US$9.6m to transaction advisor, US$1.5m staff salaries: How US$12m was spent on Agyapa deal

The breakdown of who got paid what in a US$12m expenditure the government made on the botched Agyapa deal has been published online.

IMANI Africa Vice President, Bright Simons published on X (formerly Twitter) a breakdown of how 11 entities, local and international, were paid varying sums that came up to the amount.

The biggest payment was to a company known as Imara, the transaction advisors on the deal who bagged over US$8m.

Some legal and audit firms were also paid varying sums plus over US$1.5m paid to staff. The Ghana Stock Exchange was also paid an amount according to the list sighted by GhanaWeb.

It is worth noting that there is a US$2m outstanding payment that MIIF has yet to settle according to the documents.

The highly controversial Agyapa deal gained traction in recent weeks after the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, told Parliament’s Public Accounts Committee of the expenditure on the deal.

Meanwhile, parliament recently wrote to MIIF CEO demanding details and supporting evidence regarding the expenditure of US$12 million.

In a letter dated February 20, 2024, the Committee on Mines and Energy stated that it had taken notice of publications and public discourse on the matter and sought guidance on appropriate steps regarding the alleged expenditure.

“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 US$12 million expended by MIIF on Agyapa Royalties with supporting evidence, if any. The Committee expects the information to be delivered to its Secretariat by Tuesday, February 27, 2024.

“The purpose of this request is to guide the Select Committee on the appropriate steps to take in respect of the allegation,” the letter signed by Senior Assistant Clerk Benjamin Tachie Antiedu said.

The deal 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).

However, Mr. Koranteng clarified that the amount was spent on the Agyapa Special Purpose Vehicle, payment of consultancy fees, rental of office accommodation, and processes leading to the initial public offering towards the entity’s listing on the London Stock Exchange.