Bandits: That “Agya Bo-Ne” Cronynist, Nepotistic Tax Haven For Ghana’s Gold

“…It is far from “Agyapa deal”...It is bad…It is banditry…a testament to cronyism, nepotism, and the on-going pilfering of Ghana’s national resources… Who all are the transaction counsellors with embedded opaque interests in the scheme?... In 2020, more than 60 years after independence from Britain, the Akufo Addo’s government…is actually proposing to hide Ghana’s natural resources in a British tax haven… Clearly, Ghana’s Founder and First Prime Minster, Osagyefo Dr. Kwame Nkrumah, would never have dreamed of implementing such an obnoxious, rotten deal for Ghana… It is a development deprivation scheme, not unlike like the so-called Ghana Hybrid System that continues to deprive Ghanaians of millions of dollars in oil revenues every year since 2009, and counting…Stop it…(Prof Lungu, 4 December 2020).

It is a contract on Ghana.

It is a contract on Ghana for Ghana’s natural resources, Ghana’s gold, this time, and continuing.

We call the international scheme being concocted by the Akyem faction of the NPP under Nana Addo Dankwa Akufo-Addo with support from well-placed foreign private interests the “Agya-Bo-Ne Royalties” scheme.

It is far from being an “Agyapa deal”.

It is bad.

It is rotten.

It is banditry.

It is a testament to cronyism, nepotism, and the on-going pilfering of Ghana’s national resources.

For us, we were not surprised that the next level of nauseating, corruption-inducing scheme after the so-called “Ghana Hybrid System” for Ghana oil revenues would come forth from the NPP government, this time under Akufo Addo. It is now obvious to many Ghanaians and Ghana supporters that the Akyem faction of the NPP is totally in synch: They are conniving to sell-off Ghana’s gold production, Ghana’s natural resources in a highly risky scheme by selling it off to foreign interests in perpetuity.

That faction of the NPP are using political power, the “capital” of at least one major institutional authority, and a few individuals in Ghana with “expertise” in natural resources, energy, international capital markets, to deprive Ghanaians of their wealth.

They are selling off Ghana’s natural resources to foreign interests.

What is not clear at this time is exactly who all are behind the rotten “Agyapa Royalties” deal “misdeed”.

Who all are the transaction counsellors with embedded opaque interests in the scheme?

Who all have already collected, are collecting, or will soon collect financial benefits even as beneficial ownership is under opaque rocks from British Tax Haven enclave, Jersey, to London, to Accra?

What is also not clear, still unknown to many Ghanaians, is the leading corporate and commercial law firms and professional enterprises participating in the sell-off of Ghana’s gold, especially after the debacle with Ghana’s Oil and Gas resources during the last decade, since 2009, thereabouts.

Just in case, the reader may recall that almost exactly 4 years ago, we took Ghana-based Attorney Ace Anan Ankomah of the Bentsi-Enchill, Letsa & Ankomah law firm to task on his declarative statement about “tax havens”, “Merely Using A Tax Haven Isn't A Crime-Ace Ankomah”, (Prof Lungu, 2016).

In our 2-part essay, we said in part:

“…(W)e will admit that from our lowly vantage position, unlike Ace Ankomah, we've not seen citizens anywhere…in "...the whole world...jumping up and down like... (they)... have ants in...(their)...pants because some people choose to keep monies and incorporate companies in tax havens...".

Clearly, with respect to this new NPP’s Agyapa Royalties scheme, the accountability gate seems to have been seriously been breached by the Akyem faction of the NPP, by certain persons in the Akufo Addo government.

Here, in 2020, more than 60 years after independence from Britain, the Akufo Addo’s government under the NPP is actually proposing to hide Ghana’s natural resources in a British tax haven. Those people want to hind those national funds in accounts owned and managed by Ghana’s colonial lords, without accountability by current and future Presidents and Parliaments of Ghana, the People of Ghana, and international supporters and observers, including Transparency International (TI).

Last week. Transparency International (TI) notified the Boris Johnson government in London to decline approval for the so-called “Agyapa Royalties” scheme for Ghana’s gold.

We agree.

From the point of view of a nation that is not the operator of a “Tax Haven”, the primary purpose of a tax haven powered by gains from that nation, legal or illegal, is to hide financial resources from that national authority. More important, tax havens like Cayman Islands, the British Virgin Islands (BVI), Jersey, Panama (as in the case of the Mossack Fonseca law firm, etc.), are established to avoid taxes on capital gains and profits. They are established to hide pilfered assets and to rob nations of funds that could be used to support public services, national welfare, and national development.

Clearly, Ghana’s Founder and First Prime Minster, Osagyefo Dr. Kwame Nkrumah, would never have dreamed of implementing such an obnoxious, rotten deal for Ghana, on the African continent. Surely, not for merely $500 million and in exchange for depriving Ghanaians, living and unborn, in perpetuity, of all the gold resources, from Accra to Bolgatanga, from Oboasi to Tarkwa, from Iduaprim to Asanko, and attempt to pass it all off to the People of Ghana as an “Agyapa” deal, forever.

This ought to be clear to all Ghanaians and Ghana supporters.

This is a case of a highly risky Agya-Bo-Ne scheme without any redeeming value to Ghanaians whatsoever. It does not make sense, except for highly-placed profiteers, robbers, and bandits operating in tax havens and foreign capitals. This appears to be a case that is nothing more than an “Agya-Bo-Ne Royalties” scheme for Ghana’s gold, under Akufo Addo’s government.

It is a development deprivation scheme, not unlike like the so-called Ghana Hybrid System that continues to deprive Ghanaians of millions of dollars in oil revenues every year since 2009, and counting.

Stop it.

Stop it.

Stop it.

So it goes, Ghana!

Prof Lungu, POWERED BY: WWW.GHANAHERO.COM