MIIF to review financial records of companies with equity interest

The Minerals Income Investment Fund (MIIF) has said it will review the costs and profitability of companies in which the fund has made investments to ensure that taxpayers' funds generate the needed results for the country’s development. 

It said that was the best way to ensure value for money to justify further investments.

“In the boardroom discussions, we are looking at financials, the profitability, the costs because if we are resetting Ghana, the taxpayers’ funds need to generate results for the country so that where the need be and the companies are not doing well, we would urge them to do better,” the Acting Chief Executive Officer of MIIF, Justina Nelson, told journalists after paying a visit to the Injaro Investment Advisors Limited, where the state-owned fund has made a 10-year investment.

Injaro, has, in turn, made further investments in three indigenous enterprises.

They are Zeepay, a fin-tech company; DDP Outdoor Limited, an outdoor advertising company and Kofa Technologies Ltd, a company providing clean battery solutions. 

Visit

Mrs Nelson also visited the three companies to familiarise herself with their performance and future projections. 

he visit forms part of a broad goal to visit MIIF’s equity stakeholders to ascertain how the funds were being utilised.  

The MIIF CEO said she was excited about the investments made in the SME space, particularly in Kofa Technologies, which relied on lithium in its battery production for electronic bikes.

She said MIIF’s mandate was to collect royalties and to be able to make investments to grow the fund. 

Mrs Nelson stressed the need for more investments in the mining value chain to ensure that communities, where minerals were mined, benefited through development initiatives.

“My interest is in the mining space, as we go into this partnership, we hope that you would be able to help in the value chain so that the mining communities also benefit from the royalties they have paid to the government and the investment that MIIF has done,” she added.

The MIIF acting CEO urged the private fund manager to manage its equity properly so that within the next 10 years, Ghanaians would see commensurate returns on the investment.

Injaro

The CEO of Injaro, Jerry Parkes, congratulated Mrs Nelson on her appointment.

He said MIIF had been one of his outfit’s major contributors to the fund dedicated to SMEs operating in the country.

He disclosed that companies operating in the mining value chain needed more capital, adding that the fund needed three to four times what was available to make those investments.

Mr Parkes assured the MIIF CEO of strong partnerships to help accelerate the government’s 24-hour economic policy through viable investments in local firms for more job creation.