Zambia looks to Ghana’s MIIF for sovereign investment blueprint

The Minerals Income Investment Fund (MIIF or the “FUND”) has hosted a high-level delegation from the Government of Zambia to share insights on Ghana’s transformation model for managing mineral wealth through a dedicated sovereign minerals investment fund.

The 12- member Zambian delegation was led by the Permanent Secretary- Budget, Ministry of Finance and National Planning (MoFNP), Mwaka Mukubesa, and included other MoFNP officials, Ministry of Mines and Minerals Development, Zambia Revenue Authority, Ministry of Justice and other key institutions. They were received by members of the MIIF Board, Management and staff.

Welcoming the delegation, Chairman of the MIIF Board, Mr. Richard Kwame Asante, noted that the study visit was an indication of the increasing bilateral cooperation between Ghana and Zambia, after the recent engagements between President John Dramani Mahama and President Hakainde Hichilema.

He said both countries share a common vision of leveraging mineral resources to drive industrialisation, economic transformation and sustainable development under the African Continental Free Trade Area (AfCFTA).

Mr. Asante noted that strategic regional initiatives, including the Lobito Corridor, demonstrate how sound policies and investments can unlock greater value from Africa’s natural resources.

He explained that MIIF’s mandate is to maximise the long-term value of Ghana’s mineral wealth through strategic investments and responsible stewardship, adding that the engagement offers a vital opportunity to deepen institutional collaboration and tackle shared challenges in natural resource governance.

The Chief Executive Officer of MIIF, Justina Nelson, provided an overview of the Fund, which was established under the Minerals Income Investment Fund Act, 2018 (Act 978) as amended and became operational in 2020.

She explained that MIIF receives and invests Ghana’s mineral royalties to maximise long-term value, working closely with agencies such as the Ghana Revenue Authority, Minerals Commission and the Ghana Gold Board to secure efficient royalty mobilisation.

She also shared MIIF’s investment strategy, governance framework, portfolio performance and efforts to position the Fund as a globally recognised sovereign minerals investment fund.

Mrs. Nelson further noted that this visit follows a preliminary engagement initiated by the Zambia High Commissioner to Ghana, H.E. Daniel Mahongo in 2025, offering another opportunity for both institutions to strengthen cooperation and exchange best practices in mineral resource governance.

Speaking for the delegation, Mrs. Mukubesa appreciated MIIF’s openness in sharing Ghana’s experience.

She highlighted that while Zambia’s economy has seen recent macroeconomic improvements and renewed investor confidence following debt restructuring, the government remains focused on ensuring mineral wealth delivers tangible benefits to its citizens.

Mrs. Mukubesa revealed that Zambia is aggressively pursuing reforms to scale its annual copper production to three million tonnes, conducting a nationwide geological survey, and establishing the Zambia Minerals Investment Corporation to transform finite resources into long-term national wealth for current and future generations.

The study visit allowed the Zambian officials to study MIIF’s governance structure, investment processes, and transparency systems.

Mrs. Mukubesa noted a specific interest in how Ghana successfully transitioned from depositing mineral royalties directly into the national budget to managing them through a dedicated sovereign fund.

The visit concluded with technical sessions focused on investment management, royalty mobilization, and potential long-term partnerships aimed at advancing sustainable mineral resource management.