Ghana Puts Gold Fund IPO on Hold as State Prosecutor Probes Deal
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Ghana suspended plans to raise $500 million in an initial public offering of a gold-royalty fund after the state prosecutor began an investigation into the sale, according a government document seen by Bloomberg.
Africa’s biggest gold producer won’t proceed with the IPO until the Office of the Special Prosecutor has concluded its probe, the Finance Ministry said in an Oct. 1 letter to the authority. The OSP announced Sept. 30 it’s assessing the risk of corruption in the royalty-fund offering after civil society and opposition groups criticized the deal for a lack of transparency.