- The ECOWAS Community Court of Justice (CCJ) has dismissed a suit against the Agyapa royalties deal
- The regional court has upheld the defence of Attorney-General Godfred Dame and thrown the case out
- Transparency International, Ghana Integrity Initiative (GII) and the Ghana Anti-Corruption Coalition (GACC) went to the court in 2020 to stop the deal
The ECOWAS court has dismissed a suit filed by three anti-graft organisations against the controversial Agyapa deal.
The case filed by Transparency International, Ghana Integrity Initiative (GII) and the Ghana Anti-Corruption Coalition (GACC) pleaded with the regional court to order a cessation of the deal.
However, according to a report by the state-owned Daily Graphic, the Abuja-based ECOWAS Community Court of Justice (CCJ) threw out the suit and upheld the defence of Ghana's Attorney General, Godfred Dame.
The court said it will publish a detailed reasoning for its decision at a different date.
The controversial Agyapa deal
In 2018, Parliament passed the controversial bill that approved the deal despite fierce opposition to the deal.
Properly called the Minerals Income Investment Fund Act, 2018 (MIIF Act 978), the objective of the bill was to maximise the county’s mineral wealth through royalties from gold mining.
Agyapa Royalties Investment Ltd, which would be the main subsidiary will be listed on the London Stock Exchange, while ARG Royalties Ltd, another subsidiary will be quoted on the Ghana Stock Exchange.
The company will be responsible for managing 75.6 per cent of the country’s royalty inflow from the 12 gold mining companies that currently operate in Ghana, with four more expected to come on stream.
The government projected that will raise about $1 billion from the deal.
Amid the fierce public opposition, Akufo-Addo ordered a corruption risk assessment.
The report of the assessment by a former Special Prosecutor, Martin Amidu proved that public concerns were justified.
In November 2020, Akufo-Addo ordered the finance minister to re-submit the agreements supporting the Agyapa deal to Parliament for the approval process to start all over again.
Anti-graft agencies headed to CCJ to halt the deal
The anti-corruption agencies told the ECOWAS court in the suit that the Agyapa deal violated many international conventions against corruption.
They said if allowed to go ahead, would allow Ghana’s gold resources to be controlled by foreigners.
They further urged the CCJ to order state authorities to investigate all alleged acts of corruption associated with the deal.
The Attorney-General argued that the deal will not cede the sovereignty of the country’s resources to foreigners.
“The proposed Agyapa transaction is intended as a means by which only a portion of the proceeds from the exploitation of natural resources of Ghana is invested to ensure that the people of Ghana obtain the benefit therefrom,” the Attorney-General (A-G), Godfred Yeboah Dame, submitted.
Former Attorney-General Gloria Akuffo describes Agyapa deal as burdensome
Meanwhile, YEN.com.gh reported in 2020 that the controversial Agyapa Royalties deal generated so many opinions that the former Attorney-General Gloria Akuffo described it as burdensome.
The latest revelation suggested that the deal that was signed by the government of Ghana was opposed by Gloria Akuffo.
According to a letter posted by Starrfm.com.gh, Madam Gloria Akuffo pointed out to the Finance Minister that the Agyapa deal is “unconscionable”.
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