The presidential candidate for the National Democratic Congress (NDC), John Dramani Mahama, has given yet another clear indication that he will not respect the Agyapa mineral royalties agreement should he be elected president of Ghana in the December 2020 polls.
He has therefore urged the Nana Akufo-Addo-led government to desist from signing that deal.
Addressing the chiefs and people of Kaleo as part of his tour of the Upper West Region, the former President said the attempt by government spokespersons to justify the Agyapa deal in the name of a 2011 proposed Ghana Gold Company is both inaccurate and disingenuous.
He said the proposed company was 100 percent owned by the government and people of Ghana and it had no secret beneficial owners.
Mr. Mahama pointed out that the Agyapa deal which is shrouded in secrecy and its beneficial owners are unknown, seeks to “monetise Ghana’s gold royalties for the next 15 years and even in perpetuity without the consent of the people of Ghana”.
He added that, “civil society and right-thinking Ghanaians have all expressed misgivings about this Agyapa deal”.
He said the government should back down from signing that deal because “we will do everything legitimately in our power to oppose the agreement and make sure it doesn’t happen”.
Mr. Mahama said a small group of people cannot arrogate to themselves the right to monetise the country’s gold royalties without building consensus with the chiefs and people, adding the Agyapa agreement does not serve Ghana’s national interest.
The government through the Minerals Income Investment Fund (MIIF) set up Agyapa Royalties Limited to monetise Ghana’s gold royalties.
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 SPV as one which is not transparent and must be suspended.
John Dramani Mahama has alleged that cronies of President Akufo-Addo are seeking to cut dubious deals by buying off 49% shares, in the publicly listed company which the government intends to use as a Special Purpose Vehicle (SPV) to raise funds for developmental projects.
But some government officials have criticised John Mahama of being hypocritical following claims that the NDC during the Atta Mills-Mahama era proposed a similar deal under the name Ghana Gold Company, to manage the country’s gold royalties.
The government has however valued the rights at $1 billion based on balance sheets insisting the deal is in the best interest of the country.