'Forward-thinking, transformational Agyapa deal best for Ghanaians' – MIIF

The Minerals Income and Investment Fund (MIIF) has described the decision by the government of Ghana to monetise the country’s minerals royalties through Agyapa Royalties Limited as “forward-thinking” with “Ghanaians’ best interest at heart”.

MIIF, representing the government of Ghana, set up Agyapa Royalties Limited, a limited liability company, to receive Ghana’s gold royalties. The company, per the deal, is also to raise between $500 million and $750 million lump sum for the government of Ghana on the Ghana and London Stock Exchanges for the country’s development.

The Minority of Parliament walked out from Parliament leaving the Majority side alone to approve the deal between the government of Ghana and Agyapa Royalties.

Former President John Mahama has also questioned the deal, saying it is shrouded in secrecy and wondered.

However, a statement from the PR unit of MIIF said: “This is an investment in our future, which will create an upfront sum of capital upon the proposed listing date”.

MIIF said the deal has been transparent, adding that it is listed on both the Ghana and London Stock Exchanges and, so, the mandatory full disclosure requirements from the shareholders have been met.

MIIF also denied allegations that it is owned by President Nana Akufo-Addo, saying it is the sole shareholder of Agyapa Royalties, the special purpose vehicle which expected to be listed on the London and Ghana Stock Exchanges.

“Regardless of who is in power, the MIIF is the custodian of Ghana’s future mineral revenues in terms of the MIIF Act.”

The Fund explained that Ghanaians stand to gain because the capital raised will finance “strategic capital investments such as infrastructure and also mining in collaboration with local equity participants to spur socio-economic development”.

MIIF also denied claims that a legal firm would gain $10 million from the deal, describing it as incorrect, explaining: “The expenses incurred will be available for scrutiny.”

“What is very important to remember is that MIIF will remain as the majority shareholder of Agyapa Royalties Limited. This means it will retain majority shareholder control and receive the majority of the company’s dividends when declared and paid.”

“Lastly, Ghana has always been and will always be a leader on the continent. This is but the latest example of our ability to be forward-thinking. We are the first government to implement this transformational and innovative way to raise funds,” MIIF added.