Home / GENERAL NEWS / #EnoughIsEnough: ‘NDC Will Oppose New Agyapa Deal Vigorously’ – Mahama Writes

#EnoughIsEnough: ‘NDC Will Oppose New Agyapa Deal Vigorously’ – Mahama Writes

Spread the love

Former President of Ghana,  John Dramani  Mahama has said that the National Democratic Congress (NDC) will remain opposed the government’s “Agyapa deal” policy.



Mr Mahama wrote on his official Facebook page, ‘We remain opposed to the Agyapa deal. The National Democratic Congress (NDC) will oppose it vigorously’





May be an image of 1 person and text


It follows recent reports that the government intends to repackage the botched deal which aims to collateralise Ghana’s gold resources for some years.

A few days ago, the Minerals Income Investment Fund (MIIF) said it is redesigning its strategy for listing its wholly-owned subsidiary Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange after being named the best financial institution in the mining sector by the French-based publication Forbes Monaco.

Forbes recognised MIIF’s strategic acquisition of over 14 million shares and a roughly 4.65% stake in Asante Gold Corporation, a Canadian- and Frankfurt-listed gold production company which operates in Ghana.

The Forbes Monaco award is given to financial institutions which concentrate specifically on providing financial platforms and funding solutions to the mining sector.

The acquisition – which, together with the government of Ghana’s carried interest and existing Ghanaian shareholders, would increase Ghana’s shareholding to more than 25% – is a first for the country in a multi-listed international gold mining company.

Asante is currently in negotiation with Kinross Chirano to acquire 90% of the Chirano mine in the Western Region of Ghana, which would further increase Ghana’s stake in the gold mining sector.

“Investing for Ghana’s future”

Both Forbes Monaco – the Monégasque version of the prestigious, 104-year-old Forbes Magazine – and Aurum Monaco, a gold refinery based in the Principality of Monaco, highlighted MIIF’s proposed US$500 million small-scale incubation programme as transformational for Ghana’s gold mining sector.

After receiving the award, the chief executive officer of MIIF, Edward Nana Yaw Koranteng, said: “The proposed programme, which would inject over $400 million into the small-scale mining sector over a period of ten years, is in line with actualising President Nana Akufo-Addo’s vision of formalising the small-scale mining sector, encouraging environmentally sustainable mining and creating Ghanaian gold mining champions.”

Koranteng told reporters, “This award only spurs us forward. We are determined to build Africa’s biggest minerals fund with $500 million assets under management by 2025 and $1 billion by 2027.

“We have an exciting pipeline of projects and a plan to realise our mission of investing for Ghana’s future.”

Koranteng said that MIIF’s $20 million investment in Asante Gold, the operator of the Bibiani Mensin gold mine, will certainly see an uptick after the pouring of first gold in the third quarter of this year.

Agyapa listing

Koranteng argued that these early successes of MIIF, and the possibilities that the Fund presents to the gold mining sector, will find other dimensions in its subsidiary Agyapa Gold Royalties.

Agyapa is a gold royalties company which is 100% owned by the Minerals Income Investment Fund. Koranteng explained: “Our intention is to list up to 49% of Agyapa on the London Stock Exchange and the Ghana Stock Exchange.

“We envisage raising between $450 million and $700 million from the IPO, which proceeds shall be directed at investing in infrastructure and other social amenities, particularly in the mining communities,” the MIIF boss said.

The chief executive further said: “Agyapa, by being incorporated in the UK and listed on the London Stock Exchange, provides the opportunity to leverage on its balance sheet to raise cheaper funding and with [fewer] obstacles to further invest in other royalties companies and leading gold mining companies across the globe.

“This is an opportunity for Ghana to take the lead and the world is watching.”

He elaborated: “I am confident that, in view of current geopolitics, current global economic recessionary trends and demand for gold and equities of gold royalty companies, Agyapa’s market value upon listing will surely shoot up.”

By listing on the London Stock Exchange, he said, “We achieve the highest levels of transparency and controls required for any listing in the world. The listing on the Ghana Stock Exchange will give a greater number of Ghanaians the chance to participate in the ownership of our own mineral wealth.

“Whatever revenues are realised from the listing of Agyapa come directly to the Minerals Income Investment Fund. We are ready to engage all stakeholders on how we move the Agyapa listing forward after responding to all issues raised by Parliament,” Koranteng said.

Although the MIIF boss did not give a definite timeline, it appears the intended listing for Agyapa on the London Stock Exchange will be towards the fourth quarter of 2022.

With gold prices trending upwards and the volatility being experienced by capital markets, gold seems a sure bet.



About MIIF

MIIF is a sovereign minerals fund, mandated by the Minerals Income Investment Fund Act 2018 (Act 978) as amended, to maximise the value of dividend and royalty income accruing to the Republic of Ghana.

MIIF aims to do this in a beneficial, accountable and sustainable manner and to monetise Ghana’s mineral wealth in a manner which will bring long-term value to the country.

MIIF also has 100% ownership of Agyapa Royalties Company, the only state-owned gold royalties company in Africa.

MIIF intends to list Agyapa on the London and Ghana Stock Exchanges, as planned, later in 2022.









Source:  MyGhanaMedia.com





Disclaimer: MyGhanaMedia is not responsible for this report and its content. There are four types of content published on MyGhanaMedia daily: curated content; syndicated content; user-generated content; and original content.



Send your news stories to myghanamedia@gmail.com and Chat with us via WhatsApp on +233 200818719



About Adwenpa-Hene

we publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: myghanamedia@gmail.com Contact Us: 0200818719

Check Also

Photos: Dr. Bawumia Commissions UG Sports Stadium For African Games 2023

Spread the love Dr. Alhaji Mahamudu Bawumia, the vice president and flagbearer of the ruling …

Leave a Reply

Your email address will not be published. Required fields are marked *