He said the controversial deal is a move by the President and some group of appointees in his government he refers to as Akyem Mafias to defraud the state.
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Controversial Agyapa Royalties deal fraud by Nana Addo and Akyem Mafia – Isaac Adongo
The Member of Parliament for Bolga Central, Isaac Adongo, has said the Agyapa deal, a Mineral Royalty Limited agreement with the government of Ghana which dominated the media landscape is a "big fraud on Ghana" by President Nana Addo Dankwa Akufo-Addo and the Akyem Mafia.
MP for Bolgatanga Central, Isaac Adongo
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In 2018, Parliament passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of the government.
The fund is supposed to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.
The law allows the fund to establish Special Purpose Vehicles (SPVs) to use for the appropriate investments. Last month, the government introduced an amendment to the act to ensure that the SPVs have unfettered independence.
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The approval will enable the country to use a special purpose vehicle, Agyapa Royalties Limited to secure about $1 billion to finance large infrastructural projects.
In line with that, Agyapa, which will operate as an independent private sector entity, will be able to raise funds from the capital market, both locally and internationally, as an alternative to the conventional debt capital market transactions.
The deal has since received condemnation from Ghanaians which they demanded a suspension of the deal until all documents relating to the beneficial owners of the deal are disclosed.
The NDC MP Isaac Adongo adding his voice on the deal described the Agyapa Royalties deal as a "big fraud on Ghana".
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In a statement, he said "Agyapa royalties deal is a big fraud on Ghana by Akufo Addo and the Akyem Mafia. You mortgaged Getfund proceeds in excess of GH¢25 billion for the next 10 years to borrow $1.5 billion and yet you could not expand educational infrastructure and build new schools to end double track, you mortgaged bauxite buried on the ground to Sinohydro to borrow $2 billion but has nothing to show after almost 2 years, you mortgaged ESLA proceeds for the next 10 years’ worth in excess of GH¢30 billion in 10 years to raise energy sector bonds of about $1.3 billion and yet energy sector debts remain unpaid and you have since accumulated over $ 2 billion additional energy sector debt with power producers threatening to shut their power plants.
"In addition to borrowing $9 billion in 3 years in Eurobonds alone and illegally borrowing $500m term bonds in February 2020 on the capital market without Parliamentary approval in violation of Article 181 of the Constitution, all without anything to show, what magic can you perform with $500m Agyapa theft money?
How can 76-year-old Akufo-Addo mortgage revenues of about GH¢75 billion of the state for his maladministration to steal without caring about how his children and grandchildren will manage the economy into the future?
"No wicked man has ever ruled this country and destroyed Ghana’s fiscal and debt framework the way Nana Addo and the empty lying Dr. Bawumia have done.
"It is estimated by industry players that only 11 major mining companies in Ghana will give Ghana an average of $250 million a year, $3 billion in 10 years and $4.250 billion in 15 years in royalties payments being planned to hand over to Agyapa Royalties for just $500m. These estimates exclude new mining developments that will come onstream in the next 15 years such as the highly profitable mining development in the Upper East by Cardinal Resources. How did they value $4.250 billion in 15 years to arrive at $500m as 49% of that value?
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"You can't put Lions in charge of sheep and expect to come back and meet the sheep alive.
"They will now sell us to borrow to satisfy their insatiable corrupt habits if they are allowed 1 more year in office."
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