Parliament Gives MIIF CEO 7 Days to Explain $12 Million Agyapa Royalties Deal Expenditure

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Edward Nana Yaw Koranteng, the CEO of the Minerals Income Investment Fund (MIIF), has been given a seven-day ultimatum by the Mines and Energy Committee in Parliament, which is demanding further information regarding the $12 million that was purportedly spent on the failed Agyapa Royalties deal. By February 27, 2024, Mr. Koranteng has to give the committee the information they have asked.


Mr. Koranteng disclosed the $12 million expense to the Public Accounts Committee (PAC) of Parliament, attributing the decision to counsel from foreign consultants employed by the Ministry of Finance.

Public outcry over the revelation has prompted the National Democratic Congress (NDC), which, should they win the next elections, has promised to look into and bring charges against public servants and anyone connected to the contentious deal. 



Sammy Gyamfi, the NDC's National Communications Officer, denounced the spending as wasteful during a recent media event in Accra.

In response to the public outcry, the Mines and Energy Committee has instructed Koranteng to submit all relevant documents regarding the expenditure within seven days. The committee emphasized the importance of transparency and accountability in such matters.


The Agyapa Royalties deal was established under the Minerals Income Investment Fund Act, 2018, with the goal of leveraging Ghana's mineral resources for the country's benefit. The deal involves listing Agyapa Royalties Investment Ltd on the London Stock Exchange and its subsidiary on the Ghana Stock Exchange, aiming to generate significant revenue for mining ventures in Ghana and beyond.

President Akufo-Addo's directive for a fresh approval process for the Agyapa deal underscores the need for thorough scrutiny and oversight in such significant financial transactions.

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