Government must suspend Agyapa deal for a national dialogue – CSOs
Fifteen civil society groups are still calling on the government to immediately suspend the Agyapa Royalties agreement to pave way for a national dialogue
Some civil society groups are calling on the government to suspend the Agyapa Royalties agreement immediately to pave way for a national dialogue on the deal.
The spokesman for the 15 CSOs, Steve Manteaw, says the dialogue could help put to rest concerns that the deal is shrouded in secrecy and lacks transparency.
He was speaking at a news conference organised by the CSOs on the Agyapa Royalties agreement in Accra, following their meeting last week with the Finance Minister, Ken Ofori-Atta.
“There is a certain intent by the government that they want to make money to invest in the mineral sector, and that some of the investments will go into gold refineries. Meanwhile, if you look at the stability provision of the act, it raises the current situation where we take our mineral royalties in cash,” Dr Manteaw said.
“We cannot come back when this thing kicks in that we now want to collect our royalties in gold. The intent and provision of the act are not consistent, hence the need for a review of the act,’’ he said.
Good deal
Dr Manteaw further explained that the law in its current state is fraught with inconsistencies which need to be reviewed.
The civil society groups are also questioning the role of Databank in the deal, describing its position as a conflict of interest.
In an earlier interview with Asaase Radio, the Minister for Finance said the government is certain the Agyapa Royalties agreement is a good deal for the country.
Although the governments explanation that the intention behind incorporating the company in Jersey is to avoid double taxation, the CSOs argue that it is not enough justification for the decision.
About Agyapa
The income investment agreement between the Government of Ghana and the Minerals Income Investment Fund, Agyapa Royalties’ Ltd and ARG Royalties Ltd, centres around transactions to monetize gold royalties entered into under the Minerals Income Investment Fund Act 2018 (Act 978).
The target is for the arrangement to make immediately available US$500 million, and another $500 million to follow, once executed.
Fred Dzakpata
Asaase Radio 99.5 – tune in or log on to broadcasts online.
Follow us on Twitter: @asaaseradio995
#asaaseradio
#TVOL
