The Herald, has uncovered damning details of alleged mismanagement and misuse of the country’s mineral resources under the leadership of Edward Nana Yaw Koranteng, Chief Executive Officer (CEO) of the Minerals Income and Investment Fund (MIIF), the managers of the controversial Agyapa Royalties Limited.
Key among these revelations, is the allocation of a staggering US$94 million for a gold trade deal with a company called Goldridge Limited, owned by Dr Sledge Nana Yaw Duodu, also known as “Sledge,” a well-known figure in East Legon, Accra.
Insiders report that, since September 2024, neither the promised gold has been supplied, nor has the money been returned to MIIF’s coffers.
The management and board of MIIF, are alleged to have deviated from their core mandate, squandering significant sums of the country’s resources in Ghanaian Cedis and US Dollars on questionable ventures.
MIIF, was established under the Minerals Income Investment Fund Act, 2018 (Act 978), as amended by the MIIF Act, 2020 (Act 1024).
Its mandate, includes maximizing the value of income from the country’s mineral wealth, monetizing this income responsibly and sustainably, and reducing the national budget’s exposure to mineral income fluctuations.
However, concerns are mounting over MIIF’s Commodities Trade Programme, which was operationalized in August 2023.
While the programme reportedly generated inflows of US$1.02 billion between August 2023 and September 2024 from exporting 449,554.99 ounces of gold dore, significant financial losses, have been linked to its execution.
Among the questionable expenditures, is GHC2.2 billion ($150.6 million) disbursed to aggregators for gold trading in violation of the law, resulting in massive financial losses for the state.
Additionally, GHC240 million was reportedly spent on constructing AstroTurf pitches and a mining museum.
Critics argue that these projects are wasteful expenditures, with the funds mismanaged.
In November 2024, MIIF allegedly spent GHC84.8 million ($5 million) on an initiative to purchase mining equipment under a “Small-Scale Incubation Project.”
However, the whereabouts of the equipment remain unknown, and it is unclear, whether they were ever purchased or who the beneficiaries are.
Furthermore, GHC1.4 billion ($82 million) has been spent on equity shares in companies such as Asante Gold Corporation, Injaro Ventures Capital Fund, Electrochem Ghana Limited (owned by McDan), and Atlantic Lithium.
Key figures allegedly involved in the controversial US$94 million transaction with Goldridge Limited, include MIIF’s Legal Manager, Nana Serwaa Owusu; Head of Legal and Compliance, Daniel Imadi; Chief Investment Officer, Bubune Sorkpor; and the CEO, Edward Nana Yaw Koranteng himself.
Despite these controversies, MIIF, has touted some successes, including providing US$675.73 million in foreign exchange by the end of September 2024.
This has reportedly stabilized Ghana’s forex market, supported Bulk Distribution Companies (BDCs) in purchasing oil, and contributed to stable fuel prices.
Beneficiary companies, include Juwel Energy Limited, Maranatha Oil Services Limited, Cirrus Oil Services Limited, Dominion International Energy Ltd, Fueltrade Ltd, Matrix Gas, and Petroleum Warehousing and Supplies Ltd.
However, these claims of success, have done little to ease public concerns over the alleged mismanagement of funds, missing gold, and questionable investments.
Calls for transparency and accountability are growing, as the scandals unfold and the coming days promise something rather interesting.
Source: The Herald Newspaper
