NDC remains opposed to the Agyapa deal – John Mahama

Flagbearer of the National Democratic Congress (NDC) in the 2020 general elections, John Dramani Mahama has stated that the opposition party remains opposed to the controversial Agyapa deal.

John Mahama

He said the NDC will resist any attempt to collaterize Ghana’s mineral resources for loans.

In a post on Facebook, the former President said “we remain opposed to the Agyapa deal”.

Mr. Mahama’s post follows recent reports that the government intends to repackage the botched deal which aims to collateralise Ghana’s gold resources for some years.

A few days ago, the Minerals Income Investment Fund (MIIF) said it is redesigning its strategy for listing its wholly-owned subsidiary Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange after being named the best financial institution in the mining sector by the French-based publication Forbes Monaco.

In a recent interview, a Deputy Minister of Finance, John Kumah said the deal will give Ghana money from gold.

According to him, the Agyapa deal must be taken through the appropriate process to make it work because it could reduce the country's debt exposure.

In an interview on Accra-based Okay FM, he stated that people have exported gold from Ghana without following the laid down rules for exporting gold from the country.

"We have mined gold and other minerals for years and it has not made any impact on the country's economy," he said, adding that the introduction of the E-levy will help revenue generation in the country.

The Agyapa deal has received public condemnation and was suspended but the government said a publication claiming the suspension of the transaction is untrue.

The Minister of Finance Ken Ofori-Atta said the Agyapa Royalties deal has not been abandoned.

He stated that he still has in his mind the agreement because he believes it is best for the country.

Addressing the press in Accra on Thursday, May 12, 2022, he said "My firm philosophical belief really is that the capital markets are meant for something that will lead us to equity resources and we are not leveraging on it. Therefore, it is not the question of whether monetization of mineral royalties or listing of the company is bad or good.

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