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Accra, 23rd March 2023: The Minerals Income Investment Fund (MIIF) has signed a Memorandum of Understanding (MoU) with Ghana Stock Exchange (GSE). This MoU was signed with the view to establish a practical framework for the development of stronger business relations between the two parties and set forth the procedures to create an asset class and promote the trade in minerals securities on any of the GSE’s market.

As part of the collaboration, MIIF is expected to recommend all mining companies in which it has equity investments for listing on the GSE. Furthermore, MIIF will develop a sustainable mining program for small-scale miners that will provide feedstock to certified gold for an Exchange Traded Fund.

In her remarks, the Managing Director of GSE, Abena Amoah expressed her excitement about the partnership with MIIF and opportunities it presents. ‘‘The two mining companies listed on the Exchange is not a good reflection of Ghana’s position as the largest producer of gold in Africa. There must be a deliberate strategy to get more mining companies list on the Exchange to deepen the local capital market. This partnership is therefore timely, and it will also   maximize the value derived from the country’s mineral resources once these listings crystalize.’’

The GSE among other things will make available its platforms for companies working with MIIF to access capital from any of GSE’s markets (working capital, long-term debt and equity). MIIF will also will lead the education and sensitization of market players on some mineral asset classes to be created, while the GSE will provide technical assistance in the development of a Gold-backed ETF, or other mineral-backed ETFs.

Speaking at the ceremony, The CEO of MIIF, Mr. Edward Nana Yaw Koranteng expressed delight about the partnership with the GSE. “The objective of MIIF in line with the vision of the President of the Republic of Ghana, Nana Addo Dankwa Akuffo Addo, is to help develop the entire mining eco-system of Ghana by supporting the sector’s accessibility to capital and most importantly create Ghanaian mining champions. The capital markets have remained that engine for accelerated access to long term capital for mining companies worldwide and it is important that this lever is given to Ghanaian mining companies. It is also important that we develop incentives to encourage international mining companies to list on the GSE which would deepen the Ghanaian capital market.”.

Commenting on the historical partnership, Professor Douglas Boateng, the Chairman of the Board of Directors at MIIF said, “Successful economies continue to rely on their stock markets to boost economic growth and development plus create long term wealth for their nationals. In our supervisory capacity the MIIF board of directors will work closely with the executive to ensure that carefully selected and forward-thinking companies from minerals and metals sectors are traded the Ghana Stock Exchange.” This will give Ghanaians the opportunity and options to invest in the strategically important sector. Boateng concluded.

About the Minerals Income Investment Fund (MIIF)
MIIF is a sovereign minerals fund mandated by the Minerals Income Investment Fund Act 2018, (Act 978) as amended, to maximise the value of dividend and royalties income accruing to the Republic of Ghana in a beneficial, accountable and sustainable manner and to monetize Ghana’s mineral wealth in a manner which would bring long term value to Ghana and develop and implement measures to reduce the budgetary exposure of Ghana to minerals income fluctuations.

About the Ghana Stock Exchange
The Ghana Stock Exchange (GSE) was established in November 1990 with the mission to provide an efficient securities market for national economic development through access to capital and investment. Since then, GSE has facilitated the mobilization of long-term capital by corporate bodies, businesses, and the government, and provided a reliable platform for the trading of issued securities. There are three markets created under the GSE brand: the Main Market; Ghana Alternative Market (GAX) for SME’s and Ghana Fixed Income Market (GFIM) for trading of government and corporate bonds.

MIIF PLANS INITIAL $30 MILLION INVESTMENT IN ATLANTIC LITHIUM FOR NEWLY DISCOVERED LITHIUM DEPOSITS IN GHANA
Accra, Ghana: The Minerals Income Investment Fund (MIIF) of Ghana announces that the Fund has started negotiations on plans to invest up to $30 million in Atlantic Lithium Ltd, an Australian exploration and mining firm listed on the Australian Stock Exchange (ASX).

Atlantic Lithium has discovered lithium in commercial quantities in Ghana and is on track to become West Africa’s first producing mine. The Ewoyaa discovery in the central region has significant amount of lithium spodumene located on the Cape Coast lithium belt. The company last week announced an upgrade on their Mineral Resource Estimate (“MRE” or the “Resource”) to 35.3Mt at 1.25% Li2O for the Ewoyaa Project. With current developments in the Lithium industry, the mineral resource has an indicated life mine of revenues exceeding $4.8 billion.

MIIF plans to take up an equity stake in the fully funded African focused company which has a 50% offtake agreement from Piedmont Lithium, a United States based developer of lithium resources for the Ghana produced lithium. Piedmont Lithium also has a 50% offtake agreement with Tesla Inc., an American multinational automotive, artificial intelligence, and clean energy company which owns Tesla Motors.

The MIIF Lithium Plan
The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng said, “Investing in Atlantic Lithium speaks to President Nana Akufo Addo’s vision of ensuring that mining provides sustainable long term value for Ghanaians. This vision finds meaning in MIIF’s mandate and the plan to invest in the lithium resource and the entire value chain. We are not only interested in developing the mineral resource but to invest in the value chain. Our strategic focus is to support the development of lithium processing, development of battery manufacturing and additional inputs and the preparedness to support an electronic vehicle (EV) market in Ghana to serve the sub-region.”

Cape Town: The Minerals Income Investment Fund (MIIF) is championing Ghana’s narrative at the 2023 Investing in the African Mining Indaba which commences in South Africa on February 6.

MIIF, Ghana’s minerals sovereign fund, is seeking to leverage its unique position as a partner of choice for investments in the mineral sector. MIIF has invested in Asante Gold Corporation which is listed on the Canadian, Frankfurt Stock Exchanges and the Ghana Stock Exchange. The Fund is also weighing up investments in Lithium, Salt, new explorations in Gold and companies in mining Support Services.

The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng is clear on the deliverables for the Mining Indaba and the Ghana Day engagement during the weeklong event in Cape Town.

“MIIF is in a unique position to highlight the investment opportunities in the mining sector in Ghana and to also give investors the opportunity for co-investments with MIIF across the mining value chain. MIIF approaches its investments in line with global accepted standards to ensure there is minimal risk and sustainable long term growth” Koranteng said.

The Ghana Day at the Mining Indaba will highlight the broad-based opportunities in Gold, Bauxite, lithium, iron Ore and other parts of the mining eco-system in Ghana. The event is under the auspices of the Ministry of Lands and Natural Resources with the Chamber of Mines, MIIF and the Minerals Commission as partners.
The Deputy Minister of Lands and Natural Resources, Hon. George Mireku Duker (MP), Tarkwa Nsuaem, said Ghana’s main narrative at the 2023 Mining Indaba will be about adding value to its mineral resources.
“Our theme is leveraging over a century of mining to enhance value addition for the development of Ghana,” said Hon. Duker.

“We have been mining for well over 300 years but our mining eco-system is yet to benefit fully from mining activities. This is because we have not added value in our country over the years and the local content development has not been realized to its full potential even though there have been steady gains. We are at this year’s Mining Indaba to sell our country’s unique opportunities in the value addition eco-system. That is our stated agenda,” Hon. Duker said.

The Ghana Day, alternatively called the Ghana Case Study, happening on the sidelines of the Mining Indaba will feature MIIF, the Ghana Integrated Aluminum Development Corporation (GIADEC), the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), the Ghana Chamber of Mines and Atlantic Lithium, an Australian lithium resources developer, which has discovered significant deposits of lithium spodumen in the Ewoyaa belt, in the Central Region.

The Ghana Day is scheduled for February 8, at the Westin Hotel in Cape Town, South Africa.

“The Minerals Income Investment Fund (MIIF) will continue to support victims of the Appiatse disaster,” says Dr. Kennedy Abrokwah, Head of the Fund’s Business Development Unit.

The support will be in terms of money and other items which are badly needed by the Western Region community, one year after mining explosives claimed the lives of sixteen of its members.
The tragedy occurred when a truck carrying explosives to a mine site was involved in a freak accident with a tri-cycle resulting in the undue heating-up of the mine bound explosives. Houses in the entire community of about two thousand people were destroyed rendering residents homeless. Several other people sustained injuries which have permanently maimed them.

“MIIF donated tents, foodstuffs and cash worth almost a million Ghana cedis, when this disaster occurred,” Dr. Abrokwah said at a one year commemorative weeklong event held in Appiatse. The event which included a prayer, vigil and wreath-laying service was to thank Ghanaians for their help and goodwill as well as remember the departed and those living with the pain.

“January 20th, 2022 will continue to be on our minds as a terrible day,” Dr. Abrokwah told the gathering. “We lost our brothers, sisters, mothers and fathers. Nothing can make them come back. At MIIF, we will continue to support you so that your hope in life is assured. You can be back on your feet. It is really painful but we will be there with you through it all,” Dr. Abrokwah said.

In the immediate aftermath of the tragedy, the government of Ghana rallied corporate bodies and well-meaning individuals to help rehabilitate the victims by taking care of their medical bills and housing needs through the creation of the Appiatse Support Fund. Contributions trickled in from all over the country and beyond. Maxam, the explosives company whose products were responsible for the explosion was fined $ 6million (six million dollars), all of which was given to the Support Fund as part of the money for the benefit of the Appiatse people. The Minerals Income Investment Fund (MIIF) also donated to the Support Fund.

MIIF carried out a needs assessment of the community after the explosion and followed up with the donation of necessities worth over GHc 250,000 to the victims. This was in addition to a GHc 200,000 donation made to the Appiatse Support Fund, a fund set up by government purposely to receive cash donations towards supporting victims and reconstruction of the Appiatse Township.

The one year commemoration begun with a cleanup exercise at the Appiatse Relief Camp on Wednesday January 18 and ended on Sunday January 22, 2023 with a thanksgiving service. On Thursday, there was a candlelight vigil at the durbar ground at the Relief Camp where a documentary was shown on how the explosion happened, throwing the gathering into a state of mourning.

The vigil brought together dignitaries in the Prestea Huni Valley Municipality including the Municipal Chief Executive, the Municipal Coordinating Director, Chiefs, and the clergy among others. A five member MIIF team, also led by Dr. Kennedy Abrokwa attended the events. The Municipal Chief Executive Dr. Isaac Dasmani urged the people to stay positive and united for there is light at the end.

There was a safety lecture, memorial prayer and wreath laying exercise on Friday January 20, which marked exactly one year the explosion happened. Community folks were educated on safety tips to practice in order to prevent such disasters from happening again.

As Friday January 20 marked exactly one year since the explosion happened, the part of the road where the explosion happened was blocked for about ten minutes to mourn the departed souls of the explosion. A memorial prayer was also held at the site. This was followed by a wreath laying exercise at the cemetery.

Indoor games were held on Saturday followed by a thanksgiving service on Sunday January 22, 2023, at the Relief Camp to climax the one-year commemoration. The Minerals Income Investment Fund will continue to support Appiatse with additional donation planned for 2023.

Ghana’s Minerals Commission in its strategic effort to support government in fighting illegal mining (Galamsey), has inaugurated the Ghana Mine Repository and Tracking Control Centre at its head office in Accra.
The control Centre which serves as a situation room, is meant to track the movement of earthmoving equipment in mining concessions as well as vehicles transporting explosives to mining sites nationwide. This initiative, is as a result of a directive by the Minister of Lands and Natural Resources as a strong measure to track all excavators that are used by small-scale miners for their mining activities.
Inaugurating the Control Centre, the Minister of Lands and Natural Resources, Samuel Abu Jinapor said, “The center is among the many measures we have put in place in strengthening the sanction regime for people who engage in illegal mining. These are systematic interventions to deal with this age-old problem of illegal small-scale mining,”
The Minister in his remarks noted that, the already existing directive that all excavators be registered by metropolitan, municipal and district assembles (MMDAs) must strictly be adhered to and that, such data was very key in the efforts being made to track the mining equipment by the Minerals Commission.
This he said, would complement the other various interventions including Community Mining Scheme, the Operation Halt II taskforce, and the protection of River bodies by River wardens aimed at curtailing the excesses in the small-scale mining sector and developing it further.
Martin Ayisi, Chief Executive of the Minerals Commission, said the establishment of the control Centre was in line with the Minerals and Mining (Local Content and Local Participation) Regulation, LI 2431 (2020).
The Minerals Income Investment Fund(MIIF) is a partner agency to the Minerals Commission in Ghana’s quest to revolutionise Small Scale Mining. “We are sharing best practices and leveraging ideas with all our inter-agency partners,” Chief Executive Officer of MIIF Edward Nana Yaw Koranteng said.
MIIF has designed a Small Scale Incubation plan that is anchored on hand holding small scale mining operations into mid tier companies which can debut on the stock exchange in Ghana.
The Fund expects to invest close to $500 million over the next ten years in this venture.

The Minerals Income Investment Fund, CH Group and Impact Clinic concluded activities for the Breast Cancer Month of October by hosting a live event dubbed “A Breast Cancer’s Survivor’s Story’ at the Cantonments City enclave in Accra.  The event featured Ama Serwaa, a breast cancer survivor who battled the disease fifteen years ago. She has become one of the foremost advocates for the “early detection saves lives” mantra.

“I remember going to the hospital for a routine check. I did not know anything about breast cancer. I had not been feeling well for some time. My doctor asked me to do a mammogram test. She told me that I had breast cancer. I had no idea what it was. My brother wept inconsolably because he thought I was going to die.”

This was around 2006. Ama Serwaa went under treatment for a few years. With her two grown daughters present at the survivor’s story, Ama Serwaa told the audience that “ looking back, it was the early detection that saved me.”

And she had other nuggets for the audience which comprised mainly of MIIF, CH Group, Dimension Data, Life Forms Capital and Social Ghana.

“The men here,” She said, “please don’t leave your wives to battle breast cancer alone. Some men will hurriedly look for other women to substitute their partners. Kindly help your partners to beat this disease. It’s your duty and we appreciate it when you do,” Ama Serwaa said.

One of the reasons for holding the Breast Cancer Survivor’s Story was to help deconstruct the disease and the fears that surround it. Edward Nana Yaw Koranteng, the Chief Executive Officer of the Minerals Income Investment Fund applauded Ama Serwaa for her bravery and the good work of de-mystifying breast cancer.

“We have heard today that breast cancer is not a death knell. Through the story of Ama Serwaa, we know that you can beat the disease. Early detection is key. The organization I lead (MIIF) is all about making a better life for Ghanaians through investing to secure our collective future. Supporting our people to understand and relate to these stories embolden us to be even more empathetic. We are happy to keep this event on our calendar every year. It is absolutely important to keep demystifying the disease.

The Breast Cancer Survivor’s Story event was observed in three parts.  A free breast screening for both men and women, a free eye testing by Dashen Opticians and the live discussion. Featuring the survivor.  Dr. Francisca Acheampong who anchored the discussion and also conducted the screening was particularly happy with attendance and the impact.

We had about hundred men and women turning up for the screening and the eye tests. As it is with these programs, the multiplier effect is always what you look for. How many people will go out of here educated with the facts and can act as mini ambassadors for the message. The impact is huge and we had many men participating as well. This has been awesome,” Dr. Acheampong said.

The Breast Cancer Survivor’s story climaxed activities of October for MIIF which included wearing a broach each working day to remind each other of the importance of breast cancer and its education.
For a pictorial of the Breast Cancer Survivor Story kindly click here.