Minister of Finance, Hon. Ken Ofori-Atta, has assured the good people of Ghana that the opposition National Democratic Congress (NDC) will not succeed in their attempt to scuttle the Agyapa listing on the London stock market.
Hon. Ken Ofori Atta who was speaking to Oheneba Nana Asiedu on Wontumi TV and Radio in an exclusive interview said, the deal is the best thing to happen in the gold industry since the trade in Ghana’s precious mineral started in the 15th century by the Portuguese.
According to the Finance Minister, the trade in gold has always been limited to its exportation in the raw form which yields limited revenue.
“It is surprising that Africa’s leading exporter of gold has not produced a single gold billionaire since the Portuguese introduced the local people to the external trade in the commodity, and this is most unfortunate. It still beats one’s imagination why along the value chain of the gold trade, there’s nothing like a refinery to process the raw gold Ghana export from the country
Hon. Ofori Atta said, the deal has come at a time the price of gold on the international market has soared making the timing of the deal superb.
He tauted the values exhibited by of one of Ghana’s great heroes, Okunini Kwegyir Aggrey, who played a key role in the establishment of the Achimota School for his vision.
“Dr Kwegyir Aggrey who saw the potential in the ordinary Ghanaian to rise to the top encouraged him to feel proud of his capabilities, “because the Ghanaian patriot is like an eagle and not a chicken..”
He called on Ghanaians to aim high and see the Agyapa Royalties Deal as an opportunity that will bring prosperity to the country because “it will attract huge international investments in the gold industry.
“The deal is open to local investors so Ghanaians should not consider it as an enterprise beyond their reach.” Mr Ofori-Atta
The Finance Minister who has apparently, been keeping track of Chairman Wontumi’s thought-provoking narratives of the Agyapa deal poured tons of commendations onto the NPP’s leader in the Ashanti for his depth of knowledge in the deal.
“His perfect interpretation of the deal which he has been articulating on his platform marvels me and I commend him greatly.” The Finance Minister said in his acknowledgement of Chairman Wontumi’s poignant analysis’s and explanation of the Agyapa deal which appears too complex to be comprehended by those who by those who have ganged up to torpedo it.
Chairman Wontumi who is famed of using simplest terminologies to explain complex economic issues to dumbfound his listeners recently challenged loquacious Imani Ghana Boss, Franklin Cudjoe for a contest.
The battle was to bring to finality who in Ghana is richer in facts not fiction, relative to electoral demographics following the compilation of the recent electoral roll on the figures released over the figures churned out after the voters registration exercise.
A source revealed that the so-called learned “tink tank” cowardly chickened out to safeguard his reputation.
“Not even the bait of a mouth watering offer of a free air ticket and hotel accommodation could entice him to face Chairman Wontumi. It was later learnt that this corner strategically threw in the towel to save the Imani capo from a humiliating defeat.” The source disclosed.
Agyapa royalties agreement controversy
On Friday, August 14, 2020, seven agreements relating to the Minerals Income Investment Fund (“MIIF”) to be laid before Parliament for approval.
The Agreements seek to mortgage Ghana’s future mineral royalties and long term national assets. Through this transaction, the Akufo Addo government intends to use a Special Purpose Vehicle (SPV), Agyapa Royalties, incorporated as an offshore company in Jersey, in the Channel Islands, a known tax haven, in exchange for an upfront amount of ¢500 million, under the Mineral Development Fund Act, 2018 (Act 978) and its amendment Act, which was yet to be assented to by the President in accordance with article 106 of the 1992 Constitution to make it law. The Government of Ghana will own 51 per cent of the shares of the company and remaining 49 per cent floated on the London Stock Exchange.
As a result, the minority in Parliament has condemned the deal saying that it is shrouded in secrecy and in disregard to its implications on future national revenue streams, a position that has been shared by a couple of Civil Society Organizations.
Ken Ofori-Atta Makes Further Justification Of Agyapa Royalties Deal
“Five hundred times more gold is traded every day than is mined; much of this happens in countries that have virtually no gold to themselves. President Akufo-Addo says to achieve Ghana beyond aid we must add considerable value to what we produce and trade.”
“We all fail to see this value because when assessing the effectiveness of our policies and legislations we limit the extent of expectations to our national borders.”
“We take no interest in what happens to our resources when they leave our shores, whether how they are traded in foreign markets or how companies leverage them to create cheap financing or the different ways in which they are utilizing to generate profits”
“Lack of benefit from natural resources such as gold, bauxite and oil which it has failed to add value to these resources has placed the nation at the bottom of lists of beneficiaries of rich countries. For centuries the reality has been our governments and our people get far less than what we deserved.”
“We are placed at the bottom of the list of the beneficiaries of our own riches, whether it is gold, cocoa, timber, bauxite or diamond. The story has been everywhere. This is predominately to do with the fact that our value extractions and the point that resources leave our shores. Unfortunately, analysis taken over the period has shown that the largest increase in value occurs at exactly this point when it leaves our shores”.
“The government is committed to breaking the economy free from the old practices of exporting natural resources without added value.”
“If the foreign investor can use recoverable reserves in our country– he has in our permission granted us to him– to raise monies which he can choose to spend here or other businesses elsewhere, why can’t we do the same to maximize the benefit we get and use that additional income to accelerate our development and by so doing expand our economy?”
“The country has failed to leverage the most important element of risk value that is future cash flows….Companies utilize their assets to our concessions and future resources as a means to invest in new exploration, new developments, technology, diversification, ultimately to reduce their cost of borrowing….we can leverage these parties who give companies funding, but first we must first acknowledge that those with access to capital are not limited to our public institutions.”
John Mahama Opposes Agyapa Deal
Local news sources have revealed that the Flagbearer of the opposition National Democratic Congress (NDC) John Mahama has joined those who oppose the deal
Addressing the chiefs and people of Kaleo as part of his tour of the Upper West Region, he was quoted as saying that: “My advice to President Akufo-Addo is that he should desist from signing that Agyapa deal immediately because as we have said, we are going to oppose it and we will do everything legitimately in our power to frustrate that agreement in the interest of the people of Ghana,” the former President said.
