President John Dramani Mahama, has taken a decisive step toward investigating the controversial Agyapa royalties deal by revoking the appointment of Edward Nana Yaw Koranteng, Chief Executive Officer (CEO) of the Minerals Income and Investment Fund (MIIF), with immediate effect.
The decision was communicated in an official letter dated January 13, 2025, signed by Dr Callistus Mahama, Secretary to the President.
Koranteng, who became the second CEO of MIIF, following its establishment, has been directed to hand over his responsibilities to Dr Cassiel Ato Forson, the President’s representative at the Ministry of Finance. Dr Forson, will oversee MIIF’s operations until a substantive CEO is appointed.
The revocation comes in the wake of Koranteng’s February 2023 appearance before the Public Accounts Committee (PAC), where he disclosed that over $12 million, had been spent on preparatory processes for the Agyapa deal. The deal, which aimed to monetize Ghana’s mineral royalties for infrastructure development, was suspended in 2021 due to public backlash.
Prominent figures in President Nana Akufo-Addo’s administration, were heavily involved in the deal.
Gabby Asare Otchere-Darko, acting through his law firm, Africa Legal Associates (ALA), and Ken Ofori-Atta, then Finance Minister, whose company Databank served as a financial advisor, played central roles.
Reports indicate that under Koranteng’s leadership, MIIF, made significant financial commitments to mining and other companies, raising questions about the fund’s management. Sources suggest that these transactions will likely be probed by the Mahama administration.
Following Koranteng’s dismissal, President Mahama, has appointed Justina Nelson, as the Acting CEO of MIIF, effective yesterday, January 14, 2025.
Nelson, currently a group head at Zenith Bank overseeing energy and commercial banking sectors, brings extensive expertise in finance and mining.
She has held senior roles in both private and public institutions, making her a strategic choice to lead MIIF during this critical period.
A statement from the Presidency outlined the legal and constitutional framework for her appointment:
“The President, His Excellency John Dramani Mahama, has, in accordance with Article 195 (1) of the Constitution and Section 21 (2) of the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978), appointed Ms. Justina Nelson, as the Acting Chief Executive Officer of the Minerals Income Investment Fund.”
Nelson’s academic credentials, include a Master of Laws in Corporate and Commercial Law, an MBA in Marketing, a Bachelor of Laws (Hons), and a Bachelor of Arts in Management and Psychology.
The Agyapa deal has faced criticism since its inception, with concerns over transparency, governance, and conflicts of interest. It was suspended in 2021 following opposition from civil society groups and the National Democratic Congress (NDC).
During his PAC testimony, Koranteng defended the deal, stating that the Ministry of Finance, had engaged reputable international consultants and financial advisors to ensure due diligence.
“My understanding, Honourable Chair, is that the Ministry of Finance procured the services of international consultancy and financial institutions experienced in this area. The advice provided was what the Ministry of Finance stood on,”Koranteng stated.
He further explained that, the intended outcome was to set up a gold royalties company, with the streaming of royalties designed to benefit Ghana.
President Mahama’s actions indicate a renewed focus on transparency and accountability in managing the country’s mineral royalties.
The appointment of Justina Nelson and the revocation of Koranteng’s tenure, mark the beginning of a broader effort to restore public confidence and scrutinize the Agyapa deal’s controversial legacy.
