Parliament gives approval to 5 mineral royalty agreements

Parliament gives approval to 5 mineral royalty agreements

- Five mineral royalty agreements were approved by the House of Parliament on Friday, August 14, 2020

- This has led to the possible monetisation of income available from minerals in sustainable and responsible ways

- It has also allowed for the possible use of about $1 billion to fund large infrastructural projects in the country

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Parliament, on Friday, August 14, 2020, approved five mineral royalty agreements.

The decision has paved the way for Ghana to enjoy the most value from available mineral resources.

It would also aid in the monetisation of mineral income available in Ghana in a sustainable and responsible way.

Parliament gives approval to 5 mineral royalty agreements
Professor Aaron Michael Ocquaye is the Speaker of Parliament Source:
Source: UGC

READ ALSO: Parliament approves $86m loan for purchase of armoured cars

A report by shows that the decision is in line with the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978).

Information available shows that Parliament’s decision paves way for Ghana to employ the use of a Special Purpose Vehicle (SPV), Agyapa Royalties Limited, to secure about $1 billion which would be used to fund major projects in Ghana.

The funds, which are long-term in nature, are likely to be raised from the Ghana Stock Exchange (GSE) and the London Stock Exchange (LSE).

Details available show that the debt will not come with a similar rise in Ghana’s total debt stock and, therefore, no obligations of public debt repayment.

In other news, the Minority side in Parliament is upset over money borrowed from the Ghana National Petroleum Corporation (GNPC).

In its opinion, the move is unnecessary and has reduced the institution to one of a financial nature.

Governments have, over the years, consistently borrowed directly or indirectly from the GNPC.

READ ALSO: Parliament approves over $ 2million tax waiver for 1D1F

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