AGYAPA, LISTEN CAMPAIGN

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The government of Ghana seeks to sell half of Ghana's royalties accruing from major mining concessions that constitute about 95 percent of its royalty receipts. Government claims that it wants to invest the revenues to maximise the value of the income due the Republic from the mineral wealth of the country for the benefit of its citizens in a beneficial, responsible, transparent, accountable and sustainable manner. This is aimed at implementing measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.

While Civil Society Groups in Ghana are not against investment of royalties in Ghana, we are seeking clarity on how selling almost half of the royalties generates the returns as argued by government, particularly when the royalty flows appear at first glance considerably undervalued and subjected to a process managed by politically exposed persons in a Tax Haven.

This petition wants government to pause the process and answer the following questions:

  1. How did government settle on the $1 billion valuation of an asset that could generate over $300 million in 2020? What benchmark prices, mine life and volumes were used? What offer price has the Government agreed with its sponsors for Agyapa's share listing? How was that determined?
  2. What risk assessments and risk mitigation measures has government put in place in relation to the sale of Ghana's royalties? Can Government release its responses to the concerns raised by the Attorney General in her 22nd July 2020 and 5th August 2020 letters to the Finance Ministry?
  3. Why is Ghana patronising a Tax Haven when internationally, countries are pushing against companies hiding in Tax Havens?
  4. Where are the documents to prove that Ghana owns 100 percent of Agyapa?
  5. Why is government avoiding national dialogue on the sale of Ghana's royalties?
  6. What other deal structures besides the IPO route did Government consider, and can the comparative and benchmarking analysis be shared for review?
  7. What specific investments is government intending to deliver with the $500 million it seeks to raise and how are the investments transformational to warrant the outright sale of 49 percent of Ghana’s mineral royalties?

We are inviting all Ghanaians, organisations and individuals to join in this campaign to call on government to halt and discuss these questions dispassionately with the people, including mining affected communities.