Gov’t spent $12m on Agyapa Deal

It has occurred that the Government of Ghana spent $12 million on the suspended Agyapa Royalties Deal, as revealed by CEO Edward Nana Yaw Koranteng at a Public Accounts Committee (PAC) Sitting.

In response to public backlash, President Nana Addo Dankwa Akufo-Addo halted the deal in 2021. The deal aimed to generate funds for infrastructure projects through mineral royalties, but faced opposition from the National Democratic Congress (NDC) and civil society organizations.

Despite the suspension, the Minerals Income Investment Fund CEO disclosed that $12 million was already spent on the initial public offering on the London Stock Exchange. When questioned about due diligence, Mr. Koranteng stated that the Ministry of Finance sought advice from international consultancy firms and financial institutions experienced in such matters. He asserted that the Ministry of Finance acted on the advice provided, which indicated that the establishment of a gold royalties company would benefit Ghana through the streaming of royalties.