Why Government of Ghana’s decision to invest in a tax haven raises questions-Togbe Afede on Agyapa deal
Investment banker and President of the National House of Chiefs, Togbe Afede XIV has questioned the decision by Government of Ghana to incorporate a fund management company in a tax haven.
In a reaction to earlier publications suggesting he condemned former President Mahama for endorsing and sharing an alleged ethnocentric Facebook post by Bolgatanga Central MP, Isaac Adongo, Togbe Afede called on the public to disregard attempts by some sections of the public to use him to legitimize the Agyapa deal.
According to him, “Tax havens typically serve two purposes, helping you to avoid tax or ensure secrecy. “I don’t see why a national transaction should be shrouded in secrecy in the first place.” “And if we are trying to avoid tax or minimize tax, whom are we denying tax payments to. “If it is incorporated in Ghana, tax will accrue to Ghana, which will be paid by this company, that is owned, supposedly, majority by Ghana, so I do not see why we should do an investment but more important for me is the attempt to use my name and the National House of Chiefs to grant legitimacy to this transaction,” Togbe Afede said.
Togbe Afede who is also an Investment banker and Founder, Strategic African Securities, said the publication which went viral on Tuesday was extremely mischievous, untrue and must be disregarded.
The controversial Government of Ghana/Agyapa deal which was passed in parliament in August amid objections by the minority and some sections of the public aims to manage the equity interests of the country in mining companies, and receive mineral royalties and other related income due the country from mining operations to provide for the management and investment of the assets of the fund and for related matters
“I, in particular, I’m very much hurt by the attempt to use my name to grant legitimacy to a transaction that has been very widely condemned for its secrecy and for the fact that the company involved, Agyapa was incorporated in a tax haven.”
“I do not see why desperation will lead anybody who is associated with that transaction to want to use the name of innocent Togbe Afede XIV. I have never commented on this transaction and I decided not to comment for good reason, that show disapproval of this transaction.
Togbe afede who is the brain behind Strategic African Securities is also co-founder of Data bank and has served on the board of various companies including World Trade Centre,Pioneer Kitchenware Ltd,Aluworks Ghana Ltd and is Director of Zoetic’s energy operations in Ghana.