Nana Adjoa Hackman
Imara is the corporate finance consulting firm engaged by the Ministry of Finance as transaction advisor for the Agyapa agreement.
ALA was engaged by Imara Corporate Finance in May 2018 to provide legal services for the project, which sought to monetise Ghana’s gold royalties after Ministry of Finance signed a mandate agreement with Imara Corporate Finance, appointing the latter as transaction advisor for the project.
Scope of work
The scope of ALA’s work included providing input on any draft legislation, including structuring, providing assistance with coordination of meetings and presentations which may be required for the approval of the project and liaising with various Ghanaian stakeholders and providing input throughout the transactions process.
The Accra-based law firm also assisted Imara with the drafting of the documentation required for approval for the project, including presentation and memorandums to Cabinet, Parliament and other legal documentation.
In a letter of notification of completion of engagement, the Managing Partner of ALA, Nana Adjoa Hackman, thanked Imara “for the opportunity to have worked with the transaction advisor and other consultants in such a ground-breaking project for the African continent.”
The letter noted that “the work of the Minerals Income Investment Fund (MIIF) would open a new avenue for Ghana and indeed Africa in the cross-generational search to secure greater value for our rich natural resources.”
Jayne Backhouse, writing on behalf of Imara Corporate Finance, thanked ALA for “the hard work on the project over the last two and half years” and for their overall support, noting that “ALA has fulfilled its obligations to the project.”
He expressed the hope that being in the final stages of the transaction, they accept the conclusion of their engagement on the project and, as a consequence, waived the final item in the scope of work, Clause 1 (Vii), which essentially is a continuing obligation that can be dispensed with through mutual consent.
ALA’s work on the bill and the various agreements to do with setting up and operations of the Minerals Income Investment Fund was done in conjunction with other globally reputable law firms like White & Case- UK, Ogier- Jersey and Bentsi Enchil, Letsa & Ankomah- Ghana.
Background
Parliament passed the Minerals Income Investment Fund (MIIF) Act 2018 to establish the Fund to manage the equity interests of Ghana in mining companies and receive royalties on behalf of the government.
The Fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.
The government of Ghana, through the MIIF, set up Agyapa Royalties Limited to securitize Ghana’s gold royalties.
This was after Parliament had approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana.
In exchange, the company plans to raise between $500 to $750 million for the government of Ghana on the London Stock Exchange to invest in developmental projects.
Africa Legal Associates (ALA) is a corporate law firm of solicitors and barristers trained in Ghana and the United Kingdom.
Their integrated approach to servicing clients’ needs comes from the wealth of career experience of the reputable men and women who have built the firm.
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