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President only holds minerals in trust, they are not his property - CSOs on Agyapa deal

Nana Addo Akufo Addo President Of The Republic Of GhanaASD President Nana Addo Dankwa Akufo-Addo

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

Agyapa deal will lead to equity resources, Ofori-Atta

Agyapa deal equal to selling the country’s free right to royalties

Agyapa deal to be re-submitted to parliament


Some Civil Society organizations have noted that President Nana Addo Dankwa Akufo-Addo and ministers of state do not own the country’s mineral resources.

According to them the controversial Agyapa deal the government wants to revisit should be sent to parliament for deliberation.

The Civil Society Organizations (CSOs) totaling 24 including the Africa Centre for Energy Policy (ACEP), the Ghana Centre for Democratic Development (CDD) and the Centre for Extractives and Development Africa (CEDA), said the Agyapa Royalties Deal is inherently illegal.

“Agyapa is inherently illegal. The President holds minerals in trust. They are not the President's property or his government’s. So, it is required that the agreement be returned to Parliament for approval. Refusing to do so means we will go to court.”

Finance Minister Ken Ofori-Atta in a press conference on May 12, noted that the Agyapa deal is being re-packaged to be presented to parliament.

“My firm philosophical belief really is that the capital markets are meant for something that will lead us to equity resources and we are not leveraging on it. Therefore, it is not the question of whether monetization of mineral royalties or listing of the company is bad or good.”

However, the group noted that reviving the deal is like selling the country’s free right to royalties.

“Ladies and gentlemen, we reiterate that the coalition is not against alternative actions to optimize the mineral sector. However, we do not support the current attempt to sell the risk-free right of the country to royalties and the attendant questions around the transaction. The Africa Mining Vision is an important diagnostic instrument to identify ways to maximize mineral resources and Ghana must show commitment to the regional document rather than short-term gains to a set of politically connected people.”

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Source: www.ghanaweb.com
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