Source: citifmonline.com - The man who is currently renegotiating Ghana’s mining contracts, Professor Akilagkpa Sawyerr has stated that most of Ghana’s agreements with foreigners have left the country disadvantaged.
The former Vice-Chancellor of the University of Ghana believes these deals were deliberately drafted by the nation’s representatives to suit the foreign party.
Delivering a lecture on negotiations to mark the 25th anniversary of the law firm Bentsi-Enchill, Letsa and Ankomah, the former member of the Council of State said, most of these agreements left Ghana shortchanged.
“Anybody who has had a look at our agreements from energy to oil and gas to loans to bonds to whatever; cannot avoid being scandalised by some of these. Clearly they are the results of inadequate professional preparation.”
One of the popular arguments for some of those deals is that, they managed to lure a lot of international companies with huge investments that the country did not have, to develop the country’s buried natural resources.
Ghana’s attempt to renegotiate the mining contracts have even raised eyebrows internationally, with some analysts arguing that the move is likely to send panic among possible investors who are usually uncomfortable dealing with countries with such records.
The Lecturer is not the first to raise concerns over these foreign agreements.
The Minority Spokesperson of Finance, Akoto Osei did same a few days ago, placing emphasis on the International Monetary Fund (IMF).
He raised concerns over government’s decision to sign a deal with the International Monetary Fund (IMF), saying the latter’s “diplomacy” in analysing Ghana’s economy has partly contributed to the country’s economic crisis.
“The IMF language is very diplomatic. When they [IMF] use statements like ‘The Programme is broadly on course in a very hostile economic environment,’ all what they are telling you is that things are not good but they will not clearly state that.”
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