- The law firm of Gabby Asare Otchere-Darko received a little over $100,000 from the Agyapa deal
- This was revealed by ace journalist Kweku Baako
- Meanwhile, government says the Agyapa agreement is in Ghana's best interest
- Our Manifesto: This is what YEN.com.gh believes in
More information and clarity continue to emerge on the Agyapa Royalties deal.
The latest revelation is the amount of money the Gabby Asare Otchere-Darko’s law firm received for their services in the controversial transaction.
Veteran journalist, Abdul Malik Kweku Baako, revealed on Peace FM on Wednesday, September 2, 2020, that Mr. Otchere Darko’s law firm, Africa Legal Associates received US$103,000 as associates to transaction advisor.
It’s been rumoured that Gabby and his firm grabbed US$2 million for their advisory role on the deal.
But speaking on the Agyapa Royalties Agreement, the journalist noted that a UK-based law firm was the principal advisors on the deal and Africa Legal Associates worked for the firm.
“It is not true that Gabby’s firm got US$2 million from the deal. It is not true that his firm is a beneficiary of US$2 million. It’s not even up to US$105,000. It is the main transaction advisor that paid Gabby. It is about US$103,000. It is not US$2 million”.
According to ghanabusinessnews.com, the Agyapa agreement will own 51% of the shares of the company and the remaining 49% will be floated on the London Stock Exchange.
Agyapa, as part of the deal, is expected to raise between $500 million and $750 million upfront for the government to use for development.
The government says it needs the money to invest in education, primary capital, health, and infrastructure.
But the minority and some CSOs have kicked against the deal, raising questions of integrity about the Agyapa Royalties agreement.
One of the key concerns raised is the involvement of Osafo-Maafo’s son and Gabby Otchere Darko.
But Ghana’s Finance Minister, Ken Ofori Atta says the Agyapa Mineral Royalty Limited arrangement is the best deal for Ghana’s gold.
YEN.com.gh Deputy Information Minister, Pius Enam Hadzide, says the government has not suspended the Agyapa Royalties deal, as it is being peddled in a section of the media.
According to the minister, the attempt by some CSOs and PIAC to create a false impression that the government has shelved the Agyapa deal will not work.
In an interview on Starrfm.com.gh on Thursday, September 3, 2020, he denied that falsehood and said the government was still going ahead with the deal.
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