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SML’s minerals contract an attempt to reintroduce Agyapa deal – Bright Simons
Bright Simons, the Honorary Vice President of IMANI Africa, has expressed concern about a new contract that was set to be awarded to the controversial Strategic Mobilisation Ghana Ltd (SML).
He revealed that SML had signed a contract to receive 0.75 percent of every mineral Ghana would sell if the Fourth Estate hadn’t exposed their operations.
In an interview with Bernard Avle on Citi TV’s Point of View, Mr Simons argued that the new contract was essentially an attempt to reintroduce the Agyapa deal.
“Until the Fourth Estate intervened with its exposé, and IMANI joined, this matter would not have been at the stage it is currently in. We were going to give them an additional contract, and that contract would have required that for every barrel of oil we produce in this country, we must give them 0.75 percent, that’s almost a dollar, every barrel,” he said.
According to him, “Every mineral such as gold, diamond, manganese, that every time we sell, we must give them 0.75 percent. The pattern of analysis is not about performance. Our argument is that this is Agyapa suit and tie, this is basically an attempt to reintroduce Agyapa [deal]. After Agyapa failed, that is for the upstream.”
The Agyapa royalties deal, which aimed to securitise Ghana’s mineral resources for development and cost $12 million, was abandoned due to strong opposition.
Mr Simons added that between 2016 and 2022, SML was the largest recipient of money in the energy sector.
“SML was the biggest recipient of money in the entire energy sector from the energy taxes in 2016 to 2022. Per the amount distribution…the amounts of money we paid to key agencies like Volta River Authority, Electricity Company of Ghana, out of taxes per year, compared to the about two hundred something per year they are receiving is lower,” he said.
On January 2, President Akufo-Addo commissioned KPMG to audit the contract between the GRA and SML. Following the submission of its report, KPMG disclosed that SML had been paid a total of GH¢1,061,054,778.00 from 2018 to the present.
Background
The Fourth Estate released an investigative piece in December 2023 indicting SML, the GRA, and the Ministry of Finance.
Fourth Estate accused GRA of awarding SML a 10-year contract that accrues SML $100 million annually. It also raised concerns about alleged underhand dealings.
SML, after the report was released, debunked claims of being awarded a 10-year contract duration, insisting that it has been given a 5-year contract instead.
Source: Citinewsroom.com
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
