Mahama said he will abrogate the agreement and has therefore urged the government to desist from signing the deal.
Addressing the chiefs and people of Kaleo, as part of his tour of the Upper West Region, Mahama said the attempt by government spokespersons to justify the Agyapa deal in the name of a 2011 proposed Ghana Gold Company is both inaccurate and disingenuous.
He said the proposed company was 100% was intended to be owned by the government and the people of Ghana, adding that it had no planned secret beneficial owners.
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He pointed out that the Agyapa deal is shrouded in secrecy, its beneficial owners are unknown, and it seeks to "monetise Ghana’s gold royalties for the next 15 years and even in perpetuity without the consent of the people of Ghana."
He added: "civil society and right-thinking Ghanaians have all expressed misgivings about this Agyapa deal."
The NDC flagbearer said the government should back down from signing the deal because "we will do everything legitimately in our power to oppose the agreement and make sure it doesn’t happen."
Mahama said a small group of people cannot arrogate to themselves the right to monetise the country’s gold royalties without building consensus with the chiefs and people, adding the Agyapa agreement does not serve Ghana’s national interest.