The CEO of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, has disclosed that the government of Ghana spent $12 million on the failed Agyapa royalties deal.

He disclosed this information during his appearance before the Public Accounts Committee (PAC) of Parliament.

The Agyapa royalties deal, which aimed to generate funds for crucial infrastructure projects through mineral royalties, was halted by President Nana Akufo-Addo in 2021 following concerns raised by civil society groups and the main opposition National Democratic Congress (NDC).

Before its cancellation, $12 million had already been utilised for its initial public offering on the London Stock Exchange.

During the session on Tuesday, February 13, 2024, Mr Koranteng informed PAC that the Ministry of Finance had subscribed to the deal based on advice from international consultants.

“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 the 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,” he added.