major card

Ghana’s Agyapa gold royalties deal: how does it work, who benefits, what’s next? 

By Jonas Nyabor

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Posted on August 31, 2022 15:21

A worker places ingots of 99.99 percent pure gold on 28 March 2011.
A worker places ingots of 99.99 percent pure gold on 28 March 2011. REUTERS/Ilya Naymushin

Suspended over corruption concerns in 2020, the Akufo-Addo government is hoping to return to parliament to seek approval for a revised bill on the controversial Agyapa gold royalties deal before the end of the year.

Facing the highest inflation rate in 19 years – 31.7% – and a currency that has slumped by over 40% against the US dollar since January, the Agyapa gold securitisation deal is the government’s major card, yet to be played, to save the shrinking economy.

“My mind is still there. The question is the process of doing that. If we have a problem with the process, let’s articulate it, let’s cure it, but let us not drop something that would be good for us and reduce our debt exposure,” finance minister Ken Ofori-Atta told pressmen in Accra in May.

What is Agyapa?

Announced in 2020, the Agyapa gold royalties deal is a government arrangement for a special purpose vehicle known as the Agyapa Royalties Limited to securitise future gold revenues for between $500m and $750m, as the country struggles to hold together its economy, which was badly affected by Covid-19 and the Russia-Ukraine war.


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