Shocking revelations have emerged regarding the suspended Agyapa royalties deal, as Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund, disclosed that the government had expended $12 million on the venture. This disclosure came during a Public Accounts Committee (PAC) Sitting, shedding light on the significant financial commitment to the now-controversial deal.
The Agyapa deal, which aimed to leverage mineral royalties to raise funds for crucial infrastructure projects, was halted by President Nana Addo Dankwa Akufo-Addo in 2021 following public outcry and opposition from the National Democratic Congress (NDC) and various civil society organizations.
Despite the suspension, Koranteng revealed that $12 million had already been spent on the processes leading up to the issuance of the initial public offering on the London Stock Exchange.
In response to queries about the due diligence conducted on the deal, Koranteng clarified that the Ministry of Finance had engaged international consultancy firms and financial institutions with expertise in such matters. He asserted that the Ministry of Finance relied on the advice provided by these entities, emphasizing that the setup of a gold royalties company was deemed beneficial for Ghana based on expert recommendations.
Koranteng's statements highlight the complexities and financial implications surrounding the Agyapa deal, raising questions about the decision-making process and allocation of resources in government-backed initiatives. The revelation of significant expenditure on a suspended project underscores the need for transparent governance and rigorous scrutiny of public investments to safeguard the interests of the nation and its citizens.