The National Democratic Congress (NDC) Central Regional Communications Officer, Gabriella Tetteh, has made claims that the Agyapa Mineral Royalties deal was another opportunity the governing New Patriotic Party (NPP) wanted to use, to haul huge sums of taxpayers’ money.
She made this claim Wednesday, February 21, 2024, on the Angel Morning Show while sharing her thoughts on the recent revelation that Ghana has lost $12 million in the Agyapa deal.
“The Agyapa we all know it was another ‘create, loot, share’ under the disguise investing state’s royalties. It was another one called state capture. This is another way of their state capture maneuverings,” she told Okatakyie Afrifa-Mensah, host of the show.
Ms. Tetteh added: “You are already destroying our lands and water with mining the royalties too you want to steal them in addition and Ghanaians refused it and you were still looting money from it that is the truth of the mater.”
Background
The Minerals Income Investment Fund Act, 2018 (MIIF Act 978) was approved by Parliament with the primary goal of maximizing Ghana’s mineral resources for the benefit of its citizens while guaranteeing that the country could continue to receive royalties from gold mining firms.
The law underwent an amendment to facilitate the inclusion of subsidiaries and to utilize it as a special purpose vehicle for conducting business globally.
The primary subsidiary of MIIF and its holding company, Agyapa Royalties Investment Ltd, was set to be listed on the London Stock Exchange. Additionally, its subsidiary, ARG Royalties Ltd, was intended to be quoted on the Ghana Stock Exchange via initial public offerings.
The company was tasked with managing 75.6 percent of Ghana’s royalty income from 12 existing gold mining firms, with the anticipation of four more joining in the future.
The aim was to raise approximately $1 billion to fund mining ventures in Ghana and throughout Africa.
After facing public backlash and considering a corruption risk assessment by the former Special Prosecutor, Martin Amidu, President Akufo-Addo, in November 2020, directed the Minister of Finance to re-submit the agreements related to the Agyapa deal to Parliament. This decision aimed to restart the approval process.
