The Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei Asare, has praised the acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Justina Nelson, for her competence, transparency, and commitment to institutional reform.
The commendation came during the Committee’s Wednesday sitting to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024.
Mrs. Nelson impressed the Committee with her detailed explanations on flagged issues, her strong grasp of financial regulations, and proactive measures to address audit infractions inherited from previous management.
“I’m not commending you because you are a woman but because you’re competent,” Mrs. Osei Asare said. “You came well prepared. You quoted the sections, you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity.”
Reforms
Appearing with key members of her management team, including the Chief Finance Officer David Awuah Mensah, Director of Internal Audit Martin Adjei, Head of Procurement Theresa Gyasi Antwi, and Head of Legal Louisa Quaicoe, Mrs. Nelson outlined measures to strengthen MIIF’s governance and compliance framework.
She disclosed the establishment of a Compliance Unit and a Risk Department to enhance internal controls and prevent future procurement and financial breaches.
On a $3.8 million advance payment to Commodity Monitor Limited for mercury-free gold processing equipment — which exceeded the statutory 15 per cent threshold — Mrs. Nelson acknowledged that the transaction contravened Public Financial Management (PFM) Regulations but clarified it predated her administration.
She added that the contract had since been fully executed, with the equipment delivered and operational, and that lessons from the incident have informed MIIF’s strict adherence to procurement laws.
Gold Trade and Royalties Recovery
Regarding MIIF’s gold trading, Mrs. Nelson explained that the Fund piloted gold trading in 2023 with three aggregators and later expanded to five, generating about GH¢8 million in revenue. Following the establishment of the Gold Board, MIIF transitioned the aggregators to the new agency, ceasing direct gold trading to stay within its legal mandate.
She further confirmed that all outstanding royalties of GH¢29 million cited in the audit report had been fully recovered, while previously unaccounted payments of GH¢39,043 were reconciled with supporting vouchers and receipts submitted to the Auditor-General.
Mrs. Nelson also noted that MIIF had discontinued restricted procurement for high-value contracts, and under the new PFM Act amendment, all procurement plans are now submitted to the Ministry of Finance for prior approval.
Leadership and Institutional Culture
On her leadership style, Mrs. Nelson described her approach as cordial, collaborative, and professional, emphasizing mutual respect and teamwork.
She addressed past false social media speculation about internal friction, noting that the MIIF team remains cohesive and committed to the Fund’s reforms and performance goals.
She reaffirmed MIIF’s dedication to transparency, accountability, and prudent management of Ghana’s mineral income to support national development priorities.
Visibly impressed, Committee members urged Mrs. Nelson to maintain her reform-driven leadership and continue strengthening the institution.
