Agyapa deal: Mineral resources cannot be run like an investment bank – Yao Graham

Dr. Yao Graham1211212 Coordinator of Third World Network Africa, Dr Yao Graham

Thu, 19 May 2022 Source: www.ghanaweb.com

Mineral resources must be handled with care, Yaw Graham

Agyapa deal in the best interest of Ghana – Ken Ofori-Atta

MIIF plans to list 49% of Agyapa Royalties on London Stock Exchange, GSE

Coordinator of Third World Network Africa, Dr Yao Graham, has said government cannot handle the country's mineral resources as though it was managing an investment bank.

He stated that the mineral resources must be managed with lots of care to ensure that steady value is retained.

Speaking on Citi TV's Point of View programme on Wednesday, May 18, 2022, Dr. Graham said, “Ghana is not an investment bank which generates its returns through speculative activity...Public finances tend to be managed with a lot of caution because of big risks, if they fail, it'll lead to big problems.”

“Mr. Ken Ofori-Atta may be a very good development banker, but on the evidence of how the public finances have been managed, the debt levels and the constant looking for ways to mortgage tomorrow’s revenue, we need to ask questions,” he added.

His comment comes after the Finance Minister, Ken Ofori-Atta, at a press conference on May 12, disclosed government's plan to resubmit a revised Agyapa Royalties deal to parliament for consideration.

The Minerals Income Investment Fund (MIIF) has also disclosed moves to list 49 percent of Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange.

The listing on both exchanges is expected to raise between US$450 million and US$700 million from gold royalties respectively.

In a statement sighted by GhanaWeb, Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, said the funds from the listing will be invested into national infrastructure and socio-economic amenities.

He added that special focus will be placed on mining communities across the country.

Source: www.ghanaweb.com
Related Articles: