Government still owns the entire hundred per cent of mineral royalties per the gold royalties deal between the Government of Ghana and Agyapa Royalties, Deputy NPP Communication Director Kamal-Deen Abdulai has noted.
According to him, the opposition is creating storms in a teacup as regards the passing of the Minerals Income Investment Fund Act 2018 by Parliament.
The act establishes the Minerals Income Investment Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of the government.
The deal will see Agyapa Royalties registered in the United Kingdom raising between $500 million and $750 million for the government of Ghana for developmental projects.
However, speaking contrary to claims that the government owns only 50% of the royalties, Mr Kamal Deen told Francis Abban on the Morning Starr Friday that the government still had full ownership until it was floated.
He said “first of all there’s an established norm of how royalties from the minerals that we get in this country are shared. The percentage that comes to the government and the percentage that goes to our local authorities.”
“Still its government 100% now. We have not gotten someone subscribing yet. So, the 100% as we speak is for the government.”
He maintained that “not until it’s floated, legally, what we have today, government owns 100% of MIF and the special purpose vehicle government owns it. “Agyapa is still for government. Hundred percent of it is for government,” he said.
According to him, it could be floated and nobody buys. “So, let’s not create an impression that there’s somebody out there who already has some forty-nine percent. Nobody is there. The hundred percent is still for us.”
Urging critics to be circumspect in their analysis of the development, he highlighted “my point here is that it’s a noble idea. We shouldn’t just end up bastardizing everything. however, let’s ask the relevant questions.”
“Is it going to be beneficial to us as a country. Is the money going actually to be collected for it to come to mother Ghana? Is it going to be in the hands of the private sector? And the answer is no, not a single private sector apart from when the shares are floated,” he added.
Source: Starrfm.com.gh/103.5fm
