Parliament’s Mines and Energy Committee has asked the Minerals Income Investment Fund (MIIF) to provide the committee with details on its expenditures related to the suspended Agyapa gold royalty deal.
The committee, chaired by Abuakwa South Member of Parliament Samuel Atta Kiia, is seeking documentary evidence to support the US$12 million government spent on the deal.
In a letter dated February 20, 2024, the committee said it had “noted publications and public discussions on this issue and sought guidance on appropriate actions regarding the alleged expenditures.”
“In connection with the above, I request from the Chairman to provide the Mines and Energy Committee with information regarding the disbursements of USD 12 million allegedly disbursed by MIIF to Agyapa Royalties, together with supporting evidence, if any. The Committee expects the information to reach the Secretariat by Tuesday, February 27, 2024 at the latest.
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“The purpose of this request is to guide the Special Committee to take appropriate action regarding the allegations,” said the letter, signed by Senior Assistant Secretary Benjamin Tachy Antyedu.
background
During the Public Accounts Committee’s consideration of the Auditor-General’s report on the accounts of the Minerals Income Investment Fund (MIIF) for the period ending 31 December 2022, the Chief Executive Officer of MIIF, Edward Nana. Jo Koranten revealed that there was US$12 million. It was spent on the failed ‘Agyapa’ gold royalty deal.
When the matter was further investigated, the CEO of MIIF revealed that this huge amount was spent on setting up the stinking ‘Agyapa’ loyalty special purpose vehicle, paying consultancy fees, renting office space and the process leading up to this issue. He said he was cured. Initial public offering of Agyapa Royalty for listing on the London Stock Exchange.
According to reports, the amount was used for a new offering of Agyapa Royalty on the London Stock Exchange.
The deal was intended to generate funds for critical infrastructure projects through mineral royalties, but was canceled in Nana in 2021 after civil society groups and the main opposition party, the National Democratic Congress (NDC), expressed concerns. -Cancelled by President Akufo-Addo.
Read the full letter below.