Bright Simons is a Vice President of IMANI Africa
The Agyapa Royalties deal the Nana Addo Dankwa Akufo-Addo government is searching for to implement has as soon as once more develop into a topical challenge, following reviews of the government spending over $12 million on the deal regardless of it being on maintain.
Bright Simons, a Vice President of IMANI Africa, has given causes why the Agyapa deal, which might have affected about 97% of Ghana’s royalties from the nation’s mineral assets, must be cancelled as a matter of urgency.
According to Simons, the first purpose Ghanaians must combat to make sure that the deal is cancelled is the manner it was compelled by means of parliament by the government and its majority in the home.
Speaking in an interview on JoyInformation, on Saturday, February 24, 2024, the IMANI vice chairman mentioned that the government began implementing the deal with out approval from the Parliament of Ghana, as required by legislation.
He mentioned that it was the then Attorney General, Gloria Akuffo, who identified that there have been so many points with the deal, together with the proven fact that it must have the approval of parliament.
He mentioned that after Gloria Akuffo criticised the deal, the government used its majority in parliament to drive the deal by means of with none correct scrutiny from the home.
Simons additionally defined that the government can also be going to promote Ghana’s gold rights for $1 billion and the deal had no expiry date or gold deposit restriction, which means that the buyers are going to have management of royalties from future gold mines found in the nation.
He additionally mentioned that per the deal, it’s the non-public buyers who’re going to profit extra after the nation’s royalties from its gold assets have been listed on the London Stock Exchange.
“It was not the public market that was going to set the worth for Agyapa Jersey. It was the underwriters! And they might have bought to particular buyers earlier than the share debuted on the inventory market. So, the share worth enhance would have benefited these buyers, not Ghana.
“After the share worth appreciation that advantages the buyers, Agyapa would subsequently be underneath the management of so-called impartial administrators, chosen by the deal insiders, who will dictate all dividend & funding insurance policies primarily based on the underlying agreements,” he mentioned.
Watch Bright Simon’s full presentation under:
.@BBSimons‘ presentation on the $12 million botched Agya Pa deal. #Newsfile pic.twitter.com/qyTC1IK2kz
— Joy 99.7 FM (@Joy997FM) February 24, 2024
About the Agyapa Royalties deal:
In 2020, the government of Ghana proposed a deal which was meant to boost cash by floating shares in an organization referred to as Agyapa Royalties Limited on the London Stock Exchange.
This deal was met with huge criticism from civil society teams and the opposition, who claimed that it was a secretive and corrupt deal that may permit politicians to complement themselves at the expense of the nation.
Later that yr, journalist Kweku Baako mentioned that Gabby Asare Otchere-Darko’s agency had been transaction advisors to the government in the failed deal.
Gabby clarified {that a} UK-based legislation agency was the principal advisor on the deal and Africa Legal Associates labored for the agency.
One main challenge that has emanated from the brouhaha surrounding the deal is the position of Osafo-Maafo’s son and Gabby Otchere-Darko.
BAI/BB
Meanwhile, watch the most up-to-date episode of The Lowdown GhanaNet TV under:
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