Gov’t suspends launch of Agyapa Mineral Royalties IPO

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Photo: Ken Ofori Atta, Minister of Finance

Government has suspended the launch of the Initial Public Offer(IPO) of the Agyapa Mineral Royalties Limited.

The decision, according to the Finance Ministry is to allow the Office of the Special Prosecutor time to conduct a corruption risk assessment on the transaction.

The Office of the Special Prosecutor recently requested for more information on the deal to determine its benefit to the nation after the minority in parliament described the transaction as a rip off.

According to the Office of the Special Prosecutor, an initial information given by the ministry of Finance was inadequate.

“The information and documents you supplied concerned mainly the processes for and the appointment of the Transaction Advisors which goes to the root of any corruption risk assessment.” The Office of the Special Prosecutor clarified.

Background

The Agyapa Mineral Royalties Limited was passed by parliament to enable government use a Special Purpose Vehicle (SPV), Agyapa Royalties Limited, to secure about $1 billion to finance infrastructural projects listing on the London Stock Exchange and the Ghana Stock Exchange .

Former President John Mahama has assured that he will cancel the deal if voted into power in the December 2020 elections.

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