Former Finance Minister, Seth Emmanuel Terkper, has warned the government of the elevated risks the registration and establishment of its Special Purpose Vehicle Agyapa Royalties Limited in a tax haven present to Ghana.
Mr Terkper was of the view that the setting up of Agyapa Royalties through the Mineral Investment Income Fund in a tax haven emboldens the stigma already attached to the country as a money-laundering country by the European Union (EU).
The EU in May 2020, placed Ghana under its Anti-Money Laundering list. But due to the COVID-19 pandemic situation, the EU deferred the implementation date to October 1, 2020.
“And instead of giving an update of measures to remove this stigma on Ghana, the New Patriotic Party rather chose to elevate the risk by setting up a Sovereign Wealth Fund – MIIF – in a Tax Haven,” read the statement by the former finance minister.
Government he says, has also refused to furnish the House with projected cash flows and returns on investment contrary to Article 181(5) of the Constitution.