Agyapa deal: We’re not against foreign investors – Minority Leader

The Minority in Parliament has said members’ objection to the Agyapa Royalties agreement should not be misconstrued to mean they are against foreign investors.

Leader Haruna Iddrisu said at a press conference in Accra on Tuesday, September 1 that while in power, the National Democratic Congress (NDC) ensured that Ghana became the investment destination for foreigners, hence they are not against such investment from expatriates.

He, however, stated that they only expected the current government to respect the laws of the land with respect to the deal.

“I have played a role of Minister for Trade for the Republic and for the state. We have all strived in our efforts to make Ghana a safe investment destination.

“We need foreign investments, we need foreign direct investment but those transactions must respect the laws of Ghana.

“Those transactions must respect the institutions of government. If all the requirements we requested for were provided we will not be telling you that we will subject this to a review.”

Ghana’s legislature approved the controversial Agyapa Mineral Royalty Limited agreement Friday, August 14 despite a walkout from the Minority.

Based on the agreement, Agyapa Royalties Limited (ARL) will trade shares on the Ghana Stock Exchange and the London Stock Exchange for private people to buy. But the Mineral Income Investment Fund (MIIF) will remain the majority shareholder.

The Minority said the deal makes it impossible for a future government to replace managers of Agyapa Royalties Limited although the Minerals Income Investment Fund will remain the majority shareholder.

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has also questioned the deal and said he will not recognize it in case he wins this year’s polls.

The Finance Minister Ken Ofori Atta has last Thursday told journalists the deal was in the interest of Ghana.

He said discussions and deliberations on the deal started as far back as in 2018, therefore it cannot be described as an agreement that was prepared hastily.

“The deal was not rushed because we have been working at this since 2018 which it has been very public regards to parliamentary. I am sure we can always do more.

“As we are saying we are a government that for the first time the Ministry of Finance has signed a partnership agreement with trade unions and labour in which we look at our economic policies before we even come out.”