Meet the only Akufo-Addo top appointee who boldly condemned Agyapa as ‘looting’

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In the wake of the Agyapa Controversy, many have recalled the opinion of former Attorney General and Minister of Justice, Gloria Akuffo shot down the entire Agyapa transaction.

 

 

Madam Akuffo in 2019 described the inability of the state to review or evaluate the effectiveness of the Agyapa Royalties deal in the future as “unconscionable”.

For unknown reasons, President Akufo-Addo dropped her in his second term of government, after the Agyapa criticism, elevating her Deputy Godfred Yeboah Dame.

 

 

In an opinion on the deal to the Finance Minister, the then Attorney General noted that the payments in respect of the agreement would be made in US Dollars which violates the Bank of Ghana Act, 2016 (Act 918) which mandates that transactions be made in the currency unit of Ghana which is the cedi or its equivalent.

In the leaked letter, the Attorney General also stated that the manner of the deal agreed upon “freezes anything legal including judicial orders and decisions. 

In effect, no court can pronounce on any part of the agreement as being illegal, unconscionable, null and void or on any matter before the court which may or is likely to affect any part of the agreement.”

“This will amount to executive interference of the powers of the judiciary, which is a violation of the concept of separation of powers as provided under the Constitution of Ghana. Therefore, the executive arm of government cannot enter into an agreement that curtails the independence of both the Legislature and the Judiciary.”

 

 

In 2019, 15 Civil Society Organisations held a press conference to kick against the deal.

At the conference, the CSOs made an emphatic demand for a suspension of the deal until all documents relating to the beneficial owners of the deal are disclosed.

President Nana Addo Dankwa Akufo-Addo ordered the suspension of the Agyapa deal following a public outcry in 2021.

In 2024, it emerged that the government spent $12 million on the Agyapa royalties deal before its suspension.

The CEO of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng, disclosed this at a Public Accounts Committee (PAC) Sitting.

The government proposed the deal to raise funds through mineral royalties for key infrastructure projects but was eventually suspended after the opposition National Democratic Congress (NDC) and some civil society organizations opposed it.

However, according to the CEO of the Minerals Income Investment Fund, 12 million dollars was expended on the processes to issue the initial public offering on the London Stock Exchange before the suspension.

Responding to whether the Fund did due diligence, Mr Koranteng said “My understanding honourable chair is that the Ministry of Finance procured the services of international consultancy and companies and financial institutions that have done this in the past and that the advice provided was what Ministry of Finance stood on.”

“We started with the Ministry of Finance and from the documents that we have, it is clear that the correct advice was provided on the set-up of a gold royalties company where the streaming of the royalties would benefit Ghana.”

 

Mynewsgh.com

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