Ghana News

Parliament to furnish Special Prosecutor with documents on Agyapa deal today

Parliament is expected to later today, Monday, September 14, 2020, dispatch all documentation regarding the Agyapa Royalties deal to the Office of the Special Prosecutor.

The Special Prosecutor wrote to Parliament last week to demand information and related documents for the transaction agreements.

The request is in line with the mandate of the office to exercise the functions and powers of prevention of corrupt activities.

When furnished with the information, the Special Prosecutor’s Office will seek to ascertain whether the controversial transaction could potentially promote corruption.

The Special Prosecutor made a request to the House last week.

The request, made by the Special Prosecutor, Martin Amidu was pursuant to Sections 2(1) (c), 29 and 73 of the Office of the Special Prosecutor Act, 2017 (Act 959) and Regulation 31 (1) and (2) of the Office of the Special Prosecutor (Operations) Regulations, 2018 (L.I. 2374) which mandates the office to exercise the functions and powers of prevention of corrupt activities.

“This office will be concentrating on any potential of the said transaction(s) to promote and facilitate the suspected commission of corruption and corruption-related offences and advise the government accordingly,” portions of the letter noted.

About the deal
In 2018, Parliament 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 the government.

The purpose of the fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.

The government then, through the Minerals Income Investment Fund (MIIF), set up Agyapa Royalties Limited to monetize Ghana’s gold royalties.

This was after Parliament on August 14, approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana despite the walkout by the Minority.

In exchange, the company plans to raise between $500 million and $750 million for the government on the Ghana and London Stock exchanges to invest in developmental projects.

The deal, however, has become a topical issue following concerns from members of the opposition.

Civil Society groups in Mines and Energy have also described the Special Purpose Vehicle as one which is not transparent and must be suspended.

But the government insists the deal is in the best interest of the country.

Source: Source Link

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