Sylvester Tetteh
MEMBER OF Parliament for Bortianor-Ngleshie- Amanfrom, Sylvester Tetteh, wants government to fast track the processes leading to return of the Agyapa Royalty Deal to Parliament.
The deal was withdrawn from Parliament in the 2020 after series of opposition by Minority MPs and civil society organisations. The deal seeks to monetise Ghana’s mineral resources for infrastructure development.
Taking his turn to debate the 2022 Budget Statement presented to the House by Finance Minister, Ken Ofori-Atta, Hon Tetteh said Ghana’s infrastructure deficit is a result of unavailability of money to fund the project.”
“Mr. Speaker, all of us here want development in our constituencies, but we forget that there is no money for such, that is why the Agyapa Deal should be brought back again to this house for approval so we can fund critical projects in the country,” he said adding ” Mr. Speaker, l will urge the President of the Republic to hurry up with the Agyapa Deal so we will get money to develop this country.”
President Akufo-Addo, in his 2021 state of the nation address, announced that Government was fine tuning the Agyapa Deal after extensive consultation with all relevant stakeholders before bringing it to Parliament.
“The government will come back to engage the House on the steps it intends to take on the future of the Agyapa transaction,” he stated.
Background of Agyapa
Parliament on August 14th approved the controversial Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.
Two years ago, the House passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of 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, government introduced an amendment to the act to ensure that the SPVs have unfettered independence.
The approval will enable the country to use a special purpose vehicle, Agyapa Royalties Limited to secure about $1 billion to finance large infrastructural projects.