So what are the opportunity costs of abandoning royalties for other future governments? Is it just a matter of raising money or is there a broader agenda for development through the creation of a Quasi-Sovereign Wealth Fund (SWF) on Agyapa Royalties? Traditionally, the government would have borrowed to finance this kind of investment by using royalties as collateral to pay for these investments – one example is the current Bauxite swap model we have with China. In September 2018, at the end of a week-long emergency meeting, the Ghanaian Parliament approved the Mineral Income Investment Fund (MIIF) bill. The bill allowed the government to create the fund to obtain royalties from mineral resources and invest them. It has also enabled the creation of a utility agency (SPV) in all legal systems to make such investments. An agreement with a more limited scope would be less risky for Ghana. The authorization included the Minerals Royalties Agreement, the amended and reinstated Minerals Royalties Investment Agreement, and the relationship agreement between the government, miif, Agyapa Royalties Limited and ARG Royalties Ghana Limited with respect to the gold rights monetization transaction under Act 978. The minority says the deal will prevent a future government from replacing manager of Asaase Royalties Limited, although the Mineral Income Investment Fund will remain the majority shareholder. In general, the relationship agreement aims to make agyapa an independent business entity, free to pursue its own profitability without taking into account Ghana`s budgetary needs. It is questionable whether Agyapa will be able to diversify its portfolio by acquiring new assets (the stated state target for the company), while, at the same time, the proceeds from the IPO will be distributed to the fund and significant dividends will be distributed each year (at least initially), while the fund holds 51% of the long-term ownership. That is why the government is trying to monetize relatively safer royalties to raise $500 million in cash by offloading 49% of the shares (equity) in Agyapa Royalties Limited (“ListCo”), both in Ghana and the United Kingdom. Publicly traded shares would be traded on the stock exchange, which would increase or decrease by market shares on the underlying asset, gold.