Agyapa Deal: MIIF CEO has more questions to answer in parliament – Atta Akyea

Story: News Desk 

The Chairman of the Mines and Energy Committee of Parliament, Samuel Atta Akyea says the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, could be asked to provide further details on how the $12 million expenditure incurred on the aborted Agyapa Minerals Royalties deal came about.

According to him, Parliament’s Public Accounts Committee (PAC) before which Edward Koranteng made the expenditure disclosure, could demand a detailed breakdown of the expenditure.

Reacting  to allegations of corruption and embezzlement by the opposition National Democratic Congress (NDC), Samuel Atta Akyea, said “matters of this nature touch on the public purse,” and hence should not be left to guesses or speculation as to where the money went.

He suggested it will be prudent to bring him before “…the committee and he should give us the components of this huge sum of money of course, there are members of the NDC on the committee and he could be drilled to bring understanding on the matter.”

But the National Communications Officer of the NDC, Sammy Gyamfi had said the day of accountability was  fast approaching for individuals involved in creating the Agyapa Royalties.

According to him, the NDC remains resolute in retrieving all moneys spent on the project.

“The OSP was very clear that the Agyapa deal was illegal because it breached the Public Procurement Act. He said the whole transaction was filled with procurement rigging. He raised issues about breaches and other things like the Public Financial Management Act and even violation of the supreme law of the land, that is the 1992 Constitution.

“All the facts have been outlined clearly in the Corruption Risk Report published by the Office of the Special Prosecutor,” he stressed.

Meanwhile, anti-corruption campaigner, Edem Senanu says he is shocked about the monies given out as consultancy fees on the project despite public outcry. 

He insisted further probe must be initiated into the deal.

“I believe the additional probe is very much needed. I am shocked and I am sure civil society organisations will also be shocked that any form of payment was made because we followed this thing closely. We were at the Ministry of Finance doing presentations, we asked for the assumptions leading to the returns that Ghana will have but they were not able to provide us.

“We made our stance clear that this didn’t look like it was going to be in the best interest of the country, so it is shocking to hear that money was spent whether for consultancy or whether for an office premise.”

President Nana Addo Dankwa Akufo-Addo ordered the suspension of the Agyapa deal following a public outcry in 2021.

The government proposed the deal to raise funds through mineral royalties for key infrastructure projects but was eventually suspended after the opposition National Democratic Congress (NDC) and some civil society organisations opposed it.

However, according to the CEO of the Minerals Income Investment Fund, 12 million dollars was expended on the processes to issue the initial public offering on the London Stock Exchange before the suspension.

Responding to whether the Fund did due diligence, Mr Koranteng said, “my understanding honourable chair is that the Ministry of Finance procured the services of international consultancy and companies and financial institutions that have done this in the past and that the advice provided was what Ministry of Finance stood on.”

“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.”

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