The Auditor-General’s Department has dismissed calls from the Minerals Income Investment Fund (MIIF) to review and restate its 2024 audited financial statements.
The Audit Service insisted that the issues raised by MIIF did not constitute material or pervasive misstatements that would mandate restatement.
In a letter to the MIIF CEO dated 12 November 2025, the Audit Service responded to concerns outlined in a 31 October 2025 communication and discussed during a meeting on 7 November 2025.
The letter stated that describing the alleged misstatements as “pervasive” is misleading, clarifying that in an audit context, the term applies to issues affecting the financial statements as a whole rather than isolated items.
On the specific matter of MIIF’s investment in Agyapa Royalties Ltd, the auditors noted that while International Financial Reporting Standards (IFRS 10) and International Accounting Standards (IAS 27) might suggest that costs relating to the establishment and planned listing of Agyapa should be expensed, doing so would imply a complete write-off of public funds.
Such an action, the letter noted, would contravene the Public Financial Management Act, 2016 (Act 921), in the absence of parliamentary approval.
The audit service also highlighted that the final accounting treatment depends on decisions by the MIIF Board through the Minister of Finance and on guidance from the Attorney-General, especially given the halted Initial Public Offering (IPO) process.
The auditors concluded by reaffirming their opinion on the 2024 financial statements but expressed willingness to cooperate with MIIF on decisions and approvals in the 2025 financial year, which would be considered in the upcoming audit.
