Ghana’s main opposition will stop gold fund if it wins vote
Ghana’s main opposition candidate John Dramani Mahama has vowed to reverse the establishment of a gold royalty fund if he wins power in the country’s December vote.
A plan to raise $500-million through an initial public offering of the fund next month “is a very shady deal and I’m saying, if I become president, I will not respect that agreement,” Mahama, the presidential candidate for the National Democratic Congress, said in a broadcast on his Facebook page. “It is a theft of Ghanaians’ royalties made to benefit just a few people.”
Mahama’s statement means he will take all legal steps to have the deal canceled, James Agyenim-Boateng, the spokesman for his campaign, said by phone.
Africa’s biggest gold producer wants to use the IPO to take advantage of soaring prices for the metal. The fund will be structured to pay dividends from the government’s income from gold operations and be listed in London and on the local bourse.
The fact that the special purpose vehicle created to manage the fund registered is Jersey, a tax haven, is an attempt to hide the identity of the investors, Mahama said.
“We will not accept that agreement, we will not accept that government of Ghana should invest our royalties in an offshore tax haven,” he said.
Mahama lost power to President Nana Akufo-Addo of the New Patriotic Party in the 2016 election and the two men face off in a third consecutive poll this year. The two parties have dominated Ghanaian politics for decades.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
