Africa Legal Associates (ALA), a Ghanaian law firm, has concluded its engagement with Imara Corporate Finance on the monetization of Ghana’s gold royalties.
A letter from ALA signed by its Managing Partner, Nana Adjoa-Hackman Esq, and addressed to the Managing Director of Imara Corporate Finance, a Southern Africa consulting firm, made this known.
It would be recalled that Imara Corporate Finance engaged ALA in May 2018 to provide legal services for the gold royalties project. The project aimed at monetizing Ghana’s gold royalties.
The Ministry of Finance, Ghana, had engaged Imara Corporate Finance as transaction advisor for the Agyapa agreement, a gold royalties agreement.
“We write with reference to the letter of engagement entered on the 16th day of May, 2018 between Imara and Africa Legal Associates (ALA) and the addendum to same dated the 19th day of June, 2020 by which ALA was engaged to provide legal services in the project for “the monetizing of Ghana’s gold Royalties (the Project),”” the letter read.
According to the letter, ALA’s work scope per the letter of engagement included that ALA will provide input on any draft legislation, including structuring, which may be required to give effect to the project.
ALA was also required to provide assistance with the coordination of meetings and presentations which may be required for the approval of the Project; liaise with various Ghanaian stakeholders and provide input throughout the transaction process.
Again, ALA was required to assist Imara with the drafting of the documentation required for approval for the project including presentation and memorandums to cabinet, Parliament and other legal documentation.
In the letter, ALA said “since 2018, up until, mid-August 2020, our work involving legal advice leading up to the enactment of the Minerals Income Investment Fund Act 2018 (Act 978), which led to the setting up of the Minerals Income Investment Fund and the fulfillment of the objectives, had been smooth and transparent, enjoying the full cooperation of all direct stakeholders, particularly Parliament.”
It added that “In the process of providing our services, we have together with other Ghana counsel Bentsi-Enchill, Letsa and Ankoma (BELA) provided the requisite advice and support to other advisors on the transaction namely White & Case LLP, Ogier, Deloitte and Bank of America Meryl Lynch.
“for the opportunity to have worked with the transaction advisor and other consultants in such a ground-breaking project for the African continent,” ALA said in the letter.
It said the work of the Minerals Income Investment Fund (MIIF) would open a new avenue for Ghana and indeed Africa in the cross-generational search to secure greater value for our rich natural resources.
Background
It would be recalled that Parliament passed the Minerals Income Investment Fund (MIIF) Act 2018 to establish the Fund to manage the equity interests of Ghana in mining companies.
MIIF was also introduced to receive royalties on behalf of the government of Ghana and in turn
manage and invest these royalties and revenue from equities for higher returns for the benefit of Ghana. In an effort to realize the objectives of creating the MIIF, the President Nana Akufo-Addo’s Government established the Agyapa Royalties Limited to securitize Ghana’s gold royalties.
About ALA
ALA is a corporate law firm of solicitor and barristers trained in Ghana and the United Kingdom.
By Melvin Tarlue