The Mines and Energy Committee in Parliament has issued a seven-day ultimatum to Edward Nana Yaw Koranteng, Chief Executive Officer of the Minerals Income Investment Fund (MIIF), asking him to provide further details on the alleged $12 million expenditure on the failed Agyapa Royalties deal.

Mr Koranteng is required to submit the requested details to the committee by February 27, 2024.

The disclosure of the $12 million spending on the abortive Agyapa deal was made by Mr Koranteng during his appearance before the Public Accounts Committee (PAC) of Parliament.

According to Mr Koranteng, the Government of Ghana subscribed to the deal based on advise 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 advise 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 advise was provided on the set-up of a gold royalties company where the streaming of the royalties would benefit Ghana,” he added.

The revelation has sparked public outcry, with the National Democratic Congress (NDC) pledging to probe and prosecute government officials and individuals involved in the controversial transaction should the party win the December elections to form the next government.

During one of the party's 'Moment of Truth' media series held in Accra on Monday, February 19, Sammy Gyamfi, the National Communications Officer of the NDC condemned the expenditure as senseless and insisted on a thorough investigation ahead of prosecution.

Mr Gyamfi accused the government and its associates of misappropriating the funds, labeling the deal as fraudulent and detrimental to the nation's development prospects.

He called on Ghanaian electorates to vote overwhelmingly for John Mahama and the NDC in order to hold the Akufo-Addo administration accountable for its alleged corruption.

In response to the public concern, the Committee, through a statement signed by Senior Assistant Clerk/Schedule Officer Benjamin Tachie Antiedu, dated Tuesday, February 20, has demanded that Koranteng provide all relevant documents regarding the expenditure within the specified seven-day timeframe.

In reference to the above, I am directed by the Chairman of the Committee to request you to furnish the Committee on Mines and Energy with information on the alleged expenditure of USS12 Million expended by MIIF on Agyapa Royalties with supporting evidence, if any.

The Committee expects the information to be delivered to its Secretariat latest by Tuesday, 27% February 2024.

About Agyapa deal, Parliament passed the Minerals Income Investment Fund Act, 2018 (MIIF Act 978) with the primary aim of harnessing the nation's mineral resources for the benefit of its citizens, while ensuring sustainable receipt of royalties from gold mining companies.

The legislation underwent amendments to facilitate the incorporation of subsidiaries and serve as a special-purpose vehicle for international business ventures.

Agyapa Royalties Investment Ltd, the primary subsidiary and holding company under MIIF, is slated for listing on the London Stock Exchange, while its subsidiary, ARG Royalties Ltd, will be quoted on the Ghana Stock Exchange, both via initial public offerings.

Agyapa Royalties Investment Ltd will oversee the management of 75.6 percent of the country's royalty inflow from the 12 existing gold mining companies in Ghana, with the addition of four more anticipated to commence operations.

This strategic move is expected to generate approximately $1 billion, earmarked for financing mining ventures in Ghana and beyond across the African continent.

In November 2020, President Akufo-Addo directed the Minister of Finance to resubmit the agreements supporting the Agyapa deal to Parliament for a fresh approval process to commence.