Parliament demands expenditure details on Agyapa deal

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The Mines and Energy Committee of Parliament has requested that the Minerals Income Investment Fund (MIIF) furnish the committee with details regarding the expenditures on the suspended Agyapa Gold Royalties deal.

The committee, chaired by Member of Parliament for Abuakwa South, Samuel Atta Kyea, is demanding evidential documents supporting the government’s USD$12 million expended on the deal.

In a letter dated February 20, 2024, the committee stated that “it had taken notice of publications and public discourse on the matter and sought guidance on appropriate steps regarding the alleged expenditure.”

“In reference to the above, 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 Committee expects the information to be delivered to its Secretariat latest by Tuesday, 27th February 2024.

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“The purpose of this request is to guide the Select Committee on the appropriate steps to take in respect of the allegation,” the letter signed by Senior Assistant, Clerk Benjamin Tachie Antiedu said.

Background

During the Public Accounts Committee’s consideration of the report of the Auditor-General on the accounts of the Minerals Income Investment Fund (MIIF) for the period ended 31 December 2022, the Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng disclosed that USD$12 million was spent on the botched “Agyapa” Gold Royalties deal.

When the matter was probed further, the CEO of MIIF stated that this colossal amount was spent on the setting up of the stinky “Agyapa” Royalties special purpose vehicle, the payment of consultancy fees, the rental of office space and the processes leading to the Initial Public Offering towards the listing of ‘Agyapa’ Royalties on the London Stock Exchange.

According to the reports, the amount was spent on the initial offering of the Agyapa Royalties on the London Stock Exchange.

The deal, which aimed to generate funds for crucial infrastructure projects through mineral royalties, was halted by President Nana Akufo-Addo in 2021 following concerns raised by civil society groups and the main opposition, the National Democratic Congress (NDC).