The government of Ghana spent $12 million on the botched Agyapa royalties deal, CEO of the Minerals Income Investment Fund, Mr Edward Nana Yaw Koranteng, has told the Public Accounts Committee (PAC) of parliament.

The controversial deal, which was meant to raise funds through mineral royalties for key infrastructure projects, was suspended by President Nana Akufo-Addo in 2021 after civil society groups and the main opposition National Democratic Congress raised red flags.

Before the cancellation of the deal, $12 million had already been spent on its initial public offering on the London Stock Exchange.

Mr Koranteng told PAC on Tuesday, 13 February 2024, that the Ministry of Finance subscribed to the deal upon the 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 Ministry of Finance stood on", he told the committee.

He added: “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.”