Databank-Agyapa: I have no personal interest in mineral royalties deal – Ofori Atta

Finance Minister-designate Ken Ofori-Atta has downplayed the conflict of interest accusation levelled against him, following the involvement of Databank in the suspended Agyapa deal.

According to him, when the deal was being put together he had nothing to do with the bank.

Explaining to the Appointments Committee of Parliament during his vetting on Thursday, March 25, he called out the former Special Prosecutor Martin Amidu for failing to give him the room to respond to allegations levelled against him.

“To then go on to accept, acknowledge a document in which your citizens were not able to give their views on that is not something we should encourage. We broke no rule and I think the Attorney General should be able to give an assessment on that. I do not believe that we broke any rule by the way which the procurement was done.”

He added, “We should be having a truly and broader discussion about Ghanaian enterprise and therefore how experienced entrepreneurs can join government at any point in time.

“There was no conflict of interest. I was not part of the institution [Databank]," he stressed.

Brouhaha of the Agyapa deal

The Agyapa Royalties deal generated so much interest from several quarters because of the alleged controversies relating to conflict of interest, amongst others.

Some 15 Civil Society Organizations (CSOs) under the umbrella name Alliance of CSOs working on Extractive, Anti-Corruption and Good Governance also demanded the immediate suspension of the implementation of the controversial Special Purpose Vehicle, Agyapa Royalties Limited established by government though the Minerals Income Investment Fund.

Former Special Prosecutor, Martin Amidu’s Corruption Risk Assessment on the deal also raised red flags, describing the deal as fraught with corruption.

Investment bank, Databank ended up withdrawing from the controversial Agyapa Royalties deal where Ghana’s gold mineral resources was expected to be mortgaged, for cash, over a period.

The company wrote to the directors of Imara Tara Holdings, one of the foreign firms acting as transactional advisors, communicating its withdrawal from the deal.

According to a statement from Data Bank, the decision to pull out of the deal was due to attacks on its reputation by political actors due to the Finance Minister, Ken Ofori-Atta’s association with the firm.