The Chief Executive Officer of the Minerals Income Investment fund (MIIF), Honorable Yaw Baah, has tipped off the Ghanaian citizens that, he along with two persons, are members of the Board of Agypa Royalties Deal (ARD).
Speaking in an interview on Critical Issues on Saturday, 5th September, Honorable Baah stated that, Director for Human Capital and General Administration Division at the Ministry of Finance, Lawyer Felicia Ashley and the former Non-Executive Director of Tullow Ghana Limited, Mr. Tutu Kofi Agyare are members of the Board of Directors of ARD.
“I can say that I know of two persons. By virtue of being the Chief Executive Officer of MIIF, I will be on the board of Agypa Royalties Deal. In addition, the Non- Executive Director of Tullow Ghana Limited, Mr. Tutu Kofi Agyare and one of the Board of Directors of MIIF, Lawyer Felicia Ashley will also be on the ARD Board of Directors.”
He also intimated that; the Board of Directors of Agypa Royalties deal have been perceived to be a board of nine members. According to Hon. Baah, the persons on the board are reputable in the Banking and Mineral sector.
“There must be international dimensions in the sense that, Foreigners are going to invest in it (ARD) and so we need reputable people in the areas of banking and also persons who are experts in mineral trade matters. We have to look into these things.”
Amongst the concerns raised by the Minority Member of Parliaments, and Civil Society Organizations, about ARD in a press conference on Tuesday, 1st September, 2020, is the refusal of Government to give a full disclosure and transparency on who the Board of Directors of Agypa Royalties Deals are.
The Former Deputy Minister for Finance and the Ministry Spokesperson on Finance, Honorable Ato Forson reiterated the displeasure of the Minority Member of Parliaments on the Critical Issues talk show concerning ARD.
He stated that, Agypa has been incorporated as an offshore company in Jersey, in the Channel Islands, a known tax haven which is known for their lack of transparency in matters of corporate governance such as disclosure of the beneficial ownership of the shares of companies.
Emphasizing on the full disclosure of the deal, he noted that, tax havens are susceptible to money-laundering and secrecy.
“There is a reason why Agypa has been incorporated in Jersey. One, because of their low tax rate, you can take advantage of it (tax havens) to avoid taxes. As tax professionals, it is a place we advise private companies to enlist their companies to maximize their profits. Apart from that, it (tax havens) is a place where corporate governance rules are relaxed. That is why anti-money laundering organizations like IBA (International Bar Association), OECD (Organization for Economic Cooperation and Development), are always after companies that enlist their companies at tax havens. Apart from that, tax havens are susceptible to money-laundering and secrecy. To add to, there is no disclosure of the beneficial ownership of the shares of companies.
Honorable Forson revealed that, Ghana, if goes along with ARD, will be the first Sovereign World Fund to be incorporated in a tax haven.
“I have never come across a country whose Sovereign World Fund is opened in a tax haven. He (Honorable Yaw Baah) should tell us which country has created a Sovereign World Fund in a tax haven. Being the first country to set that record, does not befit our status as Ghanaians.”
