Supporters of the deal are pressed for time: if Agyapa Royalties has not been admitted to the London Stock Exchange by 31 December 2020, the agreements will expire and the project will end. The main parties to the agreement are: Finally, the government should issue a simple key clarification document/White Paper/background document on MIIF and the rational/political imperative for the creation of Agyapa Minerals Ltd. The deep mistrust of our governments and policy makers is often due to the absence or unavailability of critical information. It is not surprising that some 15 civil society organizations have called for the agreement to be suspended until all the necessary documents are made public. In general, the relationship agreement aims to make agyapa an independent business entity, free to pursue its own profitability without taking into account Ghana`s budgetary needs. It is questionable whether Agyapa will be able to diversify its portfolio by acquiring new assets (the stated state target for the company), while, at the same time, the proceeds from the IPO will be distributed to the fund and significant dividends will be distributed each year (at least initially), while the fund holds 51% of the long-term ownership. A stability clause contained in at least one version of the licensing agreement prevents any change in the licence rate that would have a “significant negative effect” on the ARG (since investors would rely on royalty flows). For decades, this clause would limit the government`s ability to reduce royalty rates for mining leases contained in the agreement, even though such a reduction would, for example, encourage companies to maintain gold production in times of financial difficulty. Meanwhile, Ghana`s mining law limits stability agreements with mining companies to 15 years. In September 2018, at the end of a week-long emergency meeting, the Ghanaian Parliament approved the Mineral Income Investment Fund (MIIF) bill.
The bill allowed the government to create the fund to obtain royalties from mineral resources and invest them. It has also enabled the creation of a utility agency (SPV) in all legal systems to make such investments.  citinewsroom.com/2020/08/critics-of-agyapa-royalties-deal-lack-full-understanding-adu-boahen/ In trying to raise capital in times of difficulty, Ghanaian officials have launched a plan to use the country`s gold licenses in a solution called the government`s “innovative financing solution.” As part of the plan, Ghana will award a significant portion of its future gold mining licences to an offshore company it has set up in advance in exchange for cash (approximately US$500 million). The government plans to increase the money by contributing the company to the London and Ghana stock markets, while retaining the majority owners. But the news has caused concern among civil society organizations. The main opposition party has promised to reject the deal if it wins elections later this year, while the special prosecutor has called for the plans to be halted until a corruption risk assessment is concluded. This year seems to be a good time for the world`s largest gold producers to consolidate their control over this vital natural resource. Otherwise, they could follow Ghana`s lead and try to sell almost all of their rights to future gold licences in the long term.