The Minority in Parliament has said the highly talked about Agyapa Royalties Agreement is not only opaque but is also tainted with corrupt acts.
The Agyapa Mineral Royalties Agreement has been a subject of controversies since the majority side of parliament approved the deal amidst protest from the minority side of the house.
The agreement between government of Ghana and Agyapa Royalties Limited which acts as a Special Purpose Vehicle is to enable Ghana secure US$ 1 billion to finance large infrastructural projects.
At a press briefing addressed by Minority Leader Haruna Iddrisu to state their position on the agreement, the opposition side noted that the agreement as structured is not just opaque but also inimical to the interest of the Republic of Ghana.
“This agreement does not meet the required due diligence and transparency, and a substantial level of conflict of interest runs through the structuring of the agreement. The Agreement, is therefore, tainted with some corrupt acts,” he said.
The minority asserted that the deal is shrouded in secrecy, conflict of interest and grossly undervalued, serving notice that the minority side of parliament will put the London Stock Exchange and the Financial Conduct Authority on notice that the agreement does not meet the required due diligence and transparency.
“We therefore wish to completely disassociate ourselves with the proposed relationship agreement and subsequent flotation of shares on the London Stock Exchange and further serve notice that a future NDC Government will have no choice but to review the Relationship Agreement and the other accompanying approvals,” Mr. Iddrisu forcefully stated.
Meanwhile government has justified the agreement while stating that threats by the opposition not to recognise it will not affect the positive impact and purpose of the deal.
