Agyapa Deal: What Is Wrong If You've Money To Buy Shares? - Ofori-Atta Asks As He Debunks Suspension Of LSE Report
Finance Minister, Ken Ofori-Atta has debunked claims that listing Agyapa Royalties limited on the London Stock Exchange (LSE) has been suspended.
"There's no going back . . . gold has been mined in this country for several years; the trading of gold is over 500 times more and that is where the money is so we are not changing our mind. At this point in time in the history of the world's highest gold price; we have to take advantage of that and it is for our good," he told Kwami Sefa Kayi in a phone interview Friday morning.
According to him, "the only thing is to explain more to Ghanaians and clear away any form of mischief".
Speaking in an interview on Peace FM's morning show 'Kokrokoo', Ken Ofori-Atta reiterated that Agyapa Royalties Limited will trade up to 49% of its shares on Ghana Stock Exchange and the London Stock Exchange.
CSOs tussle
The meeting was to assure them that there's no mischief, Finance Minister said.
"The London stock exchange is one of the most transparent; at any point in time, every stockholder is listed. There's nothing untoward. This is purely Ghana owned."
"What I got from them is that we should explain it more to people..." he indicated.
Advantageous to only Govt officials
The Finance Minister has also responded to claims that government officials will be the only ones benefiting from the shares.
According to him, the shares will be opened to everyone and that if someone has money to buy it "why not; what's wrong with that?"
"If you have your money it is up to you to determine what you use the money for; the pricing will be an international price of value so if you have your money why should I be worried what you use your money for?"
"It's well thought out," he added.
Background
Parliament on August 14 approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.
Two years ago, the house passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of government.
The fund is supposed to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.
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