The Minority in Parliament has vowed to resist attempts by the government to use the country’s mineral royalties as collateral for up to $1 billion dollars.
The Minerals Royalties Investment Agreement between the Government of Ghana and Minerals Income Investment Fund, Agyapa Royalties Limited and ARG Royalties Ghana Limited is in relation to Gold Royalties Monetisation Transaction under the Minerals Income Investment Fund Act, 2018 (Act 978).
The arrangement will immediately make available $500 million once executed and the remaining half later.
Speaking to the media, Minority spokesperson on Finance, Cassiel Ato Forson, argued the move is inimical to the progress of the nation.
Mr Forson added that the move will deny traditional rulers of their share of the mineral royalties for development in the rural areas.
Former Deputy Attorney General and Chairman for the subsidiary legislation Committee Dr Dominic Ayine argued the arrangement has some legal challenges.
According to him, the Minerals Income Amendment Act from which the agreement is drawing its authority has not been assented to by the President.
Former Deputy Power Minister, John Jinapor, questioned why such a crucial agreement must be smuggled through on the last day of sitting.
But the Majority sees nothing wrong with the move.
Member of Parliament (MP) for Adentan, Yaw Buaben Asamoah and Sekondi MP Andrew Egyap-Mercer argued the arrangement is an innovative way of raising funds for the development of the nation.