• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Thursday, September 28, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Agyapa Royalties agreement skewed against Ghana’s interest – AG’s office

Marian AnsahbyMarian Ansah
August 28, 2020
Reading Time: 2 mins read
Gloria Akuffo

Attorney General, Gloria Akuffo

ShareShareShareShare

The Attorney General’s office has described the controversial Agyapa Royalties agreement as burdensome and not in the interest of Ghana.

The Government of Ghana, through the Minerals Income Investment Fund, set up Agyapa Royalties Limited to receive money Ghana is supposed to earn from gold royalties.

In exchange, the company will be raising between $500 million and $750 million for the Government on the Ghana and London Stock exchanges to invest in developmental projects.

The Attorney General’s office in an opinion sighted by Citi News explained that the benefits Ghana is expected to derive from the agreement are limited, given the strict obligations and sanctions attached to the deal.

“It is noted, that the nature and purpose of the Minerals Royalties Investment Agreement and the related agreements that there will be a one-off payment of the sum of  $1 billion. It is, however, unclear what benefits will come to the Republic of Ghana and the fund other than the one-off payment, considering that this agreement runs in perpetuity with stringent responsibilities of the fund throughout its lifespan.”

“Further, it is noted that the terms and conditions of the agreement are very onerous. The provisions are skewed against the interest of the Fund and the Republic. Both the Fund and the Republic have strict obligations and liabilities with punitive consequences in the event of a breach or default while the other contracting parties are to use their best efforts to ensure the execution of the transaction.”

The office also argued that the agreements “appear to be cast in stone with no option to evaluate their effectiveness or satisfactory performance so as to review or terminate the same if the need arises.”

Apart from the Attorney General’s office, the arrangement has faced criticism from opposition political parties, Civil Society Organisations and other observers who have called for its suspension.

Agyapa Royalties Limited has been incorporated in Jersey of the Channel Islands as a means to avoid paying extra taxes on mining royalties.

Jersey is a known tax haven and a destination for incorporating companies that want to be listed on the London Stock Exchange like Agyapa Royalties.

Former Minister of Finance, Seth Terkper has however said such a move may not sit well with multinationals and other state-owned enterprises who have to operate in Ghana and pay taxes.

 

 

 

 

ShareTweetSendSend
Previous Post

Basing Agyapa Royalties in tax haven disappointing – Terkper

Next Post

NDC postpones launch of its 2020 manifesto

Related Posts

News

Ken Agyapong’s campaign team courts support of Alan’s supporters

September 28, 2023
Top Stories

I’ll face off NPP leaders if they attempt to discredit me – Alan warns

September 28, 2023
Top Stories

Initiate policies to provide opportunities for youth – Federation of Labour

September 28, 2023
Politics

I wasn’t Kufuor’s favourite in 2007 flagbearer race – Alan

September 27, 2023
Top Stories

There are more bitter people in NPP but they haven’t resigned – John Boadu jabs Alan

September 27, 2023
Health

Korle-Bu’s dialysis price increase illegal, outrageous – Minority

September 27, 2023
Next Post

NDC postpones launch of its 2020 manifesto

TOP STORIES

Ken Agyapong’s campaign team courts support of Alan’s supporters

September 28, 2023

I’ll face off NPP leaders if they attempt to discredit me – Alan warns

September 28, 2023

Initiate policies to provide opportunities for youth – Federation of Labour

September 28, 2023
Load More
ADVERTISEMENT
Citinewsroom - Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2023 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos

© 2023 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT