The National Democratic Congress (NDC) has pledged to pursue legal action against government officials involved in the controversial $12 million expenditure on the suspended Gold Royalties Monetisation Transaction, (Agyapa deal), if it wins the December polls.
Addressing journalists during the party’s ‘Moment of Truth’ Press Conference in Accra on February 19, Sammy Gyamfi, the National Communications Officer of the NDC, accused the Akufo-Addo government of orchestrating the deal to defraud Ghanaians.
“Fellow countrymen and women, the “Agyapa” scam clearly amounts to wilfully causing financial loss to the state, and the culprits of same must not go unpunished. We in the NDC, and all well-meaning Ghanaians, repose huge trust and confidence in H.E John Mahama, to pursue and retrieve for the state, public funds that have been lost to looting schemes such as this “Agyapa” scandal, the PDS scandal, the “BOSTGATE” scandal and other acts of naked thievery by officials of the Akufo-Addo/Bawumia government and their party apparatchiks,” said Sammy Gyamfi, National Communications Officer of the NDC.
“The flagbearer of the NDC and incoming President, John Mahama, at the time, vowed to cancel the fraudulent Agyapa royalties deal if he won the 2020 general elections. That position has not changed. The OSP found that payments were fraudulently made to some entities under the deal. Entities like Databank, a company founded and still owned by Ken Ofori-Atta, the immediate Finance Minister, and cousin of President Akufo-Addo. The Office of the Special Prosecutor also found similar illegal payments were made to Africa Legal Associates, a law firm belonging to Gabby Asare Otchere-Darko. All these payments were found by the OSP to be unlawful, yet these payments did not benefit the country in any way. The money has gone into the hands of the President, Ken Ofori-Atta, Gabby Asare Otchere-Darko, and his few cronies.”
“We have stated times without number that the Agyapa Royalties deal was fraudulent, cooked, and schemed by the corrupt Akufo-Addo-Bawumia government. For the sole purpose of appropriating mineral royalties of the country for themselves in perpetuity. Ghanaians will recall that during the intense public debate on the infamous Agyapa deal, the NDC took a principled decision to stand with the people of Ghana. We kicked against the whole Agyapa arrangement. On grounds that the country’s mineral royalties have been grossly undervalued under the opaque deal. And was going to deny future governments and generations future minerals for development. It is the height of cruelty that the government of President Akufo-Addo and Bawumia engaged in this naked thievery and brazen abuse of the public purse.”
He further criticized President Akufo-Addo and Vice President Dr. Mahamudu Bawumia for what he termed as a brazen abuse of the public purse.
Mr Gyamfi highlighted the fraudulent payments made under the deal, specifically mentioning entities like Databank and Africa Legal Associates.
He emphasized the potential projects that could have benefited the citizens if the funds were allocated appropriately.
He concluded by lamenting the misuse of public funds, emphasizing that the money from the Agyapa deal could have been used for critical projects benefiting citizens.
Background
Parliament passed the Minerals Income Investment Fund Act, 2018 (MIIF Act 978) with the key objective of maximizing the country’s mineral wealth for the benefit of Ghanaians while ensuring that receiving royalties from gold mining companies was sustainable.
The law was amended to enable it to incorporate subsidiaries and to use it as a special purpose vehicle to do business across the world.
The main subsidiary of the MIIF and holding company, Agyapa Royalties Investment Ltd, would have been listed on the London Stock Exchange, while its subsidiary, ARG Royalties Ltd, would have been quoted on the Ghana Stock Exchange, both through initial public offerings.
The company was to be be responsible for managing 75.6 percent of the country’s royalty inflow from the 12 gold mining companies that currently operate in Ghana, with four more expected to come on stream.
That was to enable the country to raise about $1 billion to finance mining concessions in Ghana and across Africa.
Following the public uproar that greeted the move and the corruption risk assessment submitted by a former Special Prosecutor, Martin Amidu, to the President., President Akufo-Addo in November 2020, instructed the Minister of Finance to resubmit the agreements supporting the Agyapa deal to Parliament for the approval process to start all over again.