The Member of Parliament for the North Tongu constituency, Samuel Okudzeto Ablakwa has expressed concerns over the government’s poor negotiations of some agreements.
His comments come in the wake of the setting up of a Special Purpose Vehicle to manage the country’s Minerals Income Investment Fund.
The MP said the government sometimes signs onto these agreements with the aim of pursuing its personal interests.
Speaking during a working visit to the Centre for Democratic Development (CDD) Ghana by the running mate of the National Democratic Congress (NDC), Professor Naana Jane Opoku-Agyemang, Mr. Ablakwa said politicians must begin to act in the interest of the state.
“As a Member of Parliament, I have sometimes been outraged at the latest round of negotiations we have had right from Exxon Mobil. We have reduced our shares from GNPC, all the way down to Agyapa. I do not think that is an issue. The political leaders are not fighting for the interest of our country?”
About the deal
In 2018, Parliament passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies and receive royalties on behalf of the government.
The purpose of the fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.
The government then, through the Minerals Income Investment Fund (MIIF), set up Agyapa Royalties Limited to monetise Ghana’s gold royalties.
This was after Parliament on August 14, approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana despite the walkout by the Minority.
In exchange, the company plans to raise between $500 million and $750 million for the government on the Ghana and London Stock exchanges to invest in developmental projects.