In a clear move to look into the contentious Agyapa royalties contract, President John Dramani Mahama has revoked Edward Nana Yaw Koranteng's appointment as CEO of the Minerals Income and Investment Fund (MIIF) with immediate effect.


On January 13, 2025, Dr. Callistus Mahama, the President's secretary, signed an official letter conveying the decision.

The President's envoy at the Ministry of Finance, Dr. Cassiel Ato Forson, has been instructed to take over Koranteng's duties as the second CEO of MIIF since its founding. Up until a permanent CEO is chosen, Dr. Forson will be in charge of MIIF's activities.

The revocation follows Koranteng's speech before the Public Accounts Committee (PAC) in February 2023, during which he revealed that more than $12 million had been spent on the Agyapa deal's preliminary procedures. In 2021, the agreement that sought to use Ghana's mineral revenues to fund infrastructure development was halted because of public opposition.

Leading members of President Nana Akufo-Addo's government had a significant role in the agreement.

A key role was played by Ken Ofori-Atta, who was the Finance Minister at the time, and Gabby Asare Otchere-Darko, who acted through his law firm, Africa Legal Associates (ALA), whose company Databank supplied financial advice.


According to reports, MIIF made large financial commitments to mining and other businesses under Koranteng's direction, which raises concerns about the fund's administration. According to sources, the Mahama government is expected to look into these deals.

President Mahama nominated Justina Nelson as MIIF's Acting CEO yesterday, January 14, 2025, in response to Koranteng's termination.

Nelson has vast experience in mining and finance and is currently a group head at Zenith Bank, where he oversees the energy and commercial banking industries.

She is a wise option to lead MIIF at this crucial juncture because she has held significant positions in both public and private organizations.

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.

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