NDC Bites Hard: Threatens To Annul Controversial Agyapa Deal When Voted Into Power

The Opposition National Democratic Congress (NDC) has sent a clear signal to faceless investors involved in the controversial Agyapa Deal it will annul the contractual agreement when voted into power come December 7, 2021.

The NDC led by its Minority Leader in Parliament, Mr. Haruna Iddrisu at a press conference held at the party’s Headquarters on Tuesday, September 1, 2020, warned that a future NDC led government will not honour the terms of the Agyapa deal if the doubts of the party are not cleared.

The party through its Members of Parliament (MPs) is demanding an independent probe of the valuations of royalty rights in the Agyapa Royalties deal before backing down on some contentions with the deal.

Mr. Iddrisu made it known that the NDC is of the firm conviction that Ghana’s gold have been “grossly undervalued” in the controversial agreement championed by the Nana Addo led administration.

Based on a preliminary assessment, the government has valued Ghana’s mineral (gold) royalty rights at $1 billion.

But Minority Leader who also doubles as the MP for Tamale South Constituency contends that “the worth of Ghana’s gold revenue and their projects needs a further thorough probe by independent economic transaction advisors for us to appreciate that they (the Akufo-Addo administration) are not ripping this country off.”

Mr. Iddrisu was quick to make reference to the sale of Electricity Company of Ghana to a group behind the Power Distribution Services (PDS) deal which was abrogated after it took off because of purported fraud.

“Agreements similar to PDS like the Agyapa deal will walk on the same path tomorrow,” the Tamale South lawmaker retorted.

It would be recalled that the Minority, which boycotted the approval of the agreement in Parliament, has raised questions about the value of Ghana’s royalties, fears the government has been hiding the beneficial owners of the deal.

It has also cautioned that Agyapa Royalties Limited, the Special Purpose Vehicle created for the deal, could be used as a conduit for money laundering.

Among the issues outlined by the Minority Leader were issues of conflict of interest and procurement malfeasance.

He said further clarity on the procurement for Africa legal Associates, which has Gabby Asare Otchere-Darko as a partner, to consult on the deal, among other legal entities named.

“How were they procured and how much have they been paid and whether this was done competitively and advertised for the good people of Ghana. We also want to know the cost of the transaction and how much has been paid to those firms and why the choice of the Senior Minister’s son,” the Tamale South MP enquired.

He hinted that the Minority also intends to make a complaint to the London Stock Exchange, on which Agyapa Royalties will be listed.

The Minority wants to make clear its belief that “this agreement is therefore tainted with some corrupt acts.”

“We will today put the London Stock Exchange and the Financial Conduct Authority on notice that this agreement does not meet the minimum requirement of diligence and transparency and minimum requirements of our constitution,” Mr. Iddrisu said.

 

Story: Franklin ASARE-DONKOH

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