Edward Nana Yaw Koranteng, the outgoing CEO of the Minerals Income Investment Fund (MIIF), authorized a payment of US$6 million to Goldkey Properties Ltd on January 6, 2025, just hours before leaving office.
This disbursement was part of a US$40.9 million contract awarded to the company for the construction of a 12-storey office complex for MIIF.
The project, which aims to house MIIF’s operations and generate rental income, has sparked controversy due to its scale and timing.
Despite a directive from the Mahama transition team cautioning against last-minute financial transactions, MIIF management reportedly expedited the payment, fearing the incoming administration might halt the project.
Goldkey Properties, owned by Ghanaian businessman Kweku Bediako, was awarded the contract on November 6, 2024, following a competitive bidding process.
The company outbid Imperial Homes and Justmoh Construction, whose proposals exceeded Goldkey’s tender sum of $40,901,375.27.
In a statement to The Herald, Mr. Bediako defended Goldkey’s compliance with due process.
He detailed the timeline leading to the contract’s approval and confirmed the $6 million part-payment.
He also disclosed that the project is intended for the Ridge area, near the Pharmacy Council.
The facility, designed to accommodate MIIF’s 45-member staff, has drawn criticism over its necessity and cost.
While MIIF envisions the building as a long-term investment, critics question the urgency and transparency of the decision, particularly as the exact site remains undisclosed.
This development has raised broader concerns about governance and financial accountability during government transitions.
Many are calling for an investigation into the transaction to ensure proper use of public funds.