Indexing government scandals one at a time
The government of Ghana spent $12 million on the botched Agyapa royalties deal, according to CEO Edward Nana Yaw Koranteng of the Minerals Income Investment Fund, as reported to the Public Accounts Committee (PAC) of parliament.
The Agyapa royalties deal was aimed at generating funds through mineral royalties to support key infrastructure projects in Ghana. However, it faced significant controversy and was eventually suspended by President Nana Akufo-Addo in 2021 due to concerns raised by civil society groups and the main opposition National Democratic Congress.
Before its cancellation, $12 million had already been expended on its initial public offering on the London Stock Exchange.
Mr. Koranteng informed the PAC on February 13, 2024, that the Ministry of Finance had subscribed to the deal based on advice from international consultants. He stated that the Ministry of Finance engaged international consultancy firms, companies, and financial institutions with prior experience in such matters. According to him, the advice provided by these entities guided the Ministry of Finance’s decision-making process.
Feb. 15, 2024
References: