As part of its efforts to ensure transparency, the Mines and Energy Committee of Parliament has directed the Chief Executive Officer of the Minerals Income Investment Fund (MIIF) to furnish detailed information and corroborating evidence concerning Ghana government’s expenditure of $12 million on the Agyapa Royalties deal, which was subsequently suspended.
During a recent session with Parliament’s Public Accounts Committee, MIIF CEO, Edward Nana Yaw Koranteng, disclosed that the Ghanaian government had allocated $12 million for the initial offering of Agyapa Royalties on the London Stock Exchange.
In a letter dated February 20, 2024, and signed by Senior Assistant Clerk Benjamin Tachie Antiedu, the Committee, chaired by Member of Parliament for Abuakwa South, Samuel Atta Akyea, expressed awareness of public discussions surrounding the alleged expenditure and requested clarification on the matter.
The letter, addressed to the MIIF CEO, stated, “The Committee seeks your cooperation in providing details and evidence regarding the purported $12 million expenditure on Agyapa Royalties. Please ensure the information reaches the Committee’s Secretariat by Tuesday, 27th February 2024.”
Furthermore, the letter clarified that the purpose of the request was to facilitate the Committee’s decision-making process concerning the allegation.
The Agyapa deal, intended to generate revenue for critical infrastructure projects through mineral royalties, was halted in 2021 by President Nana Akufo-Addo due to concerns raised by civil society groups and the opposition National Democratic Congress (NDC).
Mr. Koranteng elaborated that the $12 million expenditure encompassed funding for the Agyapa Special Purpose Vehicle, consultancy fees, office rental expenses, and activities related to the initial public offering aimed at listing the entity on the London Stock Exchange.
