The National Democratic Congress (NDC) has pledged to take legal action against government officials and individuals implicated in the $12 million expenditure on the suspended Gold Royalties Monetisation Transaction, known as the Agyapa deal.

During one of the party's 'Moment of Truth' 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.

Mr Gyamfi highlighted Mahama's proven track record in combating corruption, presenting him as a trustworthy figure for Ghanaians.

He cautioned that voting for Dr. Mahamudu Bawumia would perpetuate the corrupt practices observed under the Akufo-Addo administration.

"My brothers and sisters, I have the full blessing of H.E John Dramani Mahama to inform you and by extension the good people of Ghana, that the next NDC government will investigate the stinky $12 million 'Agyapa' scam, retrieve all illegal payments made under same, and ensure that all the perpetrators are prosecuted. The day of accountability is fast approaching, and no one found culpable will be let off the hook by the next NDC/Mahama government."

"This is a solemn pledge and our charge to keep when by the grace of God and the Ghanaian people, the NDC assumes the reins of government in 2025."

"We call on the Ghanaian electorate not to allow President Akufo-Addo and his corrupt cabal of family and friends, to install as President, their puppet (Alhaji Mahamudu Bawumia), whose sole mission is to cover-up the many ills of this remarkably corrupt administration and insulate wrongdoers including himself, from prosecution."

The CEO of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, recently 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).

• Read also: $12m was spent on Agyapa deal before its suspension – MIIF CEO

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.

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 Nana Addo Dankwa Akufo-Addo directed the Minister of Finance to resubmit the agreements supporting the Agyapa deal to Parliament for a fresh approval process to commence.