In a recent Public Accounts Committee (PAC) meeting, Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), shared that the government had utilized $12 million on the halted Agyapa royalties deal.
The Agyapa deal, intended to generate funds for infrastructure projects through mineral royalties, faced suspension by President Nana Addo Dankwa Akufo-Addo in 2021 due to public outcry.
This decision followed opposition from the National Democratic Congress (NDC) and various civil society organizations.
Mr Koranteng informed the 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 inquiries about due diligence, Koranteng clarified that the Ministry of Finance had enlisted the services of international consultancy firms and experienced financial institutions for expert guidance.
He emphasized that the Ministry of Finance had acted upon the provided advice, considering it to be sound.
He further explained that the intended outcome, based on the advice received, was the establishment of a gold royalties company with the streaming of royalties benefiting Ghana.
Mr Koranteng stated, “My understanding, honorable 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.”