Reported by: Pearl Amoako – 21/02/2024

The Mines and Energy Committee of Parliament has formally reached out to the Chief Executive Officer of the Minerals Income Investment Fund (MIIF) to provide detailed information and substantiating evidence concerning the government of Ghana’s utilization of $12 million in the failed Agyapa Royalties deal.

In a dated letter from February 20, 2024, committee chairperson, Member of Parliament for Abuakwa South, Samuel Atta Kyea, acknowledged the public discussions and media coverage surrounding the alleged expenditure and sought clarity on the appropriate course of action.

The committee’s communication, signed by Senior Assistant Clerk Benjamin Tachie Antiedu, conveyed the directive to the MIIF CEO, stating, “I am directed by the Chairman of the Committee to request you to furnish the Committee on Mines and Energy with information on the alleged expenditure of US$12 Million expended by MIIF on Agyapa Royalties with supporting evidence, if any.” The deadline for submission of this information to the committee’s Secretariat is set for Tuesday, February 27, 2024.

This demand follows a disclosure made by MIIF CEO, Edward Nana Yaw Koranteng, before Parliament’s Public Accounts Committee, revealing that the government had disbursed $12 million for the suspended Agyapa royalties deal. Koranteng clarified that this amount was allocated for the initial offering of Agyapa Royalties on the London Stock Exchange.

In response to the expenditure allegation, Koranteng explained that the funds were utilized for the Agyapa Special Purpose Vehicle, consultancy fees, office rental expenses, and activities related to the initial public offering for the entity’s listing on the London Stock Exchange.

Source: graphic online