Finance Minister Ken Ofori-Atta has once again defended the controversial mineral royalties deal, Agyapa, saying it is in the best interest of Ghana.
Addressing the Board of the Minerals Incomes and Investment Funds (MIIF), Mr Ofori-Atta said government has taken note of concerns raised against the bill and the Attorney General will address them before taking it back to Parliament.
“You must continue with the work that has been done following the theme of the budget ‘Continuity, Consolidation and Completion’ and address and overcome all the concerns against the Agyapa transaction, so we can go to the market and create the first mineral royalty company in Ghana and in Africa because it is good for Ghana,” he said.
About the Agyapa deal
Parliament on August 14th approved the controversial Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.
Two years ago, the House passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of government.
The fund is supposed to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.
The law allows the fund to establish Special Purpose Vehicles (SPVs) to use for the appropriate investments. Last month, government introduced an amendment to the act to ensure that the SPVs have unfettered independence.
The approval will enable the country to use a special purpose vehicle, Agyapa Royalties Limited to secure about $1 billion to finance large infrastructural projects.