Audit Service Rejects MIIF 2024 Financial Restatement Amid Agyapa Concerns

The Auditor-General’s Department has firmly rejected calls from the Minerals Income Investment Fund (MIIF) to revise and restate its 2024 audited financial statements.

According to the Audit Service, the concerns raised by MIIF do not represent significant or widespread errors that would necessitate a restatement of the accounts.

In a letter addressed to the MIIF CEO and dated November 12, 2025, the Audit Service responded to issues initially highlighted in a communication on October 31, 2025, and further discussed during a meeting on November 7, 2025.

The Audit Service clarified that describing the alleged misstatements as ‘pervasive’ is inaccurate. In auditing terms, ‘pervasive’ refers to issues impacting the financial statements as a whole, not isolated instances.

Regarding MIIF’s investment in Agyapa Royalties Ltd, the auditors acknowledged that International Financial Reporting Standards (IFRS 10) and International Accounting Standards (IAS 27) might suggest expensing the costs associated with Agyapa’s establishment and planned listing. However, they argued that doing so would effectively mean writing off public funds.

“Such an action would contravene the Public Financial Management Act 2016 (Act 921) without prior parliamentary approval,” the letter stated.

The Audit Service further emphasized that the ultimate accounting treatment hinges on decisions made by the MIIF Board, in consultation with the Minister of Finance, and guidance from the Attorney-General, particularly given the stalled Initial Public Offering (IPO) process for Agyapa.

While reaffirming their initial opinion on the 2024 financial statements, the auditors expressed their willingness to collaborate with MIIF on decisions and approvals related to the 2025 financial year, which will be considered during the subsequent audit.

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