Government Spent $12 Million Expenditure on Scrapped Agyapa Royalties Deal - MIIF CEO

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Mr. Edward Nana Yaw Koranteng, the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), disclosed before the Public Accounts Committee (PAC) of Parliament that the Ghanaian government incurred expenses amounting to $12 million on the abandoned Agyapa royalties deal.

READ ALSO: GRA/SML Deal: Minerals Commission Denies Involvement in Awarding Contract to SML

The Agyapa royalties arrangement, envisioned to mobilize resources for vital infrastructure projects through mineral royalties, was terminated by President Nana Akufo-Addo in 2021 amidst objections from civil society organizations and the opposition party, the National Democratic Congress (NDC).

Prior to its discontinuation, $12 million had been allocated for the initial public offering on the London Stock Exchange as part of the Agyapa venture.


During the PAC session on Tuesday, February 13, 2024, Mr. Koranteng elucidated that the Ministry of Finance engaged international consultants who endorsed the deal. He highlighted that the Ministry relied on the insights of well-established consultancy firms and financial institutions with prior experience in such affairs.


He remarked, “The Ministry of Finance procured the services of international consultancy companies and financial institutions that have expertise in this area. The guidance received was the foundation upon which the Ministry of Finance proceeded."

“According to the available records, the Ministry of Finance, guided by the recommendations, explored the establishment of a gold royalties company to leverage royalty streaming for Ghana’s benefit,” he continued.

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