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There's no going back on Agyapa deal - Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has dispelled rumours that the 'controversial' Agyapa deal has been put on hold by government.

Ghana's Finance Minister, Ken Ofori-Atta.

He said there is no decision to terminate the deal or put it on hold because there is no going back on it.

Speaking on Accra based Peace FM, the Finance justified the deal and said it is the best Ghana can get it in an attempt to maximise its minerals royalties.

"There's no going back . . . gold has been mined in this country for several years; the trading of gold is over 500 times more and that is where the money is so we are not changing our mind."

"At this point in time in the history of the world's highest gold price; we have to take advantage of that and it is for our good," he said.

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Mr. Ofori-Atta also quashed the suggestions that the deal is opaque and it is some sort of elite capture.

He argued that shares in Agyapa will listed on the stock exchange for Ghanaians to be able to some.

"The London stock exchange is one of the most transparent; at any point in time, every stockholder is listed. There's nothing untoward. This is purely Ghana owned."

According to him, the shares will be opened to everyone and if someone has money to buy it, "why not; what's wrong with that?"

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"If you have your money it is up to you to determine what you use the money for; the pricing will be an international price of value so if you have your money why should I be worried what you use your money for?"

The new agreement is expected to enable the country to use a Special Purpose Vehicle (SPV), Agyapa Royalties Limited, to secure about $1 billion to finance infrastructural projects.

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