The government has decided to suspend the launch of the Initial Public Offer (IPO) of the Agyapa Royalties deal on the London Stock Exchange (LSE).
The Ministry of Finance has said it does not intend to proceed with the IPO ahead of the results of the corruption risk assessment by the Office of the Special Prosecutor.
In a letter signed by a Deputy Minister of Finance, Mr Charles Adu Boahen, the government served the notice that it will not proceed with the IPO until the Special Prosecutor concludes the ongoing corruption risk assessment on it.
The government had planned to launch the IPO in September 2020 to be completed in December 2020.
The Special Prosecutor had requested for all available documentation to enable him do the corruption risk assessment on the deal.
“By our letter dated 24th September 2020, we furnished your office with the relevant documents about the appointment of the transaction advisors for the Agyapa Royalties project.
Upon receipt of your letter dated 28th of September 2020, in whereby you requested additional relevant information, including the opinion of the principal legal advisor to government, this Ministry… submitted additional documents as requested by your Office.
“We wish to use this opportunity to clarify the issue of time in the transaction as captured in the document titled “Overview of Agyapa Royalties transaction”, you referred to in your 28th September letter.
“Kindly note that the document was prepared about two months ago by the transaction advisors to update the Minister on the progress of the transaction. The timing expressed in the document was the intention of the transaction advisors at that time and to launch the IPO by the end of September 2020 to be completed by the end of the year.
This was before your office requested information and production of documents. Kindly note that this Ministry does not intend to proceed with the IPO ahead of the results of the corruption risk assessment by your Office as you may well be aware.
