A disenchanted former member of the New Patriotic Party has said that he will reveal secrets behind a set up by some appointees of the Akufo-Addo government to grab control of the country’s mineral resources.
Solomon Owusu who is domiciled in Colorado USA says that the recent passage of the questionable Agyapa Royalties agreement pushed through by Finance Minister Ken Ofori-Atta is part of a grand scheme.
According to him, Agyapa is just a front for the government people behind the loot. He tells Accra-based Radio Gold online that the revelations will be in the form of a petition that he will write to the people from whom the government is using the Agyapa setup to use the country’s minerals royalties as collateral for loans.
“Asaase Royalties Agyapa royalties who are behind it? It is they themselves. I am happy that the Minority did not agree to its passage and the NPP alone passed it. I want all Ghanaians to know that in a short while, now I am a bit tight, in September I will be less busy and I will write a petition to where they are going to borrow the money. And I will publish that petition,” he said.
He is currently keeping details close to his chest.
His promise is coming after the controversial passage of the Agyapa Mineral Royalty agreement by Parliament.
Two years ago, parliament passed the Minerals Income Investment Fund Act 2018.
The act establishes the Minerals Income Investment Fund (MIIF) 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.
In pursuit of the provisions in the original act and the amendment, the Minerals Income Investment Fund has set up an offshore limited liability company known as Agyapa Royalties Limited (which was previously known as Asaase Royalties Limited). The firm has been incorporated in Bailieick of Jersey – UK, a tax haven.
The main concern being raised is that creating the SVP as an offshore company in a tax haven will make it difficult to oversight the firm. It will make it difficult to properly identify who future shareholders of Asaase Royalties will be when the shares get floated.
The minority claims the agreement makes it impossible for a future government to replace managers of Asaase Royalties Limited although the Minerals Income Investment Fund will remain the majority shareholder.
The Minority is also insisting the agreement is based on the amendment done to the Minerals Income Investment Fund Act a few weeks ago which though approved by parliament, has not been signed into law yet by the president. This they say is illegal.
The Minority also believes it is a bad idea to mortgage future revenues from gold royalties for a lump sum money today
According to Solomon Owusu, Agyapa belongs to some people in government who are using it as a front to give themselves control over the country’s mineral resources.