Agyapa Royalties: Investors will not be influenced by criticisms – Finance Minister

Finance Minister, Ken Ofori-Atta, has indicated that investors’ confidence will not be influenced by criticisms surrounding the Agyapa Royalties transaction agreement.

This follows calls by some Civil Society Organisations (CSOs) and the minority calling for the transaction to be suspended over what they say is 'a lack of transparency' on terms of the agreement prior to its approval in Parliament.

However, Finance Minister, Ken Ofori-Atta says investors are knowledgeable enough to welcome the importance of a constructive debate in regards to the transaction.

“For me, I don’t look at the criticism as noises. I feel that the market is sophisticated enough outside to understand that there will be deferring opinions.

The vibrancy of democracy for people to challenge what you want to do, gives you an opinion you may not have been aware of. But still being clear on where you want to go, is something that strengthens our democracy.

It also potentially sends a signal out there that Ghana’s good governance issues are good.”

The Finance Minister said this in a yet-to-be-aired interview later today, September 7, 2020 on Citi TV’s Point of View programme.

Meanwhile, Deputy Information Minister, Pius Enam Hadzide, has said government is keen on an engagement to provide clarity to CSOs on the Agyapa Royalties Limited transaction.

According to the minister, the government continues to work in the best interest of the citizenry in leveraging on the nation's mineral resources for assets in the future.

Prior to approving the Agyapa Royalties transaction, Parliament in 2018 passed the Minerals Income Investment Fund (MIIF) Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies and receive royalties on behalf of government.

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

In exchange for that, the Agyapa Royalties Limited aims to raise between US$500 million and US$750 million for the Government on the Ghana and London Stock exchange’s intended for development projects.