MINISTER OF Finance, Ken Ofori-Atta, says the Agyapa Royalty deal is best way to go for Ghana to help monetise her minerals and find a way to leverage mining.
He has consequently charged the reconstituted board of the Minerals Income and Investment Funds (MIIF) to continue with the work that has been done to address and overcome “all the concerns against the Agyapa transaction.”
Speaking at the inauguration of the board, the Finance Minister stated that this would enable the government to market and create the first mineral royalty company in Ghana and in Africa “because it is good for Ghana.”
Mr. Ofori-Atta indicated that the Ministry would do all the necessary consultations and resubmit Agyapa to Parliament for consideration.
“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 that we can go to the market and create the first mineral royalty company in Ghana and in Africa because it is good for Ghana.”
The Agyapa Royalty was proposed by the government last year as a special purpose vehicle (SPV) to manage and monetize the country’s mineral royalties to finance key infrastructure projects.
However, some stakeholders, particularly civil society organisations (CSOs) working on extractives, anti-corruption and good governance, kicked against the move, asserting that there had not been enough consultation for their views to be reflected in the deal.
But management of the Minerals Income Investment Fund (MIIF) at the time indicated that there had been erroneous assertions made in the media about the fund and its purpose.
The Public Relations Unit of MIIF, in a statement, noted that the MIIF was formed by Parliament pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) with the key objective of maximising the value of Ghana’s income from its mineral wealth for the benefit of the Ghanaians.
It insisted that the special purpose vehicle was also to maximise the minerals’ income in a sustainable and responsible manner with an aim to ensure that Ghanaians fully benefitted from the wealth created in the mining sector.
Mr. Ofori-Atta said “the Attorney General has looked at it. We had a few stakeholder meetings, and I think the new board should be energised to review that and go through the parliamentary process. I’m unequivocal that it is the way to go in terms of monetizing our minerals and finding a way to leverage mining.”