Martin Amidu, the Special Prosecutor, has disclosed the conclusion of his outfit’s corruption risk assessment into the controversial Agyapa Royalties deal.
Contained in a press release issued by his office, today November 2, 2020, Mr. Amidu noted he had conveyed the conclusions and observations to the President, Nana Addo Dankwa Akufo-Addo and Finance Minister, Ken Ofori-Atta some weeks prior in what he says was an action taken out of courtesy before making the announcement public.
“The analysis of the risk of corruption and anti-corruption assessment was completed and signed by the Special Prosecutor on 15th October 2020. The Special Prosecutor in a letter with reference number OSP/SCR/20/12/20 dated 16th October 2020 conveyed the conclusions and observations of the anti-corruption assessment to H. E. the President and the Hon. Minister of Finance as a matter of courtesy before informing the public”.
The Special Prosecutor further intimated that, his office considers it pertinent not to withhold any information from the public on the deal.
“Two weeks is more than too long for this Office to continue withholding the announcement of the completion of its sixty-four (64) page report to the public. It is important that this Office has the freedom to discharge its anti-corruption mandate and keep the public informed. I have, therefore, decided to bring the facts of the conclusion of the anti-corruption assessment of the Agyapa Royalties Transactions by this Office to the attention of the public and to avoid the continued speculations on this matter”.
The Ministry of Finance served notice on October 5, 2020, that government will not proceed with the Initial Public Offering (IPO) of the Agyapa Royalties deal until the Special Prosecutor concludes ongoing corruption risk assessment on it.
Contained in a release signed by Deputy Finance Minister, Charles Adu Boahene, the Ministry noted that the initial plan to launch the IPO in September is currently on hold.
It however assured that it was ready to cooperate with the anti-graft office.
“The Ministry does not intend to proceed with the IPO ahead of the results of the corruption risk assessment by your Office”.
Prior to the suspension, the Special Prosecutor, Martin Amidu, wrote to the Finance Ministry urging it to suspend the issuance of IPO pending the receipt of crucial documents to assist with the corruption risk assessment.
In light of this, the Ministry was in resonance with the statement, stating that more transparency is necessary to bolster the integrity of the already controversial deal.
“The international investor community has been closely monitoring the outcome of the current state of the transaction, and, it would, therefore, be detrimental to proceed without receiving the necessary approvals and green light from your Office.
“Additionally, we will be required to fully disclose in the prospectus to the transaction, the outcome of any investigation by your office prior to approval by the respective regulators of stock exchanges in Ghana and the United Kingdom.”
The Finance Ministry further noted its commitment “to provide any further information or clarification” for the Special Prosecutor’s risk assessment.