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Agyapa deal: Focus on the valuation not corruption angle – Franklin Cudjoe to Special Prosecutor

President of IMANI Ghana, Franklin Cudjoe has suggested that the Special Prosecutor, Martin Amidu be more focused on the assessment of the controversial Agyapa royalties deal, instead of looking solely at the corruption aspect.

According to him, Civil Society Organisations (CSOs) have, on several occasions, proven the real value of the royalties, pegging it between $2.5 billion to $3.5 billion.

Taking to his Facebook page to make his submission on the topic, Franklin Cudjoe said “I sincerely hope the Special Prosecutor is focused on the valuation of AGYAPA royalties. That is the most important issue, not the ‘corruption’ angle he seems to be interested in because frankly, he could simply pass the deal should documents he claims he hasn’t had, be handed to him. He must speak to the technical matter of valuation. CSOs have demonstrated enormous technical competence to show that the real value of the royalties for the assets under consideration is between $2.5bn to $3.5bn not the proposed and contracted $1bn by the finance ministry. I am watching the SP paaaa… He can reach out”.

His comments come after the Finance Ministry announced on Monday, October 5, 2020, the suspension of the launch of the Initial Public Offering (IPO) of the Agyapa Royalties deal.

In a letter signed by the Deputy Finance Minister, Charles Adu-Boahen and addressed to the Office of the Special Prosecutor, it noted that the decision was resultant of a pending completion of a corruption risk assessment by the Office of the Special Prosecutor.

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Internal Audit Agency Swoops on MDAs

According to Mrs Juliet Aboagye-Wiafe, President of the Institute of Internal Auditors (IIA) Ghana, the work of internal auditors facilitate good corporate governance and compliance. These in turn ‘provide strong inputs for organisational or business sustainability and prevent corporate scandals, fraud and failures.’

Mrs Aboagye-Wiafe reportedly said this at the IIA’s 2019 Annual National Internal Audit and Governance Conference.

In June 2019, Auditor-General Mr. Daniel Yao Domelevo also stated that it is better to prevent corruption. Therefore, making internal auditors independent is one of the control mechanisms that government can put in place to prevent corruption. He even suggested to the Presidency to consider the inclusion of the Director General of the Internal Audit Agency (IAA) in Government’s Economic Management Team to help control expenditure within certain strategic sectors.  He took the view that internal auditors would provide timely information on lapses within the Public Financial Management system to enable the E. M. T. take judicious measures to address identified inefficiencies.

In spite of these authorities speaking favourably on internal auditors, Corruption Watch has come across cases from its investigations in which some internal auditors have allegedly been professionally abused and harassed for refusing to be compromised.

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