‘Your demand is opportunistic’ -Amidu responds to pro-NDC group over Agyapa investigation petition

Special Prosecutor, Martin Amidu, has thrown out a petition by STRANEK, a political pressure group aligned to the opposition NDC.

Amidu said their petition asking for an investigation into the controversial Agyapa deal is “opportunistic and populist”.

STRANEK in its petition to the Special Prosecutor office earlier this month urged Mr Amidu to investigate how the value of the royalties being ceded to Agyapa Royalties was calculated by the government.

However, in response, Mr Amidu insisted that the Special Prosecutor’s office was already investigating the matter in which the state is seeking to raise $1 billion through a special purpose vehicle to be known as Agyapa Royalties.

Under the deal, Ghana will offer 49% of its share in Agyapa to shareholders on the London and Ghana stock markets to raise the money to fund development projects.

STRANEK alleges that the country was being short-changed and wants the Special Prosecutor to look into it.

But Mr Amidu believes the CSO was only interested in public applause at the expense of the Special Prosecutor’s office.

According to the Amidu, the Agyapa Royalties Agreements and related issues have been matters of public interest since they were approved.

“It is a notorious matter of public knowledge and notice that this office on 10 September 2020, invoked its mandate pursuant to Sections 2(1), 29, and 73 of Act 959 and Regulations 31(1) and (2) of L.I. 2374 to examine any issues arising therefrom,” he stated

 “Your letter under reference, therefore, appears to this Office as an opportunistic and populist enterprise on your part to take credit for processes already independently commenced by this Office.

“ In any case, your letter containing mere speculations does not present any reasonable basis for this Office to commit further resources to your request from the public purse,” the letter from the Special Prosecutor said.

The Special Prosecutor Martin Amidu earlier this month  begun a probe into the controversial Agyapa Mineral Royalties deal. He wrote  to Parliament officially requesting for information on the deal.

In a September 10, 2020, letter to the clerk of Parliament, the Special Prosecutor said his investigation is in pursuit of his Office’s mandate to exercise the functions and powers of the prevention of corruption.

The documents compiled include the Mineral Income Investment Fund Bill 2018; Mineral Income Investment Fund (Amendment) Bill 2020; and the Minerals Royalties Investment Agreement among government of Ghana, the Minerals Income Investment Fund, Agyapa Royalties Limited and ARG Royalties Limited in relation to Gold Royalties Monetization.

Other documents the Special Prosecutor is demanding include the Amended and Restated Minerals Royalties Investment Agreement, the relationship agreement, the assignment agreement, and the indemnity agreement between government and financial institutions handling the deal like Merril Lynch International.

The report of parliament’s Finance Committee on the agreement is also part of the documents to be sent to Martin Amidu.

Background

Parliament on 14th August 2020 approved the Agyapa Minerals Royalties Investment Agreement and 4 related documents to allow for the monetization of Ghana’s future gold royalties.

Under the agreement, Agyapa Mineral Royalties Limited has been incorporated in Jersey near UK to receive and manage royalties from 16 gold mining leases over the next 15 years or so.

In exchange, the firm will list on the London and Ghana Stock Exchanges later this year and raise at least $500 million for government to invest in infrastructure, health and education.

The listing will allow private people to buy 49% stake in the firm. Some 22 civil society organisations including IMANI Africa and African Center for Energy Policy have called for a suspension of the deal, insisting it is not in the interest of the country.

The opposition, National Democratic Congress (NDC), which has vowed to cancel the deal if he wins power, has also threatened to write to the London Stock Exchange about what it describes as a fishy deal.

But the government insists the deal would rather help the country to maximise its royalties for benefits of Ghanaians.