Former Deputy Minister for Finance, Dr. Alex Ampaabeng, has rejected claims suggesting he bears responsibility for a potential US$40.3 million loss cited in an audit of the Mineral Income Investment Fund’s (MIIF) Gold-for-Reserves Programme.

A JoyNews publication had implied that the alleged financial exposure was linked to a No Objection Letter (NOL) he signed. Dr. Ampaabeng, however, described the reportage as misleading and unfairly damaging, insisting that the facts of the matter had been misrepresented.

In a detailed clarification on Wednesday, Dr. Ampaabeng explained that MIIF formally requested the No Objection Letter on 19th October 2024.

At the time, the substantive Minister of Finance was outside the country and subsequently directed him via email on 20th October 2024 to issue the NOL on his behalf.

Acting under this instruction, Dr. Ampaabeng issued the letter, which he said is properly recorded in official files.

He stressed that the NOL did not authorise MIIF to contract any specific company nor did it recommend any aggregator.

According to him, the letter’s purpose was purely procedural—allowing MIIF’s Board and Management to proceed with feasibility assessments toward a possible expansion of the programme.

He emphasised that, by law, MIIF’s leadership bears full responsibility for selecting aggregators, conducting due diligence, and undertaking risk evaluations.

“The Minister acted lawfully and in good faith, ensuring that government business was not stalled,” Dr. Ampaabeng stated, adding that attempts to attribute liability to him contradict the Ministry’s limited role in the process.

He also noted that the companies cited in MIIF’s original request did not include Goldridge, the firm now at the centre of audit concerns, underscoring that the Ministry had no involvement in identifying or endorsing any aggregator.

Describing the publication as “misleading, incomplete, and tailored for sensational effect,” Dr. Ampaabeng urged the National Media Commission to take an interest in such reportage, warning that inaccurate narratives risk harming reputations and misinforming the public.

Dr. Ampaabeng served as Deputy Minister for Finance until earlier this year.