The controversial Agyapa Royalties transaction which the government plans to re-table before Parliament is likely to face another setback except for the President himself takes charge to explain its benefits to the good people of Ghana.
“The President should engage in broader stakeholders’ consultation. It is the work of the President and his cabinet to tell the people their policy guidelines. Even the Sector Minister cannot do anything about the deal”, Lecturer with the Garden City University College, Mr. Aaron Kumah advised.
President Akufo-Addo delivering while delivering his State of the Nation Address on Tuesday, March 9 told Parliament his government intends to further engage lawmakers on the future of the transaction which was put on suspension after civil society organizations raised red flags
Speaking to the President’s announcement on Kumasi-based Otec FM afternoon political talk show “Dwabirem” monitored by MyNewsGh.com, the Lecturer however expressed surprise about the President’s decision.
“For me in particular, I am surprised that the President is even thinking of re-tabling the deal in parliament. Wasn’t it approved by the same parliament before? I’m very very surprised. Why parliament again?”, Mr. Aaron Kumah quzzed.
The controversial gold royalty deal was put on suspension after civil society organisations, Members of Parliament and a section of the public rejected it saying it was not going to serve the best interest of the country
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.