Minority Demands Answers From Finance Ministry On How Much It Has Paid Transaction Advisors Working On Controversial Agyapa Deal

A copy of the Minerals Royalties Investment Agreement available to JoyNews lists three law firms. They are White and Case LLP, Bentsi – Enchill, Letsa and Ankomah, as well as Africa Legal Associates.

White and Case LLP, is a London based law firm established in 1915. White and Case describes itself as a global law firm that serves clients wherever they are.

Bentsi-Enchill, Letsa & Ankomah describes itself on its website as a leading corporate and commercial law firm in Ghana with broad expertise and experience in providing first-rate legal services for international and local corporations in all sectors of the economy.

The firm has Kojo Bentsi-Enchill as Senior Partner, Ace Anan Ankomah as Managing Partner, Divine Kwaku Duwose Letsa as Partner, among other high profile lawyers.

The third firm is Africa Legal Associates. On its website, it lists Gabby Asare Otchere–Darko, a leading member of the New Patriotic Party as Senior Partner, Nana Adjoa Hackman as Managing Partner, Nii Odoi as Partner, among other leading lawyers.

Minority Spokesperson on Finance Ato Forson told a media briefing: “we need to know the cost of the transaction. They failed to give us. Only for the minister to tell us that so far, they have spent about $2 million.”

“This $2 million, we want to know who they paid it to. We are aware that Africa Legal Associates is one of the lawyers who is part of this agreement. We want to know how much money they have paid to this company and for what purpose,” he added.

JoyJews cannot independently confirm this claim by the minority.

The document in the possession of JoyNews also reveals some of the managers of Agyapa Royalties Limited. The document says anyone who wants to communicate to Agyapa Royalties Limited and its subsidiary ARG Royalties Ghana Limited should email Kofi Osafo Maafo and Brian Egan.

Minority MPs walked out of parliament on Friday night as the house approved the Mineral Royalties Investment Agreement between government of Ghana, Minerals Income Investment Fund, Agyapa Royalties Limited (a firm incorporated in Jersey – UK) and ARG Royalties Ghana Limited (the Ghanaian subsidiary of Agyapa).

Agyapa Royalties Limited (formerly Asaase Royalties Limited) was established in August last year by the Minerals Income Investment Fund as a special purpose vehicle to invest government’s royalties from 16 gold mining lease agreements.

Government is expected to sell 49% stake in the company to private investors on the London Stock Exchange and Ghana Stock Exchange to raise between $500 million and $750 million lumpsum for the state to use in undertaking developmental projects.

In return, future royalties (which amounts to about 10% of revenue from gold mining companies) from the 16 gold mining leases will go to Agyapa Royalties Limited over a maximum period of 15 years.