Government expended $12 Million on suspended Agyapa Royalties deal

Ghanaian

Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund, has revealed that the government spent $12 million on the suspended Agyapa royalties deal.

He disclosed this during a Public Accounts Committee (PAC) sitting.

The CEO of the Minerals Income Investment Fund indicated that amount was spent on processes related to the initial public offering on the London

Read full articleStock Exchange before the suspension.

When questioned about due diligence, Mr. Koranteng explained, "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 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."

President Nana Addo Dankwa Akufo-Addo ordered the suspension of the Agyapa deal following public outcry in 2021. The deal, intended to raise funds through mineral royalties for infrastructure projects, was suspended after opposition from the National Democratic Congress (NDC) and civil society organisations.