LIST: See the members of the New Minerals Income Investment Fund Board

GraphicOnline Business News Jun - 03 - 2025 , 15:44

Ghana’s Minerals Income Investment Fund (MIIF) has been reconstituted with a new Board of Directors, as Finance Minister Dr Cassiel Ato Forson inaugurated the governing body at a ceremony in Accra.

The move comes at a time of renewed focus on mineral sector reforms and follows significant progress made through the country’s gold purchase programme, Goldbod.

Dr Forson disclosed that Ghana earned more than $1.1 billion in foreign exchange in the first full month of Goldbod operations. This, he said, resulted from the purchase and export of over 11 tonnes of gold, a development he described as a major milestone in efforts to strengthen the cedi and increase Ghanaian participation in the precious metals trade.

“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” the Finance Minister said.

Addressing the new MIIF board, Dr Forson emphasised the importance of returning the Fund to its core mandate—investing Ghana’s mineral revenues responsibly and transparently to deliver long-term national value. He criticised what he called “severe mismanagement” of the Fund between 2019 and 2024, which led the government to withhold financial support.

“We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, government will reconsider its stance,” he cautioned.

He also reaffirmed the government’s intention to intensify collaboration with MIIF and Goldbod in expanding Ghana’s gold purchase initiative and building stronger national gold reserves. Dr Forson noted that MIIF must also lead efforts to increase Ghana’s equity stakes in mining operations while promoting local content and value addition across the mineral value chain.

As part of broader reforms, the Finance Minister announced a crackdown on illegal mineral exports, stating that the state would apply strict oversight to ensure that “no precious mineral leaves the country without due process and benefit to the state.”

The newly appointed MIIF Board is chaired by Mr Richard Kwame Asante. Other members include Ms Justina Amiorkor Nelson, Ms Berl Yaa Asantewaa Asante, Ms Mawusi Ama Mawuenyefia, Mr. Yakubu Mohammed, Mr. Alfred Okoe Vanderpuije, Mr Robert Wisdom Cudjoe, Mr Edward Appenteng Gyamerah, and Dr Zakaria Mumuni.

Speaking on behalf of the board, Mr Asante pledged their commitment to restoring public confidence in MIIF and ensuring the institution plays a central role in Ghana’s mineral development agenda. He assured the public that the board would operate in line with national development priorities and uphold principles of transparency and accountability.