There is some level of Secrecy in Creating Special Purpose Vehicle Off-Shore- Lawyer Godwin Edudzie

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In an interview with the aid for former president John Dramani Mahama, Godwin Edudzie Tamakloe today on Okay Fm disclosed that there is some level of the hidden motive behind recently approved agreements to create SPV off-shores.

He said this when the host of the interview Kwame Nkrumah Tikesie asked about what he thinks concerning that.

Lawyer Edudzie said that our constitution shows us that minerals in their natural states even though they are located in a community ordinarily is supposed to be owned by the community, but the government has a constitutional concept called the Exercise Of Power Of Eminent Domain.

There is some level of Secrecy in Creating Special Purpose Vehicle Off-Shore- Lawyer Godwin Edudzie
There is some level of Secrecy in Creating Special Purpose Vehicle Off-Shore- Lawyer Godwin Edudzie

This power allows the government to claim ownership of the minerals.

Read also: Our Way Of Doing Infrastructure Is Different From NDC’s Philosophical Approach To Infrastructure”

He gave an instance saying that in the past every gold found in Ashanti did belong to the Ashanti King and as well as every diamond discovered in Akwatia also did belong to the king of Akwatia, but the constitutional architect right now says that though the minerals are in specific localities it still belongs to the Ghana Government.

He went further to explain that every ratification the parliament gives the government has an interest of 10% in there.

The 10%interest the government takes he gives 13% of that interest to the chiefs and kings since they are the owners of the minerals traditionally.

He also said the mineral income investment fund is under Act 987 and 100% of this fund is for government and due to this Nana Addo and his government want to make amendments to create a special purpose vehicle in fulfillment of the minerals income investment fund.

“And this Special Purpose Vehicle won’t be formed in Ghana but offshores on an island in Britain called a Tax haven. And mostly we all know that things done offshore have some level of secrecy in it” he added.

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