes after Finance Minister, Ken Ofori Attah said he still wants to pursue the contested deal, which seeks to allow for the monetisation of Ghana’s future gold royalties.

Ofori-Atta said he still has in his mind the agreement because he believes it is best for the country.

“[The Agyapa deal] is not about whether the monetization of mineral royalties or listing of the company is bad or good, it is good because that is how you raise resources.”

“The question is the process of doing that. If we have a problem with the process, let’s articulate it, let’s cure it, but let us not drop something that would be good for us and reduce our debt exposure,” explained Ofori-Attah who spoke at a press briefing to announce details of the African Development Bank 2022 Annual General Meeting last Thursday.

In a Facebook post however Mr. Mahama said the opposition party remains “opposed to the agreement.”

“The National Democratic Congress (NDC) will oppose it vigorously. #EnoughIsEnough”, he added.

At an event dubbed ‘Ghana at the crossroads’, “Mr. Mahama had emphasized that the government must “clarify reports which are rife in the investment community that it intends to use the Heritage Fund as collateral to raise a $2billion from a consortium of banks.

We wish to serve notice that if this turns out to be true, we in the NDC will oppose it vigorously in the same way that we opposed the Agyapa Deal.

We cannot support the collateralization of every single source of future revenue just to finance today’s consumption”.

Agyapa Deal

On August 14, 2020, Parliament approved the Agyapa Minerals Royalties Investment Agreement and four related documents to monetise Ghana’s future gold royalties.

Under the agreement, Agyapa Mineral Royalties Limited has been incorporated in Jersey near the UK to receive and manage royalties from 16 gold mining leases over the next 15 years or so.

In exchange, the firm will list on the London and Ghana Stock Exchanges (GSE) and raise at least $500 million for government to invest in infrastructure, health and education.

The listing will allow private people to buy a 49 per cent stake in the firm.

However, some 22 civil society organizations called for a suspension of the deal, insisting it is not in the interest of Ghana.


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