Yesterday, during President Akufo-Addo’s 2021 State of the Nation Address, he mentioned that his government will bring the controversial Agyapa deal to Parliament again for approval.
Since this announcement, social media has lurched onto this and offered critical opinions about the President’s actions, especially since the government withdrew the deal from the floor of parliament ahead of the 2020 general elections because a lot of Ghanaians voiced their opposition to the deal.
With four more years, the President is committed to bringing back the highly unpopular deal.
This time, he is bringing it to a parliament where the opposition NDC has as many MPs just as the NPP and it was expected to be more hostile than the previous parliament.
However, with several members of the NDC caucus in parliament breaking ranks with the party to confirm three controversial ministers the party had rejected, Ghanaians believe the NDC MPs will get in bed with the government again to pass the deal.
In the Agyapa deal that was withdrawn from parliament, the government was proposing to sell almost 76 percent of Ghana’s future receipts from gold royalties to a special corporate vehicle called Agyapa Royalties located in the British overseas territory of Jersey – a known tax haven and secrecy jurisdiction.
Under the deal, Ghana would own 51 per cent of the Jersey-based company Agyapa Royalties and the remaining shares would be listed on the London Stock Exchange.
In return for handing over such a large share of their future revenues, the government claimed it could raise US$500 million in capital to ease the growing debt crisis by listing the remaining 49 per cent of shares.
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