The Auditor-General has defended the integrity of the Minerals Income Investment Fund’s 2024 financial statements, rejecting claims that the accounts contain material misstatements.
In a 12th November 2025 letter to the MIIF CEO, the Audit Service responded to a request for a review and restatement of the Fund’s 2024 audited accounts.
The auditors insisted that the issues raised by MIIF management were not material or pervasive enough to mislead users of the financial statements.
The letter explained that in audit terminology, “pervasive” refers to misstatements or control weaknesses that affect the financial statements in their entirety, not isolated entries or disclosures.
Regarding MIIF’s investment in Agyapa Royalties Ltd, the audit office noted that while IFRS guidance might suggest expensing the full cost of establishing the subsidiary and preparing for its London Stock Exchange listing, such a treatment would amount to a write-off of public funds without parliamentary approval, contrary to the PFM Act, 2016 (Act 921).
The auditors further pointed out that final treatment of these costs depends on decisions by the MIIF Board and advice from the Attorney-General, particularly in light of the former President’s suspension of the IPO process.
The letter concluded by reaffirming the audit opinion on the 2024 financial statements, while offering cooperation with MIIF on any new decisions or approvals that arise in the 2025 financial year.