President Nana Addo Dankwa Akufo-Addo has hinted of his intention to engage the 8th Parliament on the future of the Agyapa transaction.

Speaking in Parliament on Tuesday, March 9, 2021, as he delivered his first State of the Nation Address of his second term, the President said “let me, at this point, assure the House that, in the course of this session of Parliament, Government will come back to engage the House on the steps it intends to take on the future of the Agyapa Transaction”.

Background

During his first term in office, President Nana Akufo-Addo, through the Minerals Income Investment Fund (MIIF), set up Agyapa Royalties Limited to securitize 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 had wanted to raise between $500 million and $750 million for the Government on the Ghana and London Stock exchanges to invest in developmental projects.

The move was heavily criticized. Following a damning assessment done by the Office of the Special Prosecutor, the government subsequently suspended the transaction and asked the then Finance Minister, Ken Ofori-Atta to retable the deal before Parliament.

The Special Prosecutor’s office insisted that several processes were flouted prior to the parliamentary approval.

But the Finance Minister, Ken Ofori-Atta, and other government officials rejected the claims by the office.