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06.05.2021 Feature Article

The Adjapa Royalties SPAC not in Ghana's long term interest - Whatever Its promoters say

The Adjapa Royalties SPAC not in Ghana's long term interest -  Whatever Its promoters say
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As is usually the case in Ghana, after making a lot of noise protesting against a very bad idea, we have allowed ourselves to give in, to the selfsame clever-self-seekers robbing us in broad daylight, and accept a deal that is definitely not in the longterm interest of Mother Ghana, whatever its clever promoters tell us.

It is careless in the extreme, to agree to indemnify any individuals in a corruption-riddled society, who have a fiduciary duty to account for, and protect public funds, from prosecution for fraud, and causing financial loss to the state - which is precisely what the promoters of that confounded Jersey-domiciled offshore special purpose acquisition company (SPAC) seek from Parliament.

Are we demented to agree to such arrogant and unreasonable demands? Rather than Parliament accepting such nonsense, let it rather pass a new law allowing the annual US $200 million gold royalties to be ring-fenced, and used to fund potentially profitable business ideas of young people in Ghana - by providing them with interest-free long-term loans: because the creation of wealth and jobs by the ventures of brilliant young entrepreneurs, is most definitely in the longterm interest of Mother Ghana. Whatever its promoters say, the Adjapa Royalties SPAC is not in the long-term interest of Mother Ghana. Period.

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