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Agyapa Royalties grossly undervalued, worth more than $1 billion – Ato Forson

Agyapa Royalties grossly undervalued, worth more than $1 billion – Ato Forson
Agyapa Royalties grossly undervalued, worth more than $1 billion – Ato Forson

Last Updated on September 2, 2020 by MyGh.Online

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Cassiel Ato Forson

Member of Parliament for Ajumako-Enyan-Esiam, Cassiel Ato Forson, has said the controversial Agyapa Royalties deal has been grossly undervalued by the government.

According to him, government’s valuation of Agyapa Royalties being worth $1 billion is erroneous.

Making the assertion in an interview on Adom FM’s Dwaso Nsem on Wednesday, the Minority Spokesperson on Finance noted that an analysis by the National Democratic Congress revealed Agyapa Royalties is worth $3.7 billion.

“A little analysis we’ve done shows that Agyapa Royalties is worth $3.7 billion and not $1 billion and so we are shocked as to why it would be valued at $1 billion by the government and sell 49 per cent of the company’s shares for $500 million when it is actually supposed to be $1.8 billion,” he said.

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“And that is why we (Minority) are saying the Agyapa Royalties deal is grossly undervalued,” he added.

“And even putting that aside, we have asked the government to by way of showing evidence prove how it arrived at the $1 billion being the worth of the deal, but government has failed to do so,” he commented further.

Mr Forson was of the view that the government, by valuing Agyapa Royalties at $1 billion, has made shares of Agyapa Royalties to be purchased by foreign investors on the London Stock Exchange cheap, with Ghanaians short-changed in the entire process.

Source: www.adomonline.com

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