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Ofori-Atta responds to Amidu’s risk assessment of Agyapa deal 

In a memo to the president, the Minister for Finance says he believes his ministry has been transparent in negotiating the Agyapa Royalties deal from the outset

Ken Ofori-Atta, the Minister for Finance, has responded officially to the Special Prosecutor’s corruption risk assessment of the Agyapa Royalties deal in a memo to the president.

“Prior to initiating the transaction, MoF [the Ministry of Finance] ensured to undertake all the necessary prerequisite action required by law, from the procurement of transaction advisors, to the submission of transaction documents to the AG and Parliament for their review, input and approval,” said Ofori-Atta in the memo, dated 30 October 2020.

The Special Prosecutor, in his corruption risk assessment report to President Akufo-Addo, said that “the process of the selection of the transaction advisor(s) disclosed a reasonable suspicion of bid-rigging and corruption activity including the potential for illicit financial flows and money laundering”.


The report added: “All the parties to the Mandate Agreement are to have known the law but ignored it with impunity in signing and implementing the Mandate Agreement which is null and void ab initio as violating the Public Financial Management Act 2006 (Act 921) and the Public Procurement Authority Act 2003 (Act 663) as amended.”

But Ofori-Atta’s memo to the president said: “There is no justifiable reason for concluding that the current members of the MIIF Board will jeopardise their apparent professional integrity and reputations to engage in corrupt practices motivated by partisan considerations.” 

The memo adds that the “MoF did not seek parliamentary approval for the Mandate Agreement, because MoF considered the role of Imara TA to be advisory, with regard to the structuring and the drafting of agreements for the IPO of Agyapa on the London Stock Exchange, the main transaction, whose agreements have all been submitted to Parliament for approval, and not to have [the] economic impact anticipated by the Supreme Court in the Balkan Energy case

“Similarly, MoF has not sought parliamentary approval for other international transaction advisory service agreements it has signed in the past, such as the engagement of international investment banks for Eurobond issuances, for example.”

President Akufo-Addo has directed Ken Ofori-Atta to return to Parliament with the Agyapa Royalties deal for further scrutiny after receiving a corruption risk assessment report from the Special Prosecutor, Martin Amidu, two weeks ago (15 October 2020).

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