CEO of the Minerals Income Investment Fund, Edward Nana Yaw Korangteng
During a recent Public Accounts Committee (PAC) sitting, Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), disclosed that the government had expended $12 million on the suspended Agyapa royalties deal.
The deal, which aimed to raise funds through mineral royalties for infrastructure projects, was suspended by President Nana Addo Dankwa Akufo-Addo in response to public outcry in 2021.
The suspension came after opposition from the National Democratic Congress (NDC) and various civil society organizations.
Koranteng told PAC on Tuesday, February 13, 2023, that the $12 million was spent on processes related to issuing the initial public offering on the London Stock Exchange before the deal was suspended.
In response to questions about due diligence, Koranteng stated that the Ministry of Finance had procured the services of international consultancy firms and financial institutions experienced in such matters.
He affirmed that the Ministry of Finance had acted on the advice provided, believing it to be sound.
He also explained that setting up a gold royalties company, with the streaming of royalties benefiting Ghana, was the intended outcome based on the advice received.
“My understanding, honourable chair, is that the Ministry of Finance procured the services of international consultancy and companies and financial institutions that have done this in the past and that the advice provided was what the Ministry of Finance stood on.
“We started with the Ministry of Finance, and from the documents that we have, it is clear that the correct advice was provided on the set-up of a gold royalties company where the streaming of the royalties would benefit Ghana,” he stated.
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