Former President Mahama has questioned the basis for the Agyapa Mineral Royalty Limited agreement with the Government of Ghana.
This comes after Parliament on Friday approved the deal with the Special Purpose Vehicle company known as Agyapa Royalties Limited.
The National Democratic Congress flagbearer, addressing traditional leaders in the Ketu North Constituency as part of his four-day tour in the Volta region, called for clarity on the agreement.
“Why will you be mortgaging this country’s gold royalties, three months to an election to go and collect money to come and spend and so the Minority said we won’t agree so they walked out of Parliament but they went ahead and passed it,” he said.
The Minority in Parliament boycotted the proceeding, arguing it was not in the interest of the nation.
Mr Mahama further quizzed why the government will invest in a deal without providing adequate information on it.
“We don’t even know those who are behind the company and as a responsible government, why will you go and invest in an offshore tax haven when you know that is where fraudulent transactions take place?” he quizzed.
Agyapa Royalties Limited will trade shares on the Ghana Stock Exchange and the London Stock Exchange for private people to buy.
Two years ago, parliament passed the Minerals Income Investment Fund Act 2018.
The act establishes the Minerals Income Investment Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of government.
The fund is supposed to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.