UNMASKED!! Ken Ofori-Atta Hijacks Ghana’s Mineral Royalties

One more list has added to the growing tally of “dirty deal” under the Akufo Addo led government, as Finance Minister Ken Ofori-Atta and a group of consultants reportedly linked to him and his Databank Group have secretly introduced amendments to change an existing law to put Ghana’s mineral royalties at the sole disposal of a private Special Purpose Vehicle (SPV) called Asaase Royalties Limited, Whatsup News can report.

The newest exposé on how the Finance Minister neatly cooked equities in Ghana’s mineral concessions allegedly for private gains has emerged with a strange bill tabled in the house of parliament as an amendment to portions of the Minerals Income Investment Fund passed in 2018, Act 978 was rushed through a rubber-stamp Parliament Wednesday, July 2020 under a certificate of urgency.

 The motion introducing for the first time in the house clearly noted “that notwithstanding the provision of standing order 80 (1) which require that no motion be debated until at least forty-eight hours have elapsed between the date on which notice of motion is given and the date on which the motion is moved, the motion for the second reading of the Development Finance Institutions Bill, 2020 may be moved today”.

 The new amendment basically takes away the power of the Ghanaian government because Asaase Royalties Limited will be absolutely independent in its operations, even though they will be managing royalties owned by the government of Ghana-some 10% of all mining concessions in Ghana.

 For instance, the new sweetheart bill that curiously gives Asaase unbridled powers over Ghana’s mineral royalties, will ensure that the  fund manager and his operations are not accountable to the government and the people of Ghana as it is not subject to the Public Financial Management Act that checks the tendency of public officials and their assigns from misapplying public funds.

 “Clause 10 introduces a new provision into the Act to the effect to clarify that the Public Financial Management Act, 2016 (Act 921) and the State Interests and Governance Authority Act, 2019 (Act 990) are not applicable to the Special Purpose Vehicle,” states the report of the Finance Committee signed by the Chairman, Dr. Mark Assibey Yeboah.

 In the report intercepted by Whatsup News, Asaase’s income will not be subject to Ghana’s tax regime. This is contained in Clause 7 amends section 35 of the Minerals Income Investment Fund by specifically stating that mineral income paid to Asaase will not be subjected to Ghana’s tax regime and it gives the Finance Minister an unbridled power to enter into all sorts of agreements with the Asaase SPV without recourse to the Ghanaian government.

Whatsup News gathered that it took just one day for the motion for the bill to be moved and passed. It was not debated, neither did it go through the usual processes needed for it to be passed, despite the fact that per Parliament’s standing orders, no motion should be debated less than 48 hours after it has been moved.

“The Committee determined and hereby certifies that the Bill is of an urgent nature and may be taken through all the stages of passage in one day…,” Dr. Assibey-Yeboah wrote.

Interestingly, there was no representation from the Minority National Democratic Congress (NDC) as barely seven of them in the legislative chamber while the Majority were barely a dozen when the clandestine bill was pushed through. Even the NDC Ranking Member of Energy and Natural Resources, Muntaka Wakilu was swerved while this questionable amendment bill was passed with an equally curious urgency.

Basically, Asaase Royalties Limited which has a similar-sounding name to Asaase FM owned by President Akufo Addo’s cousin and right-hand-man, Gabby Asare Otchere-Darko, will be controlling over US$ 1.5 billion of Ghana’s mineral royalties.

Already, Whatsup News has gathered that the Finance Minister has engaged consultants who are being housed in expensive hotels and are charging mouth-watering fees.

There are insider information that those behind Asaase are basically akin to fronts for the Finance Minister, with most of them having direct connection with him through Databank.

Aasaase Royalties Limited is reportedly registered in the UK with registration number numbered 130211. It is headquartered on 3rd Floor, 44 Esplanade St Hilier, Jersey, JE49WG.

It reportedly has a subsidiary company called Pan African Capital Group and Whatsup News has been uncovered very worrying names that are all linked to either the Presidency or Ken Ofori-Atta’s Databank.

Basically, Asaase is set up  „to monetise the flows from the Gold Mining Sector and raise funds to support its national growth and development agenda, passed The Minerals Income Investment Fund Act, 2018, Act 078 (The MIIF Act) in December 2018″.

Asaase will receive 75.6% of the Royalty flows from 12 producing gold mines and 4 under development. From the balance, 20% will go to the Minerals Development Fund, 2.4% to Ghana Revenue Authority as a revenue collection fee and 2% to MIIF as a management fee to cover their cost of managing the funds”.

“Like other Royalty Companies, Asaase’s strategy will be focused on offering funding to gold mining companies for the development of their mines, in exchange for royalties and other revenue related streams,” stated documents related to the questionable operations.

It is perhaps due to this endgame that Parliament on Friday, July 17, 2020, approved a staggering 14 mining leases under the Asaase Royalties Limited.

The new leases include existing mining companies whose lifespan were essentially prolonged by 15 more years.

 MORE SOON