Future NDC Gov’t Will Retrieve $12M Spent On “Agyapa” Deal
The National Democratic Congress (NDC) has pledged to pursue matters relating to the US$12 million spent by the Akufo-Addo-led government when it wins power in the upcoming election.
At a “Moment of Truth” session on February 19, the National Communications Officer of the NDC, Sammy Gyamfi characterized Agyapa a deal to mortgage the country’s future gold royalties for a “lump sum of money”- as a scam.
He disclosed the NDC has plans to retrieve the money paid “illegally” in the deal after a comprehensive investigation is instituted.
“My brothers and Sisters, I have the full blessing of John Dramani Mahama to inform you and by extension the good people of Ghana, that the next NDC government will investigate the stinky $12 million “Agyapa” scam, retrieve all illegal payments made under same, and ensure that all the perpetrators are prosecuted.
“The day of accountability is fast approaching, and no one found culpable will be left off the hook by the next NDC/Mahama government. This is a solemn pledge and our charge to keep when by the grace of God and the Ghanaian people, the NDC assumes the reins of government in 2025.”
The Chief Executive Officer of Minerals Income Investment Fund (MIIF) on the Royalties deal, Edward Nana Yaw Koranteng disclosed to the Public Accounts Committee (PAC) of Parliament, the report of the Auditor-General on Public Boards, Corporations and other Statutory Bodies for the period ended December 31, 2022, over the weekend that US$12 million was pumped into the deal which has since been suspended after public outcry.
According to him, the amount was spent on setting up the “Agyapa” Royalties vehicle, the payment of consultancy fees, the rental of office space and the processes leading to the Initial Public Offering towards the listing of “Agyapa” Royalties on the London Stock Exchange.
About the Deal
The Agyapa Royalties Deal is a deal to mortgage the country’s future gold royalties for a “lump sum of money”, the Ministry of Finance explains.
75.6% of the country’s royalties from 12 gold-producing mines and four mines under development under the current mining leases will go into the deal.
This met sharp criticism from a section of Ghanaians three years ago.
In November 2020 the President of Ghana called for a review of the transaction documents for parliamentary approval after the Special Prosecutor released a corruption risk report on the deal stating it is susceptible to corruption specifically illicit financial flows and money laundering.
In response to this, the Ghana Integrity Initiative (Transparency International Ghana), the Ghana Anti-Corruption Coalition and Transparency International filed a suit with the ECOWAS court in December 2020 to stop the government from carrying on with the deal.
They argued that the deal violates Article 21 of the African Charter on Human and Peoples’ Rights, which states that all peoples are entitled to determine how their wealth and natural resources are disposed of.
But in court, Ghana’s Attorney-General, Godfred Yeboah Dame argued otherwise.
The Court sitting in Abuja in Nigeria on Tuesday, July 11, 2023, threw out the trio’s petition to stop the government from monetizing the country’s royalties.
The Judges disagreed with civil society organizations on matters related to corruption and the breach of checks and balances, arguing that the co-applicants failed to present sufficient proof.
