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Minority vows to resist attempt to collateralise Ghana’s mineral royalties

Minority
Dr. Cassiel Ato Forson.
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The Minority in Parliament says it will resist any attempt by government to use the country’s mineral royalties as collateral for up to one billion dollars in loans.

The Minerals Royalties Investment agreement between the Government of Ghana and Minerals Income Investment Fund, Agyapa Royalties Limited and ARG Royalties Ghana Limited is in relation to Gold Royalties Monetisation Transaction under the Minerals Income Investment Fund Act, 2018 (Act 978).

The arrangement will immediately make available 500 million dollars once executed and the remaining half later.

Speaking to the media, Minority Spokesperson on Finance Cassiel Ato Forson argued that the move is inimical to the progress of the nation.

According to him, government has already spent two million dollars on consultancy and legal fees for the deal.

Former Deputy Attorney General and Chairman of the subsidiary legislation Committee, Dr. Dominic Ayine argued the arrangement has some legal challenges.

According to him the Minerals Income Amendment Act from which the agreement is drawing its authority has not been assented to by the President.

Former deputy power Minister John Jinapor wondered why such a crucial agreement must be smuggled through on the last day of sitting. But the majority says the move is good for the nation.

Adentan Member of Parliament (MP), Yaw Buaben Asamoah and Sekondi MP Andrew Egyapa-Mercer argued the arrangement is an innovative way of raising funds for the development of the nation.

Meanwhile, the minority had to walk out during the consideration of this agreement.

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