Parliament Summons MIIF CEO Over $12 Million Expenditure in Agyapa Royalties Deal

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In response to the government of Ghana's reported expenditure of $12 million on the terminated Agyapa Royalties deal, the Mines and Energy Committee of Parliament has taken action and formally contacted the Chief Executive Officer of the Minerals Income Investment Fund (MIIF) to provide comprehensive information and evidence. 


The Committee, led by Samuel Atta Kyea of Abuakwa South, acknowledged the public conversation surrounding the matter in a letter dated February 20, 2024, and asked for answers to direct the Committee's next actions.

The Committee requested that MIIF provide them with information and proof regarding the purported $12 million spent on the Agyapa Royalties agreement in a letter signed by Senior Assistant Clerk Benjamin Tachie Antiedu. 


The Committee set a deadline for the submission of this information by Tuesday, February 27, 2024, emphasizing the importance of acquiring clarity to inform the Committee's decisions moving forward.

The demand for information follows the disclosure by MIIF's CEO, Edward Nana Yaw Koranteng, during a Public Accounts Committee session that the Ghanaian government had disbursed $12 million for the suspended Agyapa royalties initiative. 


The expenditure was reportedly allocated to the initial offering of Agyapa Royalties on the London Stock Exchange as part of the fund-raising strategy for critical infrastructure projects, a deal that met opposition and was ultimately halted in 2021.

Koranteng clarified that the $12 million was dedicated to financing the Agyapa Special Purpose Vehicle, covering consultancy fees, office rental expenses, and facilitation of the initial public offering processes for listing the entity on the London Stock Exchange. The details provided shed light on the utilization of the funds within the context of the Agyapa Royalties framework, outlining the various components involved in the expenditure.

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