• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Tuesday, January 31, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Suspend issuance of Agyapa IPO until completion of corruption risk assessment – Amidu

Ernest ArhinfulbyErnest ArhinfulandDuke Mensah Opoku
September 29, 2020
Reading Time: 3 mins read
ShareShareShareShare

The Office of the Special Prosecutor has stated that the non-submission of all information and documents on the Agyapa Royalties Transaction from the Ministry of Finance is impeding his ongoing corruption risk assessment on the deal.

In a letter addressed to the Minister of Finance and sighted by Citi News, the Special Prosecutor indicated that despite the fact that the Ministry had already submitted some documents to the office, critical information that concerns the launch of the Initial Public Offer (IPO) for Agyapa Royalties remain outstanding.

The letter further stressed the need for the Ministry to comply with the request for information before the IPO of Agyapa Royalties commences.

“This Office would have wished to complete its corruption risk assessment on the Agyapa Royalties Transaction soonest but for the non-submission of the information and documents pending to be submitted by your Ministry. The information and documents you supplied concerned mainly the processes for and the appointment of the Transaction Advisors which goes to the root of any corruption risk assessment.”

“Information and documents relating to the identification and recommendation by the transaction advisors to your Ministry for appointment a list of other services providers and or underwriters that may be required to complete the transaction as provided in clause 2.2.1 of the mandate agreement amongst others, that are critical to any through corruption risk assessment are also outstanding. The legal opinions particularly of the principal legal advisor to the government under the Constitution are relevant to ensure compliance with her recommendations as part of any corruption risk assessment.”

Mr. Amidu has thus urged the Ministry to hold on with the launching of the IPO until his office completes the corruption risk assessment it is currently undertaking.

“In the circumstances, this Office wishes to urge you to abide by the results of the corruption risk assessment it is undertaking on the transaction before moving to the launching of the IPO transaction. This Office makes this suggestion on the grounds of prudence on your part and to also not give the impression that the mandate of this Office on prevention of corruption is of no consequence to the transaction.”

The Special Prosecutor had earlier written to Parliament to furnish his office with the necessary documents regarding the deal.

The request was in line with the mandate of the office to exercise the functions and powers of prevention of corrupt activities.

 

 

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 monetize Ghana’s gold royalties.

This was after Parliament on August 14, 2020, 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.

The deal, however, has become a topical issue following concerns from members of the opposition.

Civil Society groups in Mines and Energy have also described the Special Purpose Vehicle as one which is not transparent and must be suspended.

But the government insists the deal is in the best interest of the country.

 

 

Follow @Khaptain4real

 

 

 

 

 

ShareTweetSendSend
Previous Post

Bawumia leads government delegation to commiserate with Rawlings after mother’s death [Photos]

Next Post

We’ll deal with persons plotting to cause chaos during December polls – Nana Addo

Related Posts

News

Ghana stagnates on Corruption Perceptions Index; scores 43 for third time

January 31, 2023
Top Stories

Deadline for debt exchange program moved to February 7 with new terms

January 31, 2023
Top Stories

Managers of Max Mart, Palace Mall, Second Cup Coffee arrested for tax non-compliance

January 31, 2023
Technology

Data Protection Commission to prosecute 300 institutions for data security breaches

January 31, 2023
Top Stories

Korle Bu doctors threaten to withdraw services over 13th Month Salary arrears

January 31, 2023
News

It’s essential we uphold ethics of law profession – Court of Appeal Judge

January 31, 2023
Next Post

We'll deal with persons plotting to cause chaos during December polls - Nana Addo

TOP STORIES

24 cocoa licensed buying companies indebted to COCOBOD

January 31, 2023

Ghana stagnates on Corruption Perceptions Index; scores 43 for third time

January 31, 2023

Deadline for debt exchange program moved to February 7 with new terms

January 31, 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

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 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