The Mines and Energy Committee in Parliament has issued a seven-day ultimatum to the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, to provide the Committee with further details regarding the $12 million spent on the botched Agyapa royalties deal.
The Committee, in a statement signed by Senior Assistant Clerk/Schedule Officer, Benjamin Tachie Antiedu on Tuesday, February 20, 2024, disclosed that “The purpose of the request is to guide the select committee on the appropriate steps to take in respect of the allegation.”
Benjamin Tachie Antiedu stated that the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, is expected to provide the committee with the documents by February 27, 2024.
The Chief Executive Officer (CEO) of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng, disclosed that, the government spent $12 million on Agyapa royalties deal before its suspension during a Public Accounts Committee (PAC) Sitting on Tuesday, February 13, 2024.
According to him, the money was spent on the processes to issue the initial public offering on the London Stock Exchange before the suspension, thus, the Ministry of Finance had subscribed to the deal based on advice from international consultants.
“My understanding, honourable 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 the Ministry of Finance stood on”, Mr. Koranteng said.
“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,” he added.
Find the full statement below
