…as Imani investigates Agyapa/ PDS Look-alike Proxy Gold Refinery
IMANI Ghana, a prominent policy think-tank, has initiated an in-depth investigation into the operations of the Royal Ghana Gold Refinery following its inauguration by Vice President Mahamudu Bawumia.
The grand unveiling ceremony, characterized by opulence and extravagance, is now under scrutiny.
From the unfolding scrutiny, troubling revelations have come to light suggesting that the state-promoted US$25 million joint-venture between the Ghanaian government and an Indian mining giant may be a disguised ploy.
This alleged scheme is suspected to redirect Ghana’s mineral income royalties through a questionable Special Purpose Vehicle, potentially benefiting President Akufo-Addo and his associates widely known as the ‘Akyem Mafia’.
Bright Simons, IMANI’s esteemed honorary Vice President spearheading the investigative efforts into Ghana’s purported first gold refinery, publicly voiced concerns in an interview with JoyNews.
He suggested that the Royal Ghana Gold Refinery might be reminiscent of the controversial Agyapa mineral royalties deal in a different guise.
Upon preliminary findings, Simons revealed that Rosy Royal Minerals, the Indian entity designated as the 80% majority shareholder of the refinery, lacks mining expertise and is mired in financial turmoil.
Contradictorily, there is no evidence of substantial investment from Rosy Royal into the alleged joint-venture.
Further probing has indicated that while the Government of Ghana, represented by the Bank of Ghana, holds a 20% minority stake in the venture, it is expected to provide the entire US$25 million capital injection.
Suspicion has also been cast on the undisclosed beneficial owners of the 80% share attributed to Rosy Royal, implying a potential front for undisclosed beneficiaries within the Akufo-Addo administration.
IMANI’s investigation has raised apprehensions regarding the involvement of shadowy figures connected to the President’s inner circle orchestrating an intricate web involving the uncertain Indian company to manipulate funds.
This pattern echoes the controversial Power Distribution Services (PDS) incident in the attempted acquisition of Electricity Company of Ghana assets in 2019, exposing underlying governance issues.
The inquiry into the Royal Ghana Gold Refinery, perceived as a celebratory achievement during its unveiling on August 8, 2024, has prompted scrutiny over its authenticity.
Simons questioned the necessity of launching a refinery with limited activity and capacity when existing refineries in Ghana face underutilization.
Moreover, the elaborate shareholding structure with state participation raises doubts about the intended financial flow and strategic objectives.
Simons also highlighted unconventional details regarding Rosy Royal’s financial incapacities, casting doubt on its readiness for substantial investment despite purported ownership claims in the refinery.
The absence of documentation verifying Rosy Royal’s substantial prior ventures or investments raises suspicions about its legitimacy as the majority shareholder.
The obscure managerial appointments and lack of operational involvement by Rosy Royal in the refinery operations suggest a dubious narrative, further complicated by political affiliations within the Ghanaian governing party.
The revelation of complex relationships and alleged covert ownership structures has ignited concerns about the integrity and transparency surrounding Ghana’s touted gold refinery venture.
IMANI’s revelations underscore a disturbing trend of questionable dealings and potential conflicts of interest within high-profile government projects, paralleling past controversies and raising fundamental integrity concerns within Ghana’s governance framework.