ECOWAS Court Dismisses Suit Against Agyapa Royalties Deal1 min read
The government clarified that the Mineral Income Investment Fund (MIIF) Act of 2018 (Act 978), as amended by the MIIF Act of 2020 (Act 1024), empowered the MIIF to manage equity interests and receive royalties on behalf of Ghana.
The Respondent further stressed that the MIIF is authorized to establish SPVs in any jurisdiction and list them on reputable stock exchanges.
Addressing the Respondent’s contentions, the Court concluded that the evidence presented demonstrated processes flowing from democratic institutions, including parliamentary approval, and no actual evidence of misappropriation that would deprive the citizens of benefit.
“The onus of proof is on the party who asserts a fact and who will fail if that fact fails to attain the standard of proof that would persuade the Court to believe the statement of claim,” the Court emphasized, referring to the requirement for substantial evidence.
Furthermore, the Court dismissed allegations related to politically exposed persons within the transaction, citing the need for substantiated claims.
The Court aligned with its earlier ruling that unproven allegations cannot be taken at face value and must be supported by evidence.
The ruling underscored the significance of safeguarding human rights within the democratic framework, upholding the established checks and balances. As a result, the Court dismissed all claims brought forward by the Applicants.
Below is a copy of the ruling:
