Former minister for Lands and Natural Resources Alhaji Inusah Fuseini has described the Agyapa Royalties arrangement as a classic case of kleptocracy.
The Nana Akufo-Addo led government is seeking to securitize 76% of its mineral royalties by handing it over to a private company Agyapa Royalties to manage.
Government would seek to raise $500million by selling 41% shares in Agyapa Royalties that has been described as a Special Purpose Vehicle.
The company would then assume management of majority of Ghana’s mineral royalties for an indeterminate period.
Alhaji Inusah Fuseini says the entire arrangement is mindboggling considering the Finance ministry’s records shows Ghana can raise at least $1.2billion from Royalties over a period of 10 years.
He told Sena Nombo on the Gold Power Drive Ghana can base on this projection start the execution of projects on the basis of the legitimate income flow.
The former Lands and Natural Resources minister said government is using a clever way to convert state resources into personal resources of persons aligned to government.
Alhaji Fuseini accused government of taking advantage of the reliability of the royalty inflows from mineral resources to enrich themselves.
He said details of the arrangement remains fishy and closely guarded which is against proper corporate governance practices.
The former Lands and Natural Resources minister also expressed reservations with a clause in the arrangement that bars Ghana, the majority shareholder from changing the Directors of Agyapa Royalties.
Story: Sena Nombo/Radiogoldlive.com
