Gov’t agrees to put on hold Agyapa Royalties deal – PIAC

The Technical Manager at Public Interest and Accountability Committee (PIAC), Mr. Mark Agyemang says government has assured to put on hold the controversial Agyapa Royalties deal for further consultations to take place.

This, according to him, came up in an adhoc meeting on Wednesday between the Public Interest and Accountability Committee  and the Finance Minister.

Confirming the decision by government in an interview on Ghana Kasa on Kasapa/Agoo T.V, Mr Agyemang said he believes government will carry on with the transaction, albeit rather cautiously as a result of the agitations greeted with the deal.

“The Minister has agreed to put on hold the deal and start a consultative process to digest the deal with the relevant stakeholders. We understand from the standpoint of the government that the deal will come on by all means, however, they’ve reasoned with the CSOs and Ghanaians at large to pull the brakes for now on the deal and do an extensive consultation,” he told host Bonohene Baffuor Awuah.

This comes after the Minority’s threat to take the fight against the controversial Agyapa Royalties deal to the London Stock Exchange.

According to the minority, the Agyapa deal is clouded with lack of transparency.

“We will today [Tuesday] 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 noted.

It wants government to furnish their side with full complement of requisite documents to guide and facilitate a thorough scrutiny and due diligence of the proposed deal in accordance with article 185 of the 1992 constitution.

Key amongst these requisite documents were the prospectus that contains more important details of the deal such as projected cashflows, underlying assumptions and the dividend policy, the incorporation details for the SPV- Agyapa Royalties, the detailed justification for the choice of Jersey- a known tax haven, and the fiscal impact assessment among others.

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