President Nana Addo Dankwa Akufo-Addo has instructed the Finance Minister Mr. Ken Ofori-Atta to immediately return the Agyapa Minerals Royalties Agreement deal to the Parliament of Ghana for proper and collective scrutiny before implementation.
The President, in his reaction following the Special Prosecutor Mr. Martin Amidu’s report on Risk of Corruption and Anti-Corruption Assessment in relation to the Gold Royalties monetization Transaction, under the Minerals Income Investment Act 2018 (ACt 978), In which the Finance Minister was copied has asked the Finance Minister for his comments, which were contained in a confidential Memorandum to the President, and which the President has authorised to be made public to contribute to the national discourse on this matter.
His directive came after he had studied the report and the comments from the Minister
for Finance on the Agyapa Minerals Royalties Agreement. Nana Akufo-Addo took the bold decision and instructed the Finance Minister Mr. Ken Ofori-Atta to send the the Agyapa Minerals Royalties Deal to Parliament for further discussion and acceptance based on observations made.
The President believes that, his action is in the interest of transparency and accountability to the Ghanaian people, the Agreements supporting the transaction that were submitted to Parliament, and approved by the House, should be resubmitted to Parliament for the approval process to start all over again.
According to President Nana Addo Dankwa Akufo-Addo, “In as much as the report by the Special Prosecutor makes no specific recommendations, as, according to the report, assessment does not constitute an investigation, the report makes a fundamental observation that” “This is the first time that an independent ant-corruption agency established by any government in Ghana has undertaken an analysis of the risk of corruption and anti-corrupuon risk assessment of thee processes leading up to thee approval by Pariament of Pubic Agreements as part of its statutory mandate.”
The President, in a statement signed by the Director of Communications at the Jubilee House Eugene Arhim, noted that, Nana Addo Dankwa Akufo-Addo believes that, returning the agreement to Parliament for broader discussions will help address the concerns raised, principally, by the Minority, about having been given very limited time to subject properly the various Agreements to proper Scrutiny.
The transaction documents to be resubmitted are the Relationship Agreement, the Assignment Agreement, the Allocation Agreement, and the investment Agreemernt.
The President also directed that the procurement of the services of the Transaction Advisor(s) should also be
reviewed by the Ministry of Finance and the Attorney General, with the aim of taking all steps that may be necessary to remove any doubts about the integrity of the process.
“Additionally, it is the expectation of the President that the Ministry of Finance and the Minerals Income Investment Fund and the Transaction Advisors will use this opportunity also to amend the relevant Agreements to take into account the useful feedback received during the series of stakeholder consultations over the last two months.”
“Furthermore, issues surrounding the value of the proposed Agyapa listing should be properly addressed in order to engender greater public confidence. The President would like to affirm his confidence in the Minister for Finance, the Ministry of Finance and the Board and Management or the Minerals Income Investment Fund. He reiterates his full support and that of his Cabinet for the transaction, which he believes, umately, is an innovative addition to the framework of efforts of his government to enhance significantly the value that Ghana has, historically, derived from her rich natural resources.” The statement reads.
“President Akufo-Addo wonders whether, in the current, understandably highly-charged political atmosphere in the country, debate on the matter should take
place before the elections. It is his view that the national interest would be better served for the parliamentary proceedings on this matter to take place either after the elections or in the next Parliament.”