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Response to Office of Special Prosecutor’s (OSP) Report to the President

Response to Office of Special Prosecutor’s (OSP) Report to the President

I refer to the Report dated 16TH October 2020, from the OSP to H.E. The President, on the Analysis of Corruption and Anti-Corruption Assessment with regard to the Gold Royalties Monetisation transaction (the Transaction) on which I was copied.

I wish to respond to the Report as follows:

A. Cabinet and Parliamentary Approvals for the Transaction

  1. Prior to initiating the Transaction, MoF ensured to undertake all the necessary pre-requisite action required by law, from the procurement of transaction advisors, to the submission of transaction documents to the AG and Parliament for their review, input and approval.
  2. This Ministy believes that it has been transparent from the onset. Once Government had independently assessed the potential value of the Transaction to Ghana, and Cabinet had approved the policy to monetize future gold royalties to support current developmental projects, MoF included in the 2018 Budget and Economic Policy Statement, Government’s intention to leverage the future wealth of Ghana’s gold resources to support current developmental needs.

B. Engagement of Transaction Advisor(s)

  1. As outlined below, MoF initiated the process of procuring and engaging a transaction advisor to guide the implementation of the policy in accordance with the Public Procurement Act, 2003 (Act 663), as amended by the Public Procurement Act, 2016 (Act 914).
  2. With the approval of Public Procurement Authority (PPA), dated 16 November 2017, MoF initiated the engagement of a transaction advisor for the Transaction using the restricted tendering procurement process.

MoF shortlisted eight (8) reputable international financial firms, with the requisite expertise in advisory, capital markets and investment banking transactions, especially in the mining and natural resources sectors, and in Africa. The firms were:

  1. JP Morgan
  2. Goldman Sachs
  3. IMARA Corporate Finance Limited (Pty) (Imara)
  4. Citi Bank
  5. Morgan Stanley
  6. Barclays Bank
  7. Standard Chartered Bank, and
  8. Rothschild & Co.
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