Finance Minister Ken Ofori-Atta has justified the Agyapa Mineral Royalties deal before the National House of Chiefs, explaining among others that the thoroughly thought-through deal will help the country raise money for important projects without raising the debt portfolio of the country or putting pressure on the treasury.
Making a case for the deal before the House of Chief in Kumasi yesterday, Mr Ofori-Atta explained it was important for the country to leverage on its mineral by taking part in the capital market rather than relying merely on the physical resource.
“Nananom, physical metal gold in the capital markets, we trade 500 times more than that, so the real money is not only physical, but positioning Ghana to be able to participate in where the value addition is” he said according to the GNA.
Mr Ofori-Atta reiterated the point that the deal will raise money for critical infrastructural development while allowing Ghana to own significant shares in a huge company that could yield much bigger returns depending on how the market evolves.
He insisted that. “it offers us an incredible opportunity to re-imagine ourselves, and rebuild our country to bring the Black Star to where it should be.”
A detailed presentation on the financial prudence of the deal was presented by a deputy Finance Minister, Charles Adu-Boahen, before the eminent members of the house.
Questions were asked and clarifications given.
The Agyapa deal generated considerable controversy when it was passed by Parliament in August this year, forcing the government to suspend its implementation and engage all stakeholders before proceeding with it.
