Prime News Ghana

Minority to write to the Financial Conduct Authority, London Stock Exchange over Agyapa Royalties deal

By Justice Kofi Bimpeh
Cassiel Ato Forson
Cassiel Ato Forson
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The Minority in Parliament says they will write to the Financial Conduct Authority and the London Stock Exchange over the controversial Agyapa Royalties deal.

 According to the Minority, the prospectus that highlight the viability of the deal has been withheld from parliament 

Ranking Member of the Finance Committee Cassiel Ato Forson said, "What we are going to do is not petition, it is indeed a letter notifying the Financial Conduct Authority and the London Stock Exchange that we the Minority has a major reservation on this agreement and we will be listing the all reservation that we had including the fact that we do not believe that this has the required..."

The Minority is also demanding more information from the controversial Agyapa Royalties agreement.

READ ALSO : We've struggled to find anything good in Agyapa Royalties deal - Bright Simons

Minority Leader Haruna Iddrisu said at a press conference in Accra on Tuesday, September 1 that there is more the government needs to make bare for all Ghanaians to know the details of the agreement.

He also said the agreement does not meet standards of due diligence and constitutional requirement and the NDC will not respect agreement when it wins power in 2020.

“We demand and want to know on behalf of the people of Ghana how the procurement process was done for Gabby Otchere-Darko and other legal entities that have been named. We demand basic minimum information, how were they procured and how much they were paid and whether this was done competitively and fairly for the people of Ghana. We also want to know the cost of the transaction and also the choice of Osafo Marfo’s son Kofi Bosompem Osafo-Maafo as one of the people working on the deal”.

He also said members’ objection to the Agyapa Royalties agreement should not be misconstrued to mean they are against foreign investors.

“I have played a role of Minister for Trade for the Republic and for the state. We have all strived in our efforts to make Ghana a safe investment destination.

“We need foreign investments, we need foreign direct investment but those transactions must respect the laws of Ghana.

“Those transactions must respect the institutions of government. If all the requirements we requested for were provided we will not be telling you that we will subject this to a review.”

Ghana’s legislature approved the controversial Agyapa Mineral Royalty Limited agreement Friday, August 14 despite a walkout from the Minority.

Based on the agreement, Agyapa Royalties Limited (ARL) will trade shares on the Ghana Stock Exchange and the London Stock Exchange for private people to buy. But the Mineral Income Investment Fund (MIIF) will remain the majority shareholder.

The Minority said the deal makes it impossible for a future government to replace managers of Agyapa Royalties Limited although the Minerals Income Investment Fund will remain the majority shareholder.

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has also questioned the deal and said he will not recognize it in case he wins this year’s polls.