Agyapa Deal: We need to determine whether NPP Gov't isn't ripping us off 'again' - Minority leader

Agyapa Deal: We need to determine whether NPP Gov't isn't ripping us off 'again' - Minority leader
Haruna Iddrisu

The Minority leader in Ghana’s Parliament has demanded an independent probe into the arrangement between the government and a Special Purpose Vehicle (SPV) company, Agyapa Royalties Limited.

Haruna Iddrisu called for the independent assessment of the valuations of royalty rights in the Agyapa Royalties deal.

He was of the view that Ghana’s assets had been “grossly undervalued” in the agreement.

According to the Tamale South legislator, at a press conference on September 1, 2020, a future NDC government will not honour the terms of the Agyapa deal, if the doubts and issues surrounding the agreement are not cleared.

But Mr. Iddrisu insists that “the worth of our gold revenue and their projects needs a further thorough probe by independent economic transaction advisors for us to appreciate that they [the Akufo-Addo administration] are not ripping this country off.”

 

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He noted that, similar to the PDS deal which was later terminated upon ‘detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities’, the Agyapa deal might also be a ‘rip off’.

Despite the Minority’s call for “minimum documentation,” Mr. Iddrisu contends that the government refuses to be transparent with the deal.

Former president, and Flagbearer of the NDC, John Mahama had earlier described the Agyapa deal as shady, threatening to abrogate the agreement, should he win the December 7 elections.

Mr Mahama in his commentary on the Agyapa deal had also questioned the basis for the arrangement between the government and a Special Purpose Vehicle (SPV) company, Agyapa Royalties Limited.

The NDC’s flagbearer added that the architects of the Agyapa Minerals Royalties deal are cronies of President Nana Akufo-Addo.

In response, Majority leader, Osei Kyei Mensah Bonsu, said Mr Mahama criticisms of the Agyapa Mineral Royalties agreement was unfound and disappointing.

He said Mr Mahama’s public utterance on the agreement depicted signs of tyranny and dictatorship, since the deal was agreed to by a majority decision in parliament.