There’s no truth of a dirty deal in Agyapa Royalties-Minister
Finance Minister Ken Ofori-Atta has stated that the Agyapa Royalties agreement provides the government with the opportunity to use innovative ways to manage and maximize the country’s mineral wealth.
Addressing the media on Thursday, the Minister said the current arrangement where the value multinational companies in Ghana’s extractive industry are assessed by basic indicators such as taxes rather “ignores many of the different ways in which the countries that extract the resources utilise their rights beyond and outside of our borders as a means of creating value.”
He added: “This desire to domesticate our expectations when operating in the global market only adds to hurt and limits developing economies.”
According to him, the claims by the Minority and other CSOs that the government has an ill-intent through the use of this Special Purpose Vehicle is far from the truth.
“If the foreign investor can use the recoverable reserves in our country he has in a concession granted us, to him to raise money which he can choose to spend here or on other businesses he has elsewhere, why can’t we do the same to maximize to maximize the benefits we get and use that additional income to accelerate our development and by so doing, expand our economy.”
The new agreement will enable the country to use a Special Purpose Vehicle (SPV), Agyapa Royalties Limited, to secure about $1 billion to finance large infrastructural projects.