The Auditor‑General’s Department has rejected a request by the Minerals Income Investment Fund (MIIF) to restate its 2024 audited financial statements. The department argued that the alleged misstatements were not “material or pervasive”, and so do not warrant a revision of the published report.
In a formal letter dated 12 November 2025, the Audit Service stated that MIIF’s argument that the 2024 audit contained pervasive errors is misleading and inaccurate under standard auditing definitions. The letter clarified that only issues affecting the entirety of the financial statements could be considered “pervasive”. Consequently, the request to rewrite the audit report was dismissed as improper.
One of the main points of dispute involved MIIF’s investment in the now-defunct Agyapa Royalties Ltd.. MIIF had argued that expenditures linked to Agyapa should be expensed, claiming this constituted a material misstatement. The auditors disagreed, noting that such a write-off without appropriate legal and parliamentary backing would violate public financial management rules.
Furthermore, the Audit Service condemned MIIF’s attempt to classify the Agyapa-related costs as pervasive misstatements, terming that assertion as misleading. It emphasised that public fund investments require full compliance with statutory procedures and transparency standards.
MIIF, for its part, has publicly accused unnamed former executives and board members of launching a media campaign aimed at maligning the Fund and its leadership. The Fund described certain reports as sensational and unverified, arguing that critics sought to tarnish its reputation amid ongoing investigations involving some former officials.
The public and financial sector analysts are watching closely. Many argue that the controversy underscores deep governance challenges in institutions managing Ghana’s mineral revenues. They call for stricter oversight, transparent reporting, and clear accountability mechanisms to safeguard national resources.
Observers say the outcome will influence public confidence in state-owned funds. If MIIF fails to meet transparency expectations or if similar issues recur, trust in institutions meant to secure resource income could be eroded, with potential impacts on investment, public finances, and development initiatives.
For now, the 2024 financial statements of MIIF remain valid and final as confirmed by the Audit Service. The fundamental issues, accountability over natural-resource investments and integrity in public financial management remain at the forefront of national discussion.
