Finance Minister calls for increased indigenous ownership in mining sector
The Minister of Finance, Dr Cassiel Ato Forson, has called on the Minerals Income Investment Fund (MIIF) to collaborate closely with the Gold Board (GoldBod) to significantly increase indigenous stakes in Ghana's mineral assets.
Speaking at the inauguration of the MIIF's new nine-member board in Accra last Tuesday, Dr Forson emphasised the government's commitment to ensure meaningful local participation in the mining sector through comprehensive local content policies.
"Ghana must not only mine gold – we must own a stake in it," Dr Forson said, adding that the "MIIF must pursue significant equity in mining ventures and ensure that Ghanaian businesses benefit meaningfully from our natural resources".
Strategic leadership
The newly inaugurated board marks a pivotal moment for Ghana's sovereign wealth fund as it prepares to navigate recent legislative amendments and chart a new strategic course.
The board is chaired by Richard Kwame Asante, an astute chartered accountant and the Managing Partner of Kwame Asante and Associates (KAA), and includes the MIIF's Chief Executive Officer, Justina Nelson.
Additional board members who represent key government institutions and parliamentary constituencies are: Dr Zakaria Mumuni, First Deputy Governor, Bank of Ghana; Edward Apenteng Gyamena, Commissioner of Domestic Tax Revenue, the Ghana Revenue Authority; Dr Alfred Oko Vanderpuije, Member of Parliament, Ablekuma South; Yakubu Mohammed, Member of Parliament, Ahafo Ano South East; Robert Wisdom Cudjoe, Member of Parliament, Prestea Huni-Valley; Yaa Asantewaa Asante, Director, Public Debt Management Office, Ministry of Finance and Ama Mawusi Mawuenyefia, Director of Communications, the Ministry of Lands and Natural Resources.
Focus on core mandate
Dr Forson congratulated the new board members and urged them to work closely with the MIIF's management and staff to revitalise the fund's performance by focusing on its core mandate.
He said the Ministry of Finance would closely monitor MIIF's progress to ensure adherence to its founding act as amended.
Dr Forson said the board's responsibility was to provide strategic leadership during this transition period and charged members to collaborate with management to transform the fund's trajectory.
The Finance Minister gave the assurance that his ministry stood ready to provide the necessary guidance to ensure MIIF fulfils its mandate while maximising benefits from Ghana's mineral wealth for all citizens.
Board's commitment
In his acceptance speech, Mr Asante expressed gratitude to President John Dramani Mahama for the confidence placed in the board members. He pledged an unwavering commitment to address existing challenges and transform them into opportunities for growth.
"The new board and management are committed to working tirelessly to correct past shortcomings and position the Fund for success," Mr Asante said.
MIIF's strategic mission
The Chief Executive Officer of the MIIF, Justina Nelson, reinforced the fund’s role as Ghana's sovereign wealth fund, established to strategically manage and invest the nation's mineral royalties and equity stakes in mining ventures.
The "MIIF's mandate is unambiguous: maximise long-term value from Ghana's abundant mineral resources while ensuring sustainable economic benefits for current and future generations.
“We recognise the responsibilities ahead, particularly given recent amendments to our act and stand ready to collaborate with the board to transform the fund," Mrs Nelson explained.
Following the inauguration ceremony at the Ministry of Finance, board members engaged directly with the MIIF's management and staff, signalling a collaborative approach to the fund's future strategic direction.
