Africa Capital Markets Commodities FA Ghana Gold Investing IPO Stock

Ghana to push ahead with US$500M London Royalty IPO

Africa’s biggest gold-producing nation seeks to raise US$500M from Agyapa listing. Ghana wants to complete the stock market flotation of its gold royalty company after elections in December, according to finance minister Ken Ofori-Atta who said the west African country could not continue to “borrow, borrow, borrow”.

Africa’s biggest gold producer is seeking to raise US$500M from the sale of up to 49 per cent of Agyapa Royalties on the London and Ghana stock exchanges. The money raised will be invested by the government of President Nana Akufo-Addo in education, health, housing and infrastructure.

Also read: Ghana plans US$500M UK listing of gold royalty fund: sources

But the listing is on hold until Ghana’s special prosecutor has completed a review to check if any elements of the deal, which will create the first Africa-focused minerals royalty company, were corrupt.

“The expectation was to have done this [flotation] before the year and we will stick with that,” Ofori-Atta said in a joint interview with Kofi Osafo-Maafo, the chief executive of Agyapa.

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