The training, convened as part of a broader advocacy effort on improving transparency and accountability in the governance of MIIF, brought together reporters, editors, and public-interest media practitioners to deepen understanding of the Fund’s legal mandate, governance structure, disclosure obligations, investment role, and broader significance for mineral revenue governance in Ghana.

The session formed part of ongoing efforts to support evidence-based public conversation and reform-oriented advocacy around MIIF, particularly at a time when questions of transparency, institutional accountability, and long-term stewardship of mineral wealth remain central to Ghana’s extractive governance agenda.

Participants were taken through the legal and policy foundations of MIIF, its intended role in promoting long-term fiscal sustainability and value creation from mineral resources, and the importance of media scrutiny in ensuring that the management of mineral wealth remains subject to informed public oversight.

The training also highlighted the need for journalists to move beyond event-driven coverage and toward deeper, more sustained reporting on issues such as governance independence, public disclosure, investment transparency, and institutional accountability in the management of mineral income.

Speaking during the engagement, Mr Patrick Stephenson, the Country Manager for NRGI Ghana office, emphasised that effective accountability in mineral revenue governance depends not only on laws and institutions, but also on a media ecosystem that is sufficiently informed to interpret complex public finance issues and communicate them clearly to citizens.

The session further underscored the strategic role of the media in bridging the gap between technical policy analysis and public understanding.

By equipping journalists with the tools to report more accurately and critically on MIIF, the initiative aims to contribute to stronger national discourse on how Ghana manages mineral-derived public wealth and whether current governance arrangements are sufficient to protect the public interest.

Participants were encouraged to pursue follow-up reporting, explainers, interviews, features, and editorial commentary that simplify MIIF-related issues for wider audiences while maintaining rigour, balance, and a clear public-interest focus.

The training is aimed at contributing to improved quality of media coverage on MIIF, greater public awareness of mineral revenue governance, and stronger momentum for transparency and accountability reforms.

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Speaking to journalists at a capacity-building workshop supported by the Natural Resource Governance Institute (NRGI), Bekoe said the Fund was initially established to grow Ghana’s mineral wealth through strategic investments and improved returns on mineral royalties.

“If you look at the Minerals Income Investment Fund, it was set up with a clear objective to improve mineral investment in the country and, as a result, grow the returns on our mineral royalties,” he explained.

He noted that since its establishment in 2018, MIIF’s assets under management have grown significantly, from an initial 180 million dollars to about one billion dollars in 2024. However, he questioned the lack of clarity around returns on these investments.

“Although MIIF has about a billion assets under management, which is the value of investments they’ve made, we are yet to see the returns on those investments,” he said. “You want to know the returns.”

Bekoe highlighted a key concern over recent amendments to the MIIF Act, which reduced the Fund’s share of mineral royalties from 80 percent to just 2 percent, calling it a major shift in its operational model.

“And now it has reduced income of royalties that they used to receive from 80% to 2%, which basically means 2% is for their operational upkeep,” he stated, questioning whether the Fund can still fulfil its original mandate under the new arrangement.

He also raised concerns about the remaining portion of mineral royalties, noting that the government has introduced a Mineral Income Holding Account to manage the bulk of the funds.

“The question is, what is the transparency requirement of that account? What is the accountability requirement of that account?” he asked, emphasizing the need for clear reporting and governance rules.

While acknowledging that the government intends to use the funds for infrastructure development under its “Big Push” agenda, Bekoe stressed the importance of transparency in how such resources are managed.

“We need to ensure there are clear governance rules, including withdrawal rules, investment rules, publication of quarterly reports… so that we would know whether the monies are being used for their intended purpose,” he said.

He further pointed to gaps in MIIF’s transparency, noting delays in publishing key documents such as investment guidelines and financial statements.

“Though they have published their investment guidelines, they were supposed to publish them in the first or second year of their operations. They only published it in 2024,” he observed, calling for more proactive disclosure.

“Instead of waiting for people to go and ask them questions, they should be publishing information,” he added, suggesting that regular updates on investment performance and returns are essential.

Bekoe also compared oversight mechanisms in the mineral sector with those in the petroleum sector, noting that mineral revenues lack a strong, independent accountability structure like the Public Interest and Accountability Committee (PIAC).

“One in ten citizens would know about PIAC, but there is nothing like that for mineral revenues,” he said, recommending that expanding PIAC’s mandate or strengthening civil society access to information could improve accountability.

He concluded by stressing the finite nature of Ghana’s mineral resources and the importance of managing them carefully for future generations.

“Because these resources are non-renewable and exhaustible… if we do not invest them very well, our future generations will come and be depressed,” he warned, urging stronger governance frameworks, improved transparency, and clearer accountability measures to ensure MIIF delivers long-term value to the country.

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New data shows that total royalty receipts reached a record GH₵5.43 billion, representing a 10.8% increase from the GH₵4.90 billion recorded in 2024.

The achievement marks the highest royalty collection since the Fund’s inception and reflects strong operational performance as well as favourable market conditions.

The strong performance in 2025 has been attributed to a combination of strategic initiatives and favourable market dynamics, including the implementation of rigorous nationwide monitoring protocols across mining operations to ensure strict compliance with royalty payment obligations.

This proactive enforcement mechanism significantly reduced payment delays and improved collection efficiency.

In addition, international gold prices remained elevated throughout the year, positively impacting royalty valuations. The sustained high pricing environment created favourable conditions for increased revenue generation from gold mining operations.

Gold Remains Anchor

Available data shows that large-scale gold mines continued to underpin Ghana’s mineral revenue base. Royalty receipts from the segment rose to GH₵5.1 billion in 2025, up from GH₵4.7 billion in 2024, representing an increase of nearly GH₵394 million.

The strong performance reflects MIIF’s enhanced monitoring of mining operations and collaboration with key stakeholders such as the Minerals Commission and the Ghana Revenue Authority.

It also reflects the impact of elevated global gold prices throughout 2025 and increased output, including production from the Newmont Ahafo North Mine and the Cardinal Namdini Mine.

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She explained that difficult moments should not weaken leaders but instead strengthen their resolve to lead with courage, clarity, and purpose.

Mrs Nelson added that resilience enables women in leadership to remain focused and create lasting benefits even under pressure.

The CEO was speaking at the maiden Women in Finance Summit in Accra, held under the theme “Turning Obstacles into Gold: Unlocking Resilience and Leadership in Finance.”

She described resilience as a leadership imperative rather than merely a personal attribute, particularly during times of uncertainty and institutional change.

Addressing senior executives, professionals, and rising leaders, Mrs Nelson reflected on the circumstances surrounding her appointment and the leadership lessons she has learned from the experience.

According to her, she assumed office at a time when the Fund was navigating significant institutional changes, including amendments to the MIIF Act that reduced the organisation’s statutory share of mineral royalties from 77.6 per cent to 2 per cent, a transition in political leadership, and heightened public expectations linked to her appointment as a woman leading the institution.

“These circumstances could easily have been perceived as setbacks. However, leaders who remain steady under pressure are better positioned to make sound decisions, inspire confidence, and guide their institutions through complexity,” she noted.

Mrs Nelson, who has overseen a series of structural and institutional reforms within MIIF over the past year, emphasised that challenges can become opportunities when leaders cultivate the right mindset.

She explained that overcoming obstacles requires mental resilience, a deliberate shift in perspective, and a willingness to treat difficulties as opportunities for growth rather than failures.

In her view, resilience is not accidental but must be developed through conscious effort. She highlighted that this involves strengthening self-awareness, encouraging transparent communication, remaining adaptable in changing circumstances, and committing to continuous learning at both personal and organisational levels.

Reflecting on her professional journey, the MIIF CEO spoke about the formative role her early career at Zenith Bank (Ghana) Limited played in shaping her leadership style. She said values such as discipline, integrity, and commitment to excellence guided her development in the banking sector.

With more than 23 years of experience in banking and financial services, including 19 years in senior leadership roles at Zenith Bank Ghana, Mrs Nelson noted that her background in compliance, risk management, and strategic decision-making continues to influence her current responsibilities.

She further described leadership as a form of stewardship, particularly when managing public resources such as Ghana’s mineral wealth.

Mrs Nelson stressed that managing the country’s mineral revenues carries both economic significance and social obligations. She added that the Fund’s mandate to maximise value from mineral resources for both present and future generations requires strong governance practices grounded in transparency, accountability, and sustainability in investment decisions.

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The conference, held at the Cape Town International Convention Centre under the theme “Stronger Together: Progress Through Partnerships,” has brought together thousands of delegates, including government officials, mining firms, investors, and development partners.

MIIF’s participation was led by Chief Executive Officer Justina Nelson, alongside Board Members Yakubu Mohammed and Ama Mawusi Mawuenyefia, Chief Technical Officer Kwabena Barning, and Head of Investment Ernest Attiso.

The engagements focused on aligning commercial returns with Ghana’s national development priorities.

As part of its programme, MIIF held meetings with Asanko Gold Mine Ghana Limited, AngloGold Ashanti Ghana Limited, and Gold Fields Ghana Limited, exploring areas such as streaming arrangements, foreign exchange considerations, sustainability initiatives, and the integration of environmental, social, and governance (ESG) standards.

Environmental stewardship was a key topic, with mining companies showing interest in collaborating with MIIF’s ESG and Sustainability teams to support reforestation of mined-out areas and long-term land restoration.

The discussions also highlighted social impact initiatives, including MIIF’s Women from Mining Communities (WomCom) Scholarship Programme. Companies expressed commitments to collaborate on STEM education initiatives aimed at expanding opportunities for women and girls in mining communities.

MIIF’s presence at the Mining Indaba reinforces its role as a catalytic investment institution, advancing responsible mining, inclusive growth, and sustainable value creation in Ghana’s minerals sector.

The approach is designed to enable the country to participate more meaningfully in the mineral value chain while ensuring long-term national benefits from the sector.

“Through MIIF, Ghana is deliberately taking an investment perspective to mineral resources. It allows us to invest mineral revenues in assets that can generate sustainable returns for the country,” the Minister explained.

Mr. Buah made the comments during a panel discussion on “How close is Africa to real regional and continental integration?” at the 32nd Africa Mining Indaba in Cape Town. The four-day conference, themed “Stronger Together: Progress Through Partnerships,” brought together governments, mining companies, investors, and financiers from across the global mining value chain to explore investment partnerships, policy reforms, and the future of mining in Africa.

The Minister said the MIIF was established to allow the state to take equity positions in mining-related ventures, including infrastructure and downstream opportunities. This approach, he explained, helps attract private capital while reducing reliance on traditional fiscal instruments such as taxes and royalties.

“Investors want predictability and seriousness of purpose. An institution like MIIF demonstrates that Ghana is not only regulating the sector, but also investing alongside partners for mutual benefit,” he added.

Mr. Buah noted that MIIF’s mandate aligns with Ghana’s broader industrialisation and regional integration agenda, particularly within the Economic Community of West African States (ECOWAS), where cross-border mineral value chains and shared infrastructure projects are gaining attention.

“There is strong potential for mineral-linked investments that cut across borders. Investment vehicles such as MIIF can support regional projects where individual national markets may be too small, but collectively become viable,” he said.

Touching on governance, the Minister emphasised that investment must be supported by regulatory certainty, credible geological data, and responsible environmental management—critical elements for attracting patient capital to the sector.

On illegal mining, Mr. Buah reiterated the government’s commitment to protecting legitimate investments while adopting a balanced approach that combines enforcement, community engagement, and formalisation.

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The engagements followed the official opening of the conference at the Cape Town International Convention Centre (CTICC), one of the largest global platforms for mining dialogue and investment.

The 2026 edition of the Africa Mining Indaba brings together thousands of delegates from governments, mining companies, financial institutions, and development partners to discuss the future of mining in Africa.

This year’s conference is being held under the theme “Stronger Together: Progress Through Partnerships,” highlighting collaboration as a critical driver of sustainable development across the sector.

The conference was formally opened on Monday, February 9, 2026, by the Executive Mayor of Cape Town, Geordin Hill-Lewis, who welcomed delegates to the city and underscored mining’s importance to Africa’s long-term development.

In his address, the Mayor emphasised the role of mining in building resilient economies, supporting the global energy transition, and delivering inclusive growth across the continent.

He called for closer collaboration between governments, investors, and industry players, stressing that Africa’s mineral wealth must be transformed into shared prosperity through partnership-driven approaches.

The Mayor also highlighted the need for predictable regulatory frameworks, strong institutions, and government-led infrastructure development to support investor confidence.

Concluding his remarks, Mayor Hill-Lewis drew on an African proverb to reinforce the central theme of unity and collective responsibility, stating: “The one who joins the hand has the right to the meat.”

The message resonated strongly with delegates, reflecting the conference’s emphasis on cooperation as a pathway to sustainable outcomes.

With the conference officially underway, the Minerals Income Investment Fund (MIIF) commenced its programme of activities on Monday, launching a packed schedule of strategic meetings with mining companies, investors, and financial institutions.

The engagements were led by the Fund’s Chief Executive Officer, Mrs Justina Nelson, with support from Board Members Yakubu Mohammed, MP for Ahafo Ano South-east, and Ms Ama Mawusi Mawuenyefia, as well as the Chief Technical Officer, Mr Kwabena Barning, and the Head of Investment, Mr Ernest Attiso.

The discussions focused on identifying partnership opportunities that align strong commercial returns with Ghana’s national development priorities.

Among the key engagements were meetings with Asanko Gold Mine Ghana Limited, AngloGold Ashanti Ghana Limited, and Gold Fields Ghana Limited.

Discussions centred on potential collaboration in areas such as streaming arrangements, foreign exchange considerations, sustainability initiatives, and environmental, social and governance (ESG) integration.

The conversations reflected MIIF’s mandate to play a catalytic role in Ghana’s mining sector while supporting responsible investment practices.

Beyond financial considerations, the meetings placed strong emphasis on environmental stewardship.

The companies expressed commitment to working with MIIF’s ESG and Sustainability teams to support the reforestation of mined-out areas, reinforcing shared responsibility for land restoration and long-term environmental management.

Social impact also featured prominently in the discussions. The companies reaffirmed their support for MIIF’s Women from Mining Communities (WomCom) Scholarship Scheme, pledging collaboration on STEM education initiatives aimed at increasing opportunities for women and girls in mining communities.

The programme seeks to expand female participation in technical and leadership roles within the mining sector.

By the close of activities on Monday, MIIF had established a strong presence at African Mining Indaba 2026.

The Fund’s early engagements translated the conference’s call for partnership into tangible discussions, positioning MIIF as a key national institution committed to balancing investment performance with environmental responsibility and inclusive growth.

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Data from the Global Composite Purchasing Managers Index (PMI) shows that output improved in October, with the PMI Output Index rising by 1.15 per cent to 53 from 52.4 in September.

The improvement signalled steady momentum in global business activity and aligned with the International Monetary Fund’s (IMF) projected global GDP growth of 3 per cent for 2025.

MIIF noted that inflationary pressures eased during the period despite challenging global trade conditions. The moderation was linked to a slowdown in export orders, which reduced cost pressures across major economies.

In November, export demand showed signs of recovery and stabilisation. However, the Global PMI dipped slightly to 52.7, down 0.57 per cent from the seventeen-month high of 53 recorded earlier.

Even with the marginal decline, global growth remained supported by the manufacturing and services sectors. The Services PMI Business Activity Index stood at 53.3, indicating strong performance.

Major economies including India, the United States and the Euro Area posted output growth above the global average, reinforcing their role as key drivers of worldwide expansion.

Momentum weakened further in December, as concerns over unemployment and softer demand weighed on business activity. Global PMI fell to 52, the lowest level in six months. MIIF said the decline reflected growing caution among firms as new orders edged down, pointing to slower demand conditions heading into 2026.

The report concludes that while the global economy closed 2025 in positive territory, the easing pace of expansion and weakening order books suggest that growth in early 2026 could face increasing headwinds unless demand and employment conditions improve.

Read the full report below:

She said this would be achieved in collaboration with the Fund’s stakeholders to secure value for both present and future generations.

Mrs Nelson made the commitment in her New Year message shared across MIIF’s official social media platforms.

“Last year marked a defining phase in our transformational journey, delivering strong institutional reforms aligned with the standards of a world-class sovereign wealth fund. In 2026, together with our stakeholders, we will build on the successes of 2025—strong financial performance, robust internal systems, sound compliance and risk management, and strategic investments that secure value for both present and future generations. Wishing you a Happy and Prosperous New Year,” she said.

The message follows a successful year for the Fund, which undertook major institutional reforms that resulted in significant improvements in royalty receipts.

Ghana’s mineral revenue outlook showed strong momentum in 2025, with data indicating notable growth in royalty payments across all major mining segments during the first three quarters of the year.

The figures reflect strengthened regulatory compliance, improved production in key minerals, and sustained investor confidence in the country’s mining sector.

Large-scale gold mining remained the dominant contributor, generating royalties of US$291.87 million as of September 2025, representing a 40.18% increase from the US$208.20 million recorded over the same period in 2024.

The mid-tier gold mining segment also recorded strong growth, with royalties rising from GH₵40.61 million between January and September 2024 to GH₵59.44 million in 2025, a 46.38% increase.

The manganese sector emerged as a standout performer, recording a 170% surge in royalty inflows. Payments rose from US$4.72 million in 2024 to US$12.75 million in 2025, driven by improved production and stronger compliance by operators.

The quarry industry also posted gains, with royalties increasing by 13.12% from GH₵11.62 million to GH₵13.15 million, while the sand mining sub-sector recorded a 21.48% rise, growing from GH₵364,998.58 to GH₵433,406.41 over the same period.

The discussions highlighted the critical role of Gold Fields’ investments in Ghana, which account for 31% of Gold Fields’ global production.

The delegation from Gold Fields Ghana Ltd was led by Mr. Elliot Twum, Senior Vice President and Managing Director; Ms. Emma Morrison, Regional Head, Corporate Affairs; and Mr. William Empeh, Head of Human Resources.

The MIIF delegation was led by Mr. Kwabena Barning, Chief Technical Officer, along with other senior management members.

Among the many topics discussed, Mr. Twum, in his presentation, stressed the pillars underpinning their strong track record of operational success, which will continue to drive contributions going forward.

The key success factors, he said, include the presence of an experienced technical and management team, robust organizational governance, a strong Environmental, Social, and Governance (ESG) footprint—which he elaborated on during the discussion—the country’s significant resource potential, and their presence in a tier-one mining jurisdiction.

“Collectively, these elements reflect our unwavering commitment to sustaining operations and advancing asset development in Ghana,” he added.

On ESG, Mr. Twum highlighted the company’s establishment of Ghana’s first mine foundation, the construction of a US$27 million, 33km asphalted Tarkwa-Damang road, a US$13 million 10,000-capacity stadium, and the rehabilitation of tailings storage into productive farmland.

These efforts, he noted, earned the company the “Best Green Mine” and “Best Performer in Environmental Management” awards for 2024.

The MIIF team expressed appreciation to Gold Fields for the engagement, emphasizing MIIF’s keen interest in exploring future collaboration with Gold Fields through knowledge sharing, capacity building, and other areas of mutual benefit.

She argued that a more inclusive mining industry would not only advance gender equity but also strengthen productivity, innovation, and governance within Ghana’s mining ecosystem. According to her, the call represents a push for systemic change that ensures women are not merely present in the sector but fully empowered to lead, influence, and thrive.

Mrs Nelson made the remarks as the keynote speaker at the 10th anniversary celebration of Women in Mining Ghana (WIM Ghana), held in Accra. She commended the organisation for a decade of “courage, resilience, and vision,” applauding its role in championing advocacy, leadership development, and opportunities for women in a historically male-dominated industry.

“Your work has helped shape national perceptions, amplified women’s voices, challenged stereotypes, and opened doors that were once firmly shut,” she said, adding, “MIIF salutes you.”

Citing data from the Ghana Chamber of Mines’ 2023 report, Mrs Nelson highlighted persistent gaps in women’s participation across the mining sector. Women account for about 9–10 per cent of the large-scale mining workforce, 9 per cent of contractor roles, 10 per cent of junior-level positions, 14 per cent of senior roles, and 21 per cent of professional positions.

“These are interesting figures, but they are far from where we need to be,” she noted.

Mrs Nelson outlined key challenges confronting women in the industry, including wage disparities, gender bias, and harassment. Drawing from her own experience since assuming office at MIIF earlier this year, she revealed that she has faced sustained attacks.

“I have been bombarded with false publications and malicious attacks simply for putting things in their right perspective,” she told the gathering.
“I stand here today not as a victim, but as a woman who refuses to be distracted. Let us hold and defend one another, for we are few at the top.”

Reaffirming MIIF’s commitment to building an inclusive and progressive mining sector, Mrs Nelson highlighted the Women from Mining Communities (WoMCom) Scholarship Scheme, which supports brilliant but financially disadvantaged female students pursuing STEM programmes.

She disclosed that over 90 young women from the University of Mines and Technology (UMaT), Tarkwa, have already benefited from the initiative. MIIF, she said, plans to expand the scheme to universities in Ghana’s middle belt and northern regions in 2026, subject to support from corporate Ghana.

“Our goal is to ensure that women from mining communities are not left behind in Ghana’s mineral-driven transformation,” she stated.

Mrs Nelson commended corporate Ghana for its continued support and expressed optimism that partnerships with MIIF would be strengthened to uplift more women into the mining space through Corporate Social Responsibility initiatives.

She also reported notable improvements in Ghana’s mineral royalty inflows for 2025, attributing the gains to improved regulatory compliance and growing investor confidence. Key highlights for the first three quarters of the year include large-scale gold mining royalties of US$291.87 million, representing a 40.18 per cent increase over 2024; mid-tier gold operations generating GH₵59.44 million, a 46.38 per cent rise; manganese royalties of US$12.75 million, a 170 per cent surge; quarry industry earnings of GH₵13.15 million, up by 13.12 per cent; and sand mining revenue of GH₵433,406.41, reflecting a 21.48 per cent increase.

“These figures underscore strong momentum in Ghana’s mineral revenue outlook,” she said.

Mrs Nelson urged stakeholders to work collectively to build a mining sector where women are respected, safe, visible, and empowered.

“As MIIF continues to secure Ghana’s mineral revenues, we stand ready to partner with Women in Mining Ghana to champion a future where gender does not limit potential,” she stated.

She congratulated WIM Ghana on its 10-year milestone and expressed hope that the next decade would usher in even greater transformation for women in the mining industry.

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.

Over the past few weeks, several sensational headlines have circulated, including: “Auditor-General Blasts MIIF CEO Over ‘Improper’ Request to Rewrite 2024 Report”, “Auditor-General Rejects MIIF CEO’s Rogue Request”, and “Auditor-General Blasts MIIF CEO Over Corrupt Audit Rewrite Request”.

MIIF clarified that these publications, which centre on the 2024 Audit Report, are false and misleading. The Fund is currently engaged in ongoing, professional discussions with the Office of the Auditor-General to ensure the final report accurately reflects the issues raised in the Management Letter. At no point has MIIF attempted to alter any signed financial statements, contrary to claims in the publications.

According to MIIF, intelligence indicates that the misleading reports are being propagated by paid publishers with the apparent aim of exerting pressure on the current management to publish the audit report on the Fund’s website. MIIF stresses that this pressure campaign is part of a deliberate agenda by certain former board members and executives to advance personal interests, including foreign travel.

The Fund also highlighted that some of the former executives behind these publications are currently under investigation by the Office of the Special Prosecutor, and the attacks appear intended to divert public attention from lawful inquiries.

Independent analysts have urged the public to disregard these false narratives, describing them as attempts to undermine transparency and the proper management of Ghana’s mineral revenues.

MIIF reaffirmed its commitment to due process, transparency, and its mandate to protect and grow Ghana’s mineral income for current and future generations. The Fund assured stakeholders that it will continue to cooperate fully with the Auditor-General and maintain focus despite these coordinated attacks.

The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Justina Nelson, says Ghana and Zambia have a strong opportunity to collaborate and optimise their mineral resources for the benefit of current and future generations.

She explained that the two mineral-rich countries can learn from each other’s experiences, share technical expertise, and explore co-investment opportunities across the mineral value chain as they work to reshape the narrative surrounding Africa’s mining sector.

Mrs Nelson made the remarks when MIIF hosted the High Commissioner of Zambia to Ghana, Mr Daniel Mahongo, and his delegation during a familiarisation visit aimed at strengthening bilateral cooperation within Africa’s mineral value chain.

Welcoming the delegation, Mrs Nelson described the visit as a significant step toward deepening collaboration between Ghana and Zambia—two nations committed to transforming natural resource wealth into sustainable, long-term prosperity.

She noted that MIIF, Ghana’s sovereign wealth fund for mineral revenues, remains focused on maximising value from the country’s mineral portfolio, which includes gold, lithium, manganese, diamonds, and other emerging critical minerals. This, she said, is being achieved through strategic investment, value addition, local content development, and intergenerational wealth creation.

Highlighting Zambia’s leadership in the copper and cobalt sectors, Mrs Nelson emphasised the mutual opportunities for learning and partnership across both countries’ mineral ecosystems.

During the meeting, MIIF shared insights into its governance structure, investment philosophy, and risk management framework, while the Zambian delegation outlined its priorities in export diversification, investment promotion, and economic transformation.

Both parties identified key areas for collaboration, including joint investments, technical cooperation, beneficiation strategies, and the development of Africa’s emerging 24-hour mining economy. MIIF subsequently proposed the establishment of a Joint Technical Working Group to advance these commitments.

Mrs Nelson expressed appreciation for the productive engagement, noting that the visit marks the beginning of a strong and enduring partnership that will deliver tangible benefits to both countries.

Mr Mahongo, on his part, thanked MIIF for the warm reception and assured that Zambia remains committed to leveraging its mineral wealth for development, industrialisation, and diversification. He highlighted ongoing reforms in state participation, licensing, Artisanal Small-Scale Mining (ASM) formalisation, and the creation of innovative investment vehicles.

He also expressed Zambia’s interest in learning from MIIF’s governance and portfolio strategies to enhance responsible and sustainable mineral income management.

Mr Mahongo added that Zambia is open to regional cooperation through MoUs, joint initiatives, and private-sector engagement, particularly in downstream mining, processing, and royalty-backed investments.

He expressed confidence that strengthened collaboration between Ghana and Zambia will support Zambia’s reform agenda, promote sustainable growth, and translate mineral resources into long-term national prosperity.

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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.

The training led by the Internal Audit Agency, forms part of MIIF’s institutional capacity-building framework and brought together staff across departments to deepen their understanding of audit processes and improve the quality and timeliness of responses to audit queries.

In her opening remarks, the Chief Executive Officer of MIIF, Mrs. Justina Nelson, underscored the importance of the training, noting that robust internal controls and sound audit practices are the backbone of every credible financial institution.

“Accountability is not merely a word to us at MIIF. It is part of our core values, the very currency of public trust,” Mrs. Nelson emphasized, adding that “every decision we make, every cedi we manage, and every process we undertake must meet the highest standards on behalf of the people of Ghana.”

Mrs. Nelson further noted that the Fund’s ability to respond to audit queries clearly, promptly, and accurately reflects not only its technical competence but also its culture of transparency and integrity.

She encouraged participants to actively engage in the training, share departmental experiences, and apply the lessons learned to strengthen MIIF’s institutional systems.

Mrs. Nelson commended the Internal Audit Department and facilitators of the training for their dedication and partnership in strengthening MIIF’s systems, noting that the Fund’s pursuit of excellence must remain uncompromising.

“The systems we strengthen here will not only make our work more efficient, they will make MIIF stronger, more credible, and better positioned to fulfill our mandate,” she said.

The acting Director, Technical, Research, Monitoring and Evaluation at the Internal Audit Agency, Mr Senanu Mensah, who led the training sessions, cautioned public servants to be deliberate and precise in their audit responses.

“In responding to audit queries, public servants must be guided by what they report, because they do not know where their responses will end up,” he noted.

Mr Mensah advised that; “It is therefore important that such responses are succinct and free of ambiguities to avoid misinterpretation or unintended consequences.”

The training, coordinated by MIIF’s Internal Audit Department in collaboration with the Internal Audit Agency, is expected to enhance staff capacity in documentation, reporting, and adherence to regulatory and procedural standards.

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The initiative, which is fast becoming a blueprint for other African countries with rich mineral resources, was launched in June 2024.

It forms part of MIIF’s Corporate Social Responsibility (CSR) strategy, designed to support brilliant but financially challenged female students to pursue higher education in Science, Technology, Engineering and Mathematics (STEM), particularly in mining-related disciplines.

Speaking in an interview, the President of Women in Mining Ghana, Dr Georgette Barnes Sakyi-Addo, described the WoMCom programme as “one of Ghana’s most impactful gender equity initiatives within the mining sector.”

She explained that several African countries were already studying the Ghanaian model as a blueprint for similar interventions in their resource-rich regions.

“By supporting young women to enter highly technical fields, the scholarship not only transforms individual lives but also strengthens Ghana’s human capital in engineering and related industries,” she stated.

The intervention comes at a time when women remain significantly underrepresented in Ghana’s mining and engineering sectors.

According to the 2024 Ghana Statistical Service Report, women account for only 24 per cent of professionals in STEM-related fields, with far lower representation in engineering and computer science.

Similarly, a 2023 study by the Ghana Chamber of Mines revealed that women constituted just 10 per cent of the total workforce in the large-scale mining sector.

By focusing on young women from underserved mining communities where poverty levels often exceed the national average, the WoMCom scheme aims to remove financial and systemic barriers that have historically hindered girls’ access to technical education.

In September of this year, 45 female students from the University of Mines and Technology (UMaT) in Tarkwa were selected as beneficiaries of the WomCom Scholarship, following a rigorous and transparent selection process.

The process, which received over 100 applications, was overseen by a five-member Steering Committee made up of representatives from MIIF and UMaT.

In total, GH₵460,000 was disbursed to support 43 undergraduate and two postgraduate students.

Undergraduate recipients received GH₵10,000 each, while postgraduate students were awarded GH₵15,000 to cover tuition, accommodation, and other academic expenses.

Through the instrumentality of the Chief Executive Officer of MIIF, Mrs. Justina Nelson, corporate Ghana, for the first time, contributed significantly to the success of this programme as part of their Corporate Social Responsibility (CSR) initiatives.

They were OmniBSIC Bank, Access Bank, Zijin Golden Ridge Ltd., Zenith Bank, First Atlantic Bank, First Bank, and Procus Ghana Limited, producers of Kivo products, highlighting the private sector’s commitment to advancing gender parity in education and industry.

MIIF’s WomCom Scholarship is not only shaping futures but also contributing to national development goals by investing in the next generation of female engineers, scientists, and mining professionals.

They are Minister of Defence, Dr. Edward Omane Boamah, former Minister of Environment, Science, Technology & Innovation, Dr. Ibrahim Murtala Mohammed, Acting Deputy National Security Coordinator, Dr. Alhaji Mohammed Muniru Limuna, National Vice Chairman of NDC Dr. Samuel Sarpong, former NDC Parliamentary Candidate for Obuasi East Samuel Aboagye, Squadron Leader Peter Bafemi Anala,  Flying Officer Manean Twum-Ampadu and Sergeant Ernest Addo Mensah.

In a statement, MIIF described the victims as “fathers, husbands, mentors, and pillars of our democracy” who dedicated their lives to the service of Ghana.

“The tragic irony that these great men, who spent their lives protecting and serving Ghana, should perish while still in service to the nation, fills us with overwhelming sorrow,” the statement read.

MIIF extended condolences to President John Dramani Mahama, Vice President Naana Jane Opoku-Agyemang, the Chief of Staff, the Chief of Defence Staff, and the people of Ghana, as well as to the bereaved families.

“To the bereaved families, Ghana weeps with you, MIIF mourns with you, and we stand with you during these excruciating moments of grief and disbelief,” the Fund said, adding that the late officials embodied the highest ideals of patriotism and selfless service.

The Board and Management of MIIF concluded their message with a prayer for the victims’ souls to “rest in perfect and everlasting peace.”

Source: Adomonline.com

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The move, outlined in the 2025 Budget Statement, is feared to weaken MIIF’s ability to invest in high-yield assets that ensure long-term financial stability.

Experts warn that the decision could push Ghana into a boom-and-bust cycle, where mineral revenues are quickly depleted without generating sustainable economic benefits.

Financial analyst Nii Addo Lawman cautioned, “The proposal to transfer 80% of MIIF’s funds to the Consolidated Fund may provide short-term fiscal relief, but at the cost of long-term financial security. This move will not only undermine MIIF’s operations but could cripple it, thereby defeating the purpose for which it was established.”

He further explained, “Ghana risks becoming another cautionary tale of a resource-rich country that mismanages its wealth, rather than harnessing it for sustainable economic transformation.”

Lawman cited global examples of countries that have successfully managed their natural resource wealth to ensure financial stability. “Norway’s Government Pension Fund Global (GPFG), for instance, has grown into a $1.4 trillion fund, securing financial stability even as oil production declines. Bahrain’s Mumtalakat Fund also prioritises investment over direct government spending, ensuring economic sustainability,” he noted.

He warned that if Ghana proceeds with the amendment, MIIF will struggle to invest in local mining operations and strategic assets, leading to long-term economic consequences.

“MIIF could have grown into a $10 billion sovereign wealth fund over the next 15 years, generating enough revenue to support government infrastructure projects while maintaining financial stability. Instead, we risk losing investor confidence and reducing our ability to fund local mining initiatives,” he stressed.

Lawman urged the government to reconsider the policy and adopt a hybrid model that balances investment with infrastructure development.

“Rather than stripping MIIF of its resources, a better approach would be to allow it to invest and grow, ensuring that Ghana’s mineral wealth serves the country long after the resources are depleted,” he advised.

Earlier reports suggested that in 2024, MIIF, operating under the Ministry of Finance, underwrote an overdraft facility for Goldridge Limited through Fidelity Bank.

However, MIIF allegedly defaulted on repayment, leading to the reported seizure of funds.

In a statement, the bank clarified that it had facilitated a pre-settlement of a forex transaction, expecting MIIF to fulfill its obligations within the agreed timelines.

“MIIF experienced delays in settling their portion of the transaction in forex. Subsequently, MIIF took the necessary measures to address the overdue amount and fulfill their commitments under the agreement,” the statement added.

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Speaking on the sidelines of the summit, Prof Boateng highlighted the dangers of inadequate boardroom compensation, warning that it threatens the future of these vital institutions.

“We can no longer pretend everything is fine,” he stated.

“How can we expect board members, overseeing organizations with assets exceeding $400 million, to fully commit to their duties when they’re paid less than $380 per meeting or 1520 per annum? Some receive a paltry $114  per quarter or $ than $500 annually. This level of compensation is far too low for the responsibilities involved.”

Prof Boateng emphasised that board members face increasingly serious risks in today’s corporate landscape.

“In these days, not only can one’s hard-earned reputation be destroyed, but you can go to jail if things go seriously wrong. Board members must take their roles seriously, and for that, they must be properly compensated,” he cautioned.

He also stressed the need for board members to add value through a deep understanding of the companies and industries they oversee.

“Protecting shareholder interests and driving value requires directors to constantly seek information, ask tough questions, and stay informed. This demands time, effort, and fair compensation,” he said.

While recognising the honor of public service, Professor Boateng insisted that fairness in remuneration is essential.

“Serving as a non-executive director in SOEs is a national duty, but the serious responsibilities involved require fair compensation. This call is not for higher pay for current directors and chairpersons, but to ensure that future leaders are properly incentivised to meet modern board room governance demands.”

The summit has become a pivotal forum for governance discussions across Africa.

Prof Boateng’s remarks reignited debate on the future of SOE leadership, making clear that without reform, these enterprises will continue to struggle to attract and retain the talent they need to thrive.

“Outdated practices must change. State-owned enterprises are critical to national development and meeting global objectives like the UN SDGs and Africa’s Agenda 2063. Board compensation must reflect the importance of these roles, not just to attract talent but to safeguard the integrity and effectiveness of these institutions,” he added.

Prof Boateng called for a shift from politically motivated appointments toward merit-based leadership.

“SOE board roles require specialised expertise, strategic thinking, and accountability. Compensation should reflect the demands of the role. If we fail to act, we risk jeopardizing the future of these institutions,” he warned.

Additionally, he urged swift reform stating; “The time for change is now. Governments must reassess how SOE boards are compensated, not just for fairness, but to ensure that our state-owned enterprises are led by the best talent equipped to navigate today’s complex global challenges.”

His remarks have sparked a renewed drive for governance reform, with strong support for a forward-thinking approach to board appointments and compensation structures.

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The Fund also recorded an increase in revenue from GH¢323 million in 2022 to GH¢456 million in 2023.

According to the Chie Executive Officer of MIIF, Edward Nana Yaw Koranteng, MIIF is currently evaluating its assets including the Government of Ghana’s equity interest in mining companies which should place the Fund’s total Assets Under Management (AUM) to around $1.5 billion by end of 2024.

“MIIF’s assets under management may increase to $ 1.5 billion by end 2024, as it begins a revaluation of assets including the Government of Ghana’s free carried interests” he said.

He also added that the growth trajectory of the Fund is attributed to the hard work of the team at MIIF grounded in the vision of the president, Nana Addo Dankwa Akufo Addo to ensure that Ghana garners more value from its minerals.

The main sources of income for the Fund are royalties and dividend payments. Ghana has seven royalty paying minerals with the potential for 15.

Prior to MIIF expanding the royalties net, gold was contributing about 99% of royalties.

The Fund since 2022 has successfully expanded the royalties net by working to include hitherto non-paying minerals such as medium scale gold, sand winning and salt.

Royalties from quarries, limestone and silver have increased significantly with the expansion premised on two major initiatives by the Fund – the establishment of an inter-agency framework and task force in 2022 made up of Ghana Revenue Authority, GRA, Minerals Development Fund, MDF, Ghana Standards Authority, Minerals Commission and the Economic and Organised Crime Office, EOCO.

This framework is part of the strategic thrust of MIIF to enhance the collection of royalties, expand the royalties net and streamline communication on royalty payments from non-gold mining companies.

The second initiative by MIIF in this regard is the development of an in-house geo mapping, tracking and monitoring system which allows a real time view of mining activities from selected mines and quarries across Ghana. This allows tracking of mining companies and payment of royalties on time.

The table below illustrates the growth in royalties following the implementation of the initiatives in 2022 which saw, silver, salt and sand winning paying royalties for the first time.

MIIF’s investments are aligned with industrial policy and premised not just on increasing equity holdings for Ghana but towards the development of the entire value delivery system connected to each single mineral type, said Mr Koranteng.

Major investments by MIIF

MIIF has invested over $40 million in the Chirano and Bibiani gold mines under the Canadian and Franfurt listed Asante Gold Corporation. This investment by MIIF has increased Ghanaian interest to circa 45% making it the only large-scale gold mine with significant Ghanaian interests currently.

The Fund through its investment in the UK and Australian listed Atlantic Lithium is now the third largest shareholder in Atlantic Lithium globally and working on finalising a 6% stake in the company’s Ghana tenements including the Ewoyaa project mine which increases Ghana’s stake in Ewoyaa to 19% on the back of a negotiated 13% free carry for Government of Ghana at a value of $27.9 million.

According to the Chief Investment Officer for MIIF, Bubune Sorkpor, MIIF has also invested $300 million in the development of the Ada Songhor Salt project under Electrochem Ghana.

“Industrial salt is one such mineral if well-developed across its value chain could generate at least $1.0 billion in direct revenue every year.

The Ada acreage of 41,000 acres is the largest in sub-saharan Africa and the investment will push it to become the biggest producing facility in Africa.

The Walvis Bay in Namibia which is the largest in sub-Saharan Africa at 16,700 acres produces circa 950,000 tons per annum with Ada having the potential to produce 2,000,000 tons per annum”, said Bubune Sorkpor.

Leverageing the Capital Markets

In 2023, MIIF executed an MoU with the Ghana Stock Exchange (GSE) with the view to establish a practical framework to set forth the procedures to create an alternative asset class and promote the trade in minerals securities on any of the GSE’s markets.

In line with this MoU, MIIF shall endeavour to have all investments listed on the bourse. In this vein, Electrochem shall be listed on the GSE by end of 2025, Atlantic Lithium and Asante Gold have been listed thereby giving Ghanaians the opportunity to directly participate in these investments.

In view of the opportunity to leverage the GSE, the Fund is developing a gold backed ETF with the support of the GSE and IC Securities. This will be the second listed ETF after the ABSA South Africa New Gold ETF which has been trading on the GSE for at least four years.

The MIIF gold backed ETF will provide the opportunity for Ghanaians and Pension Funds to invest in actual gold backed instruments and also create an alternative to government backed securities.

Enterprise Development (The MIIF Small Scale Gold Mining Incubation Program)

The Chief Technical Officer and Head of Operations of the Fund, Kwabena Barning reiterated the CEO’s position of investment along the entire value delivery process by emphasising the need to formalise the small-scale gold mining sector by supporting the small scale gold miners under a program called the MIIF Small Scale Mining Incubation Programme.

The Small-Scale Mining Incubation Programme (SSMIP) is an enterprise development initiative designed to support the growth of the small-scale gold mining sector. The licensed small-scale sector contributes up to 40% of the total gold output of Ghana and employs more than 10% of the working population.

The MIIF Small-Scale Mining Incubation Programme will be in the form of equity investment in the form of capital support, mining equipment, gold traceability mechanisms, imbuing beneficiary firms with corporate governance principles, exacting responsible mining methods to forestall environmental degradation as well as the provision of a ready offtake market through the MIIF Gold Trade Desk for the licensed miners.

According to Mr Kwabena Barning, “This initiative will be the most revolutionary in artisanal mining in Africa”.

Mr. Koranteng emphasised the belief that the SSMIP has the potential to triple the small-scale output which is currently around $2 billion a year.

The objective of the SSMIP is to develop the creation of Ghanaian mid-tier gold mining companies, which would lead to the formalisation of the sector with an attendant impact on eradicating illegal mining. In addition, this programme plans to move beneficiary companies from their artisanal status to high performing junior mines that can be listed on the Ghana Stock Exchange. The pilot phase of this project has begun with an initial investment outlay of $30 million over the next two years with a plan to cover over 100 companies within the next eight years.

The MIIF Gold Trade Desk           

MIIF commenced the operationalisation of its Gold Trade Program in August 2023 with a strategic goal of integrating its investments along the whole value chain of commodities invested.

Trade has attracted total inflows of $719 million into the Ghanaian economy between August 2023, and July 2024 through its Gold Trade Desk. Out of these inflows, MIIF has traded foreign exchange amounting to US$531 million over the period with Bulk Oil Distribution Companies (BDCs) in support of the Government’s gold for oil programme.

Source; Myjoyonline

The scholarship which will be hosted by the George Grant University of Mines and Technology in Tarkwa (UMAT), is exclusively for women from mining communities studying in mining engineering and STEM-related mining courses.

Dubbed the MIIF- WomCom scholarship, the scheme will run for 10 years with a projected 100 award beneficiaries every year. The goal of the MIIF- WomCom scholarship programme is to increase female participation in the management of the mining sub-sector which is below 8%. This initiative is in line with the Fund’s ESG policy.

Critical Intervention

The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, says his outfit decided to make the critical intervention to support the development of human capital in the mining sector as it considers that to be the most important investment across the mining value delivery chain.

He emphasised that, for Ghana to benefit and leverage its mineral resources, good policies will not be enough until there is deliberate development of the human resources to support the sector.

“We believe that just investing in equity, investing in the value chain etc. without investing in human development will just take us nowhere; you know, we will hit a wall at a point in time,” Mr. Koranteng stated.

While human resource development is the key goal driving the establishment of the scholarship scheme, the specific concentration on women from needy families in the mining communities is of prime focus to MIIF. Apart from the fact that this initiative bridges the gap in this male-dominated industry, it provides an opportunity to create female role models from these communities and erodes perceptual biases borne out of certain traditions and prejudices against women.

Research and ESG

The environmental, Social and Governance framework that underpins every decision of MIIF is also fed by extensive research in the mining sub-sector that identified more value in women’s participation in mining.

The Head of Corporate Affairs and External Relations, Kojo Frempong said, “The research is pretty conclusive, the more you invest in women in the sector, the more value is created for the sector as there is greater retention in the communities”.

For us at MIIF, this WomCom scholarship scheme is a strategic investment that will inure to the benefit of the country as a whole and create more advocates for environmental, social and governance issues” said the Head of ESG at MIIF, Ms Sharon Addo.

Ghana is blessed with natural resources, but we have seen the dangers in other jurisdictions when there is policy failure and a lack of investment in the mining value delivery process.

Mr Koranteng stressed that resources are not infinite making it crucial to leverage the resources cleverly in a sustainable manner, this gives meaning to the fact that resources do not develop a nation, brains do.

Scholarship Expansion

Though UMaT is the first university to administer the scholarship, MIIF plans to extend the opportunity to students from the Kwame Nkrumah University of Science and Technology and the University of Energy and Natural Resources in Sunyani in an expandable drive for the scholarship.

“We are modelling the WomCom scholarship scheme with UMaT. 100 female students will be selected every year. Some of the beneficiaries will be undergraduates while others will be involved in the postgraduate category. We have great expectations of the various cohorts for the next ten years. Once we see the success of the program we will replicate it in other universities, I am deeply inspired by the saying of the great Ghanaian educationist, Dr. Kwegyir Aggrey who said; if you educate a woman, you educate a nation. Imagine the impact hundreds of qualified women engineers will have on the mining sub-sector only a few years after this program takes off”, Mr Korateng added.

Framework Agreement with UMaT

The Women in Mining Communities Scholarship scheme (WomCom Scholarship) is part of a five-part collaboration framework between MIIF and UMaT. The other four areas of collaboration are; an annual thought leadership event dubbed the MIIF Speaker Series which is in its third year, The MIIF Technical Training and Jewellery Training Making Centre which will be completed in December 2024, a continuous training and technical assistance from UMaT to MIIF under which the University provides consultancy to MIIF and the proposed Ghana Mining Museum and Mining Research Center which is also supported by the Chamber of Mines and will be partly funded by MIIF.

The Minister of Finance, Dr Mohammed Amin Adams has described the collaborative agreement between MIIF and UMaT as the foundational stone which makes the partnership between academia and practising institutions possible.

“The structural relationship is firmly anchored on collaboration. MIIF is guided by the research from UmaT while the university also gets support from the Fund. An important area that bears out this collaboration is the Small-Scale Mining Incubation Program (SSMIP) where MIIF intends to help formalise some small-scale mining firms by investing capital, installing a rigorous financial reporting and environmental compliance regime as well as an off-taker agreement for gold produced under the programme”.

Support of the Chamber of Mines

The Chamber of Mines has expressed its support for MIIF’s initiatives.

Dr Sulemanu Koney, the CEO of the Chamber indicated that the MIIF / UMAT Collaboration and the scholarship scheme exemplify what is possible for the sector if things are done well.

A number of mining companies such as Atlantic Lithium which has discovered lithium in Ewoyaa and is set to start production in 2025 have indicated their readiness to support the scholarship scheme when it takes off in October 2024.

The fund grew assets by a whopping 87.4% from 2021 figures which stood at Ghs 1.7 billion.

People with knowledge of the fund’s intimate workings say with Lithium and Salt investments penned for 2023, the US$500 million mark or at least GHs 5 billion is very much within view.

MIIF’s performance update has been achieved on the back of innovative strategies which led to growth in royalties’ income, expansion of sources of royalties and investment income. 

Growth focused Investments

In March 2022, MIIF acquired a US$20 stake in Asante Gold Corporation a Canadian and German-listed company with assets in Bibiani, Chirano, and Kubi.

MIIF subscribed to 14,514,286 ordinary shares, representing 4.62% of the entity at the time.

The future-focused investment fund said at the time of the acquisition that it saw “significant upsides to the Asante asset and was confident the company which has all its assets domiciled in Ghana would do very well”.

MIIF has also closed a GH¢25 million deal in a Ghana/Africa SME-focused Fund. MIIF recently announced at the 2023 Mining Indaba in South Africa that it intended to invest US$60 million in Lithium and Salt with the beneficiary companies being Atlantic Lithium and Electrochem limited, a wholly-owned Ghanaian company that is aiming to become Africa’s biggest Salt producer.

Another area of investment for 2023 is the small-scale mining incubation support program where MIIF told audiences at the South African Mining Indaba in Cape Town that it was planning to invest another US$ 60 million to formalize small-scale mining, help with traceability mechanisms for the gold produced by small-scale miners under the program and ultimately list beneficiary mining firms on the Ghana Stock Exchange (GSE).

MIIF is also developing a gold-backed Exchange Traded Fund (ETF) with the support of the Ghana Stock Exchange (GSE) for trading on the Ghanaian Bourse and possibly the Johannesburg and Toronto Stock Exchanges.

Performance of Investments of the Fund

The Fund recorded an annualized end-year return of 6.13% in 2022. The return was also influenced by foreign exchange volatility and good treasury management of funds.

Edward Nana Yaw Koranteng, the Chief Executive Officer of the Fund told the Daily Graphic exclusively, “MIIF mobilized GH¢1.3 billion in 2021 and GH¢1.8 billion in 2022, representing a 36% growth over the previous year. This was a major factor in growing the Fund’s AUM. We have been able to do this because of an inter-agency framework we put in place last year which has seen us collaborating with more agencies. These agencies include the Ghana Standards Authority, the Economic and Organized Crime Office and the Minerals Commission which is the regulator of the minerals sub-sector. We have also adopted innovative technologies such as geo-mapping all mining sites in Ghana and also creating a real-time dashboard for all royalties contribution from every mine in the country,” Mr Koranteng said.

Mr Koranteng further said “the Fund put in measures to expand the royalties stream by adding sand-winning and salt to the list of royalties paying minerals which help with diversifying the royalties base away from gold.”

MIIF outperforms Global Benchmarked Indexes

MIIF outperformed global benchmarks with an annualized end-year return of 6.13% in 2022. The year 2022 witnessed significant market losses for equities and Fixed Income investments globally.

Equities spent most of the year in a bear market, with the S&P 500, FTSE 100, and GSE-CI recording end-year returns of -19.49%, +0.91%, -12.38%, respectively. This compares to the 6.13% return achieved by MIIF.

The bond market was also hit, especially in developing economies, as the risk of defaults increased. The Russia-Ukraine conflict triggered global inflation and general market uncertainties.

MIIF as a lever for development

Mr. Koranteng expressed optimism that MIIF will, in a few years, become the lever that can help Ghana through volatile economic periods and offer the stability that is needed in the economy.

“MIIF will seek to diversify its funding and investment portfolio sources, including capital market transactions, a gold trade desk which has already been set up which will definitely be a source of forex for the country and explore risk participation in high-yielding projects with top-grade financial institutions,” Mr Koranteng.  

Mr Koranteng emphasized: “We are a young fund, however, we are focused on getting it right. We plan to hit the US$500 million AUM by January 2024 and US$1 billion by 2027. We have made investments in Asante Gold, we are targeting some gold exploratory companies, lithium and salt as well as lithium by-products such as feldspar and silica to kickstart the ceramics and fiberglass industry.”

MIIF

The Minerals Income Investment Fund (MIIF) is Ghana’s minerals sovereign fund. MIIF was established pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended to receive royalties payments from mineral production activities in Ghana and to manage the government’s equity interest in mining companies.