In a letter dated 20th February 2024, addressed to the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), the Committee on Mines and Energy has formally requested information regarding the alleged expenditure of US$12 million on the Agyapa Royalties deal. The committee aims to receive supporting evidence, if any, by Tuesday, 27th February 2024.
The demand from the committee follows a disclosure made by Edward Nana Yaw Koranteng, CEO of MIIF, during an appearance before Parliament's Public Accounts Committee. According to the CEO, the Ghanaian government spent $12 million on the suspended Agyapa royalties deal, specifically on the initial offering of the Agyapa Royalties on the London Stock Exchange.
The Agyapa royalties deal, designed to generate funds for crucial infrastructure projects through mineral royalties, was suspended by President Nana Akufo-Addo in 2021. This decision came in response to concerns raised by civil society groups and the main opposition National Democratic Congress (NDC).
Mr Koranteng clarified that the $12 million expenditure was allocated to the Agyapa Special Purpose Vehicle, payment of consultancy fees, rental of office accommodation, and the processes leading to the initial public offering for the entity's listing on the London Stock Exchange.
The Committee on Mines and Energy aims to gather comprehensive information to guide its decisions on the matter and has expressed reliance on the cooperation of the MIIF CEO in providing the necessary details.