Agyapa Will Be A National Tragedy If It Goes Through … Goldman Sachs Veep

A former Vice-President at Goldman Sachs, Daniel McConvey, has reiterated that if Ghana goes through with the Agyapa Mineral Royalties deal, it will be a national tragedy in the long term.

In an article that has hit social media, Mr. McConvey who is also a Wall Street Analyst and mining expert says that the desperation for money due to current global turbulence should not be allowed to drive the country into a national shortchange.

“I am a financial analyst and I consider myself to be very experienced with gold mining royalties, but I was confused by that article. Not surprisingly, so were others I talked to. I have since done my reading. I am more disturbed. Monetization means selling. The reality is the authorities want to sell a material chunk of your country’s gold royalties in what is called the “Agyapa Royalties Deal” named after the proposed London-listed fund that would hold the royalties. I am going to call it what it is-Sale,” the experienced Wallstreet analyst warned.

“The intentions behind it may be good. However, for the reasons, I outline below I think this Sale is a terrible idea. If it happens, I predict it will be viewed in a few years’ time as a historic national tragedy,” he wrote.

He adds, “I see this royalty sale proposal as an injustice to the Ghanaian people.”

The Canadian analyst points out that even the idea of selling national gold royalties is unheard of and that the only types of gold royalties that are sold are private ones.

Mr. McConvey advances his argument by first breaking down the estimates of those promoting this deal.

Mr. McConvey adds that “the selling of Ghanaian National Gold Royalties, a national treasure, would risk national embarrassment and popular anger in future years.”

Meanwhile, he points out that the vow by the opposition National Democratic Congress to reverse the deal when it comes to power will give investors apprehension.