It has emerged that Gabby Otchere-Darko’s law firm Africa legal Associates received US$2 million from the Agyapa deal.
Gabby Asare Otchere-Darko’s law firm, Africa Legal Associates, played a significant role in the deal, contributing to the selection of the name Asaase Royalties, later changed to Agyapa Royalties.
The Akufo-Addo government engaged the services of Britain-based White & Case LLP International Law Firm, including Bentsi-Enchill, Letsa & Ankomah, and Africa Legal Associates owned by Gabby Asare Otchere-Darko.
Sometime in February 2021, Ken Ofori-Atta’s investment and brokerage firm, Databank, withdrew as a financial advisor in the Agyapa royalties deal but Databank’s partners, Imara Holding Limited of South Africa remained as transaction advisors.
In the past, Ken Ofori-Atta, while serving as Finance Minister, had mentioned his company Databank and Gabby’s Africa Legal Associates as involved, while struggling to douse the conflict of interest tag in the transaction. The two could be hiding behind Imara Holdings of South Africa and the UK-based law firm, White & Case, respectively.
They run partnerships. Indeed, on the website of Imara Holdings, Databank is identified as its partners in Ghana. Africa Legal Associates has also had public dealings with the White & Cash law firm, and Gaby confirmed this.
Overview of the Agyapa Deal
The Agyapa deal is a gold royalty company that was proposed by the Ghanaian government in August 2020 . The deal aimed to sell the majority of Ghana’s future gold royalties to an offshore company, Agyapa Royalties Ltd., registered in Jersey, UK.
Key Points of the Agyapa Deal
-Sale of Gold Royalties: The deal proposed selling 49% of Ghana’s future gold royalties to Agyapa Royalties Ltd., while the government would retain a 51% stake .
– Offshore Company: Agyapa Royalties Ltd. is registered in Jersey, UK, a notorious tax haven
– Corruption Concerns: The deal has been criticized for its lack of transparency and potential for corruption
– Government’s Stance: The government has defended the deal, claiming it is an innovative financing solution to help ease the country’s debt crisis
