• About Us
  • Photo Gallery
  • Privacy Policy
  • Terms Of Use
Sunday, June 26, 2022
Republic Media Online
Advertisement
  • Home
  • News
  • Politics
  • Business
  • Showbiz
  • Sports
  • Foreign
  • Coronavirus
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Showbiz
  • Sports
  • Foreign
  • Coronavirus
  • Opinion
No Result
View All Result
Republic Media Online
No Result
View All Result
Home General

Agyapa Back Again!

Having generated loads of controversies during his first term, many observers thought the idea of the Agyapa Royalties  deal has been killed and cremated by the New Patriotic Party administration but  President Nana Addo Dankwa Akufo-Addo yesterday advertised his government’s  intention to engage the 8th Parliament on the future of the  transaction.

Edward Acquah by Edward Acquah
March 10, 2021
in General, Lead story, Local News, News, Politics, Review, Top Stories
0 0
0
TEXT: Akufo-Addo delivers State of The Nation Address
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Having generated loads of controversies during his first term, many observers thought the idea of the Agyapa Royalties  deal has been killed and cremated by the New Patriotic Party administration but  President Nana Addo Dankwa Akufo-Addo yesterday advertised his government’s  intention to engage the 8th Parliament on the future of the  transaction.

Speaking in Parliament yesterday, during his delivery of the   State of the Nation Address of his second term, the President said “let me, at this point, assure the House that, in the course of this session of Parliament, Government will come back to engage the House on the steps it intends to take on the future of the Agyapa Transaction”.

Ahead of the President’s latest announcement, to the House, Members of Parliament have since last year August been bombarded with a number of petitions from some Civil Society groups who called for an outright rejection of the deal.

The transaction gained a  parliamentary approval despite a walk-out by the opposition.

It would be recalled that an alliance of some 25 organisations – including Ghana Integrity Initiative, Transparency International’s national chapter – called on Parliament to roll back the transactions.

BACKGROUND

In an attempt to raise capital , Government embarked on a plan to leverage the country’s gold royalties in what it has called an “innovative financing solution.”

Under the plan, Ghana will assign a significant portion of its future gold mining royalties to an offshore company it has created in return for cash up front (estimated at approximately USD 500 million).

The government plans to raise the money by listing the company on the London and Ghana stock exchanges while retaining majority ownership.

Despite the current outcry, the plan has been in the works since 2018 with the passage of the Minerals Income Investment Fund Act. The act established a corporate government entity called the Minerals Income Investment Fund. The fund has the right to receive and invest mineral royalties and other related income that Ghana receives from mining companies. Pursuant to the act, the fund created a royalty company called Agyapa Royalties Limited (Agyapa) in Jersey. Under a series of complex agreements approved by parliament , the fund has allocated the rights to just over 75 percent of royalties from several gold mining leases to Agyapa’s wholly owned Ghana subsidiary, ARG Royalties Ghana Limited (ARG) for $1 billion. These leases represent most of Ghana’s current gold production. The fund has assigned this money to Agyapa as consideration for Agyapa’s shares. The fund plans to then raise capital by selling 49 percent of these shares on both the London and Ghana stock exchanges in an initial public offering (IPO).

Source: Samuel Frempong
Tags: Agyapa DealParliament
  • Stay tuned.
  • Read more here👉🏼👉🏼👉🏼 https://myrepubliconline.com/
#news
  • @blacksherif_ #blacksheriff
  • Actor Psalm Adjeteyfio dead
https://myrepubliconline.com/actor-psalm-adjeteyfio-dead/
 @republicnewsgh
  • #kofiblogger #championsleague
  • https://myrepubliconline.com/mmore-koko-getting-babies-drunk-ghs-cautions-mothers/
Read more #news #newsalert #newsupdate
  • 06/04/2022
https://myrepubliconline.com/government-is-very-committed-to-sports-veep-bawumia-assures/
  • Tidal waves render over 3,000 people homeless in Ada.
@serwaaamihere 
@tv3_ghana 
#waves
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Showbiz
  • Sports
  • Foreign
  • Coronavirus
  • Opinion

© 2021 All Rights Reserved myrepubliconline.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist