ECOWAS Community Court Of Justice upholds Agyapa SPV - No wrongdoing whatsoever by the gov't...It was all for God and country

The rule of law is one of the cardinal values of the New Patriotic Party, and its exercise by citizens and civil society organizations particularly to hold government accountable is a pride point.

This is why, we commend the effort of the Ghana Integrity Initiative and Ghana Anti-Corruption Coalition for the decision to seek clarification on the Agyapa Royalties Limited which the government was implementing through the Mineral Income Investment Fund to spur development.

As a party and government, we are happy particularly that it was the ECOWAS Community Court of Justice that adjudicated the issue and arrived at the conclusion that there was no wrongdoing with the Agyapa deal.

Ghanaians would recall that in the lead-up to the 2020 general election, a crucial discussion emerged surrounding the monetization of Ghana's mineral income, igniting a firestorm of accusations aimed at both government officials, including the President, and private individuals who played a role in devising an innovative revenue-generation concept for the nation.

At the heart of this discourse was the establishment of a Special Purpose Vehicle known as Agyapa Royalties Limited. This entity, solely owned by the Government through the Minerals Income Investment Fund, aimed to publicly list up to 49% of its shares on the prestigious London Stock Exchange.

Regrettably, some well-intentioned civil society groups, fuelled by an unfounded distrust of the government and a lack of comprehensive understanding of the transaction, disseminated misleading information to the public, tainting the narrative.

Against this backdrop, two prominent Ghanaian civil society organizations, namely the Ghana Integrity Initiative and the Ghana Anti-Corruption Coalition, took their concerns to the Community Court of ECOWAS. Led by Transparency International, also an applicant before the Court, these organizations essentially echoed their prior public arguments against the transaction.

However, in a unanimous decision handed down in July 2023, the ECOWAS Court ruled decisively. It first recognized that Transparency International lacked the proper standing to litigate this matter. Subsequently, after an exhaustive examination of the case, the Court determined that the transaction had scrupulously adhered to all legal prerequisites and that the alleged claims of corruption, put forth by the Applicants (Ghana Integrity Initiative and Ghana Anti-Corruption Coalition), were not substantiated by any evidence whatsoever.

As a result, the Court dismissed all claims and reliefs. This landmark verdict unequivocally vindicates the Government's stance that no wrongdoing occurred in the intricate affairs surrounding Agyapa Royalties, thus affirming the transaction's legitimacy and integrity.