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It has been revealed that the government incurred a cost of $12 million on the Agyapa royalties deal, which was later suspended. The CEO of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng, shared this information during a session with the Public Accounts Committee (PAC).
President Nana Addo Dankwa Akufo-Addo took the decision to suspend the Agyapa deal in response to public outcry in 2021. The government had initially proposed the deal as a means to generate funds for crucial infrastructure projects through mineral royalties. However, opposition from the National Democratic Congress (NDC) and certain civil society organizations led to its suspension.
The CEO explained that the $12 million expenditure was related to the processes involved in issuing the initial public offering on the London Stock Exchange before the suspension took place. When questioned about due diligence, Mr. Koranteng clarified that the Ministry of Finance had enlisted the services of international consultancy firms and financial institutions with prior experience in such matters. He stated that the advice provided by these entities formed the basis for the Ministry of Finance’s decisions.
Mr. Koranteng added, “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.”
Source:Omanghana.com
