The Member of Parliament for Bolgatanga Central Constituency Hon. Isaac Adongo said, Agyapa Royalties deal is a big fraud on Ghana by President Nana Addo Dankwa Akufo-Addo and his Akyem Mafia.
In a statement, he said, President Nana Addo and the New Patriotic Party government mortgaged Getfund proceeds in excess of GH¢25 billion for the next 10 years to borrow $1.5 billion and yet could not expand educational infrastructure and build new schools to end double track;
The Bolgatanga Central Lawmaker who is a member of the parliamentary finance committee said, President Akufo-Addo and his government mortgaged bauxite buried on the ground to Sinohydro to borrow $2 billion but has nothing to show after almost 2 years;
“You mortgaged ESLA proceeds for the next 10 years, in excess of GH¢30 billion in 10 years to raise energy sector bonds of about $1.3 billion and yet energy sector debts remain unpaid and you have since accumulated over $2 billion additional energy sector debt with power producers threatening to shut their power plants.” He told.
“You have exhausted the Ghana Infrastructure Investment Fund in which your predecessor JM left you $270 million. You have frittered away the Ghana Exim funds, doling it out to your in-law to invest in a hotel.” He further explained.
“In addition to borrowing $9 billion in 3 years in Eurobonds alone and illegally borrowing $500 million term bonds in February 2020, on the capital market, without Parliamentary approval in violation of Article 181 of the Constitution, all without anything to show. What magic can you perform with $500m Agyapa theft money?” Hon. Isaac Adongo queried.
Arguing further, he asked, how can President Akufo-Addo mortgage revenues of about GH¢75 billion of the state for his maladministration to steal without caring about how his children and grandchildren will manage the economy into the future?
“No wicked man has ever ruled this country and destroyed Ghana’s fiscal and debt framework the way Akufo-Addo and the empty-lying Vice President Dr. Mahamadu Bawumia have done. It is estimated by industry players that only 11 major mining companies in Ghana will give Ghana an average of $250 million a year, $3 billion in 10 years and $4.250 billion in 15 years in royalty payments being planned to hand over to Agyapa Royalties for just $500m.”
“These estimates exclude new mining developments that will come onstream in the next 15 years such as the highly profitable Namdini Mining Development in the Upper East by Cardinal Resources. How did they value $4.250 billion in 15 years to arrive at $500m as 49% of that value.”
In his concluding statement, he said, “You can’t put Lions in charge of sheep and expect to come back and meet the sheep alive. They will end up selling us to borrow to satisfy their insatiable corrupt habits if they are allowed one more year in office.”