17 COLOMBIA In Colombia, the EITI has served as a platform for dialogue on the impact of the COVID-19 crisis on the country’s public finances. In October 2020, EITI-Colombia published a study on how extractive revenues could contribute to economic recovery. Basing its analysis on future revenue expectations, the study offered recommendations on addressing economic dependence on coal, improving policies to maintain the sector’s competitiveness and using extractive royalty transfers to promote economic recovery at the regional and local level. eiticolombia.gov.co ghana In August 2020, Ghana’s parliament approved a bill allowing the government to invest mineral royalties in a special purpose vehicle called Agyapa Royalty Limited, and to issue 49% of the company’s shares to public investors. The deal was established to secure short term capital (USD 500 million) to finance development priorities. Civil society stakeholders expressed concerns about the deal, including the basis for valuing Agyapa at USD 1 billion. To inform public debate on whether the transaction presents a fair value for the country, the EITI International Secretariat supported Ghana EITI with a financial modelling study in collaboration with Open Oil. The analysis concluded that the Agyapa shares – assessed at a value of between USD 500 million and IMPROVING FISCAL TRANSPARENCY Assessment of EITI Requirements 4.1 - 4.9 on revenue collection FIRST VALIDATION (50 COUNTRIES) SECOND/THIRD VALIDATION (27 countries) BEYOND SATISFACTORY PROGRESS MEANINGFUL PROGRESS INADEQUATE PROGRESS NO PROGRESS USD 750 million – appeared to be undervalued. It also recommended that the government publish its own modelling. The government subsequently suspended finalising the deal to conduct further consultation with stakeholders. Separately, Ghana’s Multi-Stakeholder Group and GIZ commissioned a report to examine how EITI implementation has contributed to strengthening domestic revenue mobilisation. The study found that the implementation of fiscal reforms, which were recommended in GHEITI Reports, led to an additional USD 714 million in government revenue between 2004 and 2018. These revenues were accrued mainly from a review of mineral royalties and corporate income taxes. AGYAPA VALUATIONS AGAINST GOLD SPOT PRICE 0 200 400 600 800 1000 1200 1400 1600 USD MILLIONS FOR 49% OF AGYAPA SHARES 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 SOURCE: OPEN OIL Value range in Agyapa deal 2% 2% 56% 28% 12% 35% 52% 13%