It is rumored that Gloria Akuffo lost her position as Minister for Justice and Attorney General due to her criticism of the Agyapa Royalties deal, which was being championed by President Akufo-Addo.
In 2019, Madam Akuffo expressed concern that the deal did not allow for future review or evaluation of its effectiveness, calling it “unconscionable.”
President Akufo-Addo replaced her with her Deputy, Godfred Yeboah Dame, in his second term government after winning the 2020 general elections, following her criticism of the Agyapa deal.
Madam Akuffo had also pointed out in an opinion to the Finance Minister that the agreement’s payments would be made in US Dollars, which she argued violated the Bank of Ghana Act, 2016 (Act 918). This act mandates that transactions be conducted in the cedi or its equivalent, not in foreign currency.
In the leaked letter, the then Attorney General also stated that the manner of the agreement “freezes anything legal including judicial orders and decisions.”
“In effect no court can pronounce on any part of the agreement as being illegal, unconscionable, null and void or on any matter before the court which may or is likely to affect any part of the agreement.”
“This will amount to executive interference of the powers of the judiciary, which is a violation of the concept of separation of powers as provided under the Constitution of Ghana. Therefore, the executive arm of government cannot enter into an agreement that curtails the independence of both the Legislature and the Judiciary.”
In 2019, a coalition of 15 Civil Society Organisations (CSOs) convened a press conference to vehemently oppose the Agyapa royalties deal. During the conference, the CSOs demanded the immediate suspension of the deal until all documents pertaining to its beneficial owners were disclosed.
Responding to public pressure, President Akufo-Addo ordered the suspension of the Agyapa deal in 2021.
Three years down the line, it has been revealed that the government had spent $12 million on the Agyapa royalties deal prior to its suspension.
Edward Nana Yaw Koranteng, the CEO of the Minerals Income Investment Fund, disclosed this figure during a Public Accounts Committee (PAC) Sitting.
The Agyapa deal was proposed by the government as a means to raise funds for crucial infrastructure projects using mineral royalties. However, it faced significant opposition from the opposition National Democratic Congress (NDC) and various civil society groups, leading to its eventual suspension.
Despite the suspension, the CEO revealed that $12 million had already been expended on the processes necessary to issue the initial public offering on the London Stock Exchange.
Read former Attorney General Gloria Akuffo’s letter below:
