The government spent more money on the disastrous Agyapa Royalties agreement than the US$12 million that the Minerals Income Investment Fund (MIIF) Chief Executive Officer disclosed.
The amount was recently revealed by Edward Nana Yaw Koranteng before the Public Accounts Committee (PAC) of Parliament.
The breakdown of the organizations that received payments from the US$12 million amount was made public online even before the Mines and Energy Committee of Parliament could be provided with specifics of the spending.
Vice President of IMANI Africa Bright Simons provided a summary of the payment amounts made to ten local and international companies on X (formerly Twitter).
However, the document he provided revealed that at the time the agreement was terminated, certain organizations owed an additional US$2 million, which would have brought the total amount spent on the books to US$14 million.
The transaction advisor on the acquisition, Imara Holdings, received the largest payout, taking home more than US$9.6 million.
Along with various payments to several legal and accounting firms, about US$1.5 million was given to staff salaries. According to the list that GhanaWeb was able to view, the Ghana Stock Exchange was also paid a certain sum.
President Nana Akufo-Addo canceled the agreement in 2021 to use mineral royalties to pay important infrastructure projects in response to concerns expressed by civil society organizations and the main opposition National Democratic Congress (NDC).
