The Minerals Income Investment Fund (MIIF) aims to enhance the accumulation of the country’s mineral royalties, targeting an asset base of $6 billion over the next decade.
To achieve this goal, the MIIF will collaborate with institutions such as the Ghana Revenue Authority (GRA), the Economic and Organized Crime Office (EOCO), and the Ghana Standards Authority (GSA) to ensure that all mining companies fulfill their royalty obligations to the state.
In an interview following the Fund’s stakeholder conference in Accra, the Chief Executive Officer (CEO) of MIIF, Edward Nana Yaw Koranteng, emphasised the role of technology in reaching this target. “We are looking to increase our assets from $1.5 billion, following a reevaluation that includes the Government of Ghana’s interests, to about $6 billion within ten years. Our strategy includes expanding the royalties net through technology and collaborating with the GRA, GSA, and EOCO to ensure that companies meet their royalty obligations,” he stated.
Koranteng also highlighted plans to allow citizens to participate in the shares of mining companies by ensuring that those the Fund invests in are listed on the Ghana Stock Exchange. Additionally, he announced that a dividend payout system would soon be implemented, providing a channel for the government to source funding from mineral royalties.
Deputy Minister of Lands and Natural Resources George Mireku Duker urged the MIIF to lead efforts in collaboration with the Ministries of Lands and Natural Resources and National Security to combat gold smuggling “Further collaboration with these ministries is essential to develop a robust system for tracking gold smuggling and illicit finance projects,” he noted.
Co-chair of the Ghana Extractive Industry Transparency Initiative, Dr. Steve Manteaw called for a review of the MIIF Act established in 2018 to enhance citizen participation in overseeing mineral royalties. He believes such a review will promote transparency in the utilization of the nation’s mineral royalties.
Private legal practitioner and Senior Partner of AB and B law firm, David Ofosu-Dorte emphasized the need to fully develop Ghana’s rich deposits of iron ore.
The stakeholder conference was held under the theme “Minerals Value Addition and Value Chain Development – Essential Tools for Ghana’s Development.”
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