News

The Minerals Income Investment Fund (MIIF) concluded its Breast Cancer Awareness Month activities with a symbolic ceremony at its head office on Friday, October 31, 2025. The event marked the culmination of a month-long campaign aimed at deepening awareness about breast cancer and promoting regular screening among staff.

The ceremony symbolized the Fund’s commitment to fostering conversations around women’s health in the workplace.

Speaking at the gathering, Chief Executive Officer of MIIF, Mrs Justina Nelson, emphasized the critical importance of vigilance and early detection.

“What you don’t know can hurt you,” she said, urging all staff to prioritize regular self-examinations and medical check-ups.

Throughout October, MIIF implemented several initiatives to engage and educate staff on breast cancer awareness.

These included the distribution of educational materials highlighting key facts and preventive measures, as well as a special message from the Head of Human Resources and Administration, Ms Rosetta Asmah, emphasizing the importance of early detection and support for those affected.

The centerpiece of the campaign was an informative webinar conducted in partnership with The Bank Hospital and led by Dr. Wisdom Effiong, who provided expert insights on breast cancer symptoms, treatment options, and lifestyle practices that can reduce risk.

The initiative reflects MIIF’s broader commitment to employee well-being and corporate social responsibility, underscoring the Fund’s belief that a healthy workforce is essential for sustainable national development.

The Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei Asare, has highly commended the acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs Justina Nelson, for her forthrightness, competence, and commitment to institutional reform.

At the Committee’s sitting today to review the Auditor-General’s Report on MIIF for the year ended December 31, 2023, Mrs Nelson earned her praise as she impressed members with her detailed explanations to issues flagged, exhibited a sound grasp of financial regulations, and demonstrated proactive efforts to address audit infractions inherited from the previous managers of the Fund.

Ms Osei Asare particularly commended Mrs Nelson for demonstrating both honesty and technical depth in her responses as she took turns to answer a barrage of questions and enquiries from the members of the committee.

“I’m not commending you because you are a woman but because you’re competent,” she said. “You came well prepared. You quoted the sections, you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity,” the PAC Chairperson said.

Reforms

Mrs Nelson who appeared with members of her management team, including the Chief Finance Officer, Mr David Awuah Mensah, Director of Internal Audit, Mr Martin Adjei, Head of Procurement, Ms Theresa Gyasi Antwi and Head of Legal, Ms Louisa Quaicoe, outlined a series of measures introduced to strengthen MIIF’s governance and compliance framework.

She disclosed that MIIF had established a Compliance Unit and a Risk Department as part of broad reforms to enhance internal controls and prevent future breaches in procurement and financial management.

On the issue of a $3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, exceeding the statutory 15 per cent threshold, Mrs Nelson admitted that the transaction contravened the Public Financial Management (PFM) Regulations but clarified that it predated her administration.

However, she added that the contract had since been fully executed, with the equipment delivered and operational. Lessons from that incident, she noted, had informed MIIF’s current strict adherence to procurement laws.

Gold Trade and Royalties Recovery

Touching on MIIF’s gold trading activities, Mrs Nelson explained that the Fund had piloted gold trading in 2023 with three aggregators and later expanded to five, a development that generated approximately GH¢8 million in revenue.

She noted that following the establishment of the Gold Board, MIIF had transitioned the aggregators to the new agency and ceased direct gold trading to enable the Fund to remain within its legal mandate.

She further confirmed that all outstanding royalties amounting to GH¢29 million, as cited in the audit report as outstanding, had been fully recovered, while previously unaccounted payments of GH¢39,043 had been reconciled with supporting vouchers and receipts submitted to the Auditor-General.

Mrs Nelson added that MIIF had discontinued the use of restricted procurement for high-value contracts and now with the new amendment of the PFM Act, all procurement plans are submitted to the Ministry of Finance for prior approval in line with regulatory requirements.

Leadership and Institutional Culture

Responding to questions about her leadership style, Mrs Nelson described her relationship with staff as cordial, collaborative, and professional, emphasizing mutual respect and teamwork.

She acknowledged past false social media speculation about internal friction but stated that those issues had long been dealt with, noting that the MIIF team remains cohesive and dedicated to the Fund’s reforms and performance objectives.

Mrs Nelson reaffirmed MIIF’s commitment to transparency, accountability, and prudent management of Ghana’s mineral income to support national development priorities.

Visibly impressed, members of the Committee took turns to urge Mrs Nelson to maintain her reform-driven leadership and continue strengthening systems for effective management of the Fund.

Accra, October 23, 2025 — The Minerals Income Investment Fund (MIIF) has reaffirmed its commitment to transparency, accountability, and operational excellence with a two-day internal training programme on the theme “Effectively Responding to Audit Queries.”

The training led by the Internal Audit Agency, forms part of MIIF’s institutional capacity-building framework and brought together staff across departments to deepen their understanding of audit processes and improve the quality and timeliness of responses to audit queries.

In her opening remarks, the Chief Executive Officer of MIIF, Mrs. Justina Nelson, underscored the importance of the training, noting that robust internal controls and sound audit practices are the backbone of every credible financial institution.

“Accountability is not merely a word to us at MIIF. It is part of our core values; the very currency of public trust,” Mrs. Nelson emphasized. “Every decision we make, every cedi we manage, and every process we undertake must meet the highest standards on behalf of the people of Ghana.”

Mrs. Nelson further noted that the Fund’s ability to respond to audit queries clearly, promptly, and accurately reflects not only its technical competence but also its culture of transparency and integrity. She encouraged participants to actively engage in the training, share departmental experiences, and apply the lessons learned to strengthen MIIF’s institutional systems.

Mrs. Nelson commended the Internal Audit Department and facilitators of the training for their dedication and partnership in strengthening MIIF’s systems, adding that the Fund’s pursuit of excellence must remain uncompromising.

“The systems we strengthen here will not only make our work more efficient, they will make MIIF stronger, more credible, and better positioned to fulfill our mandate,” she concluded.

Adding his voice, Mr Senanu Mensah, the acting Director, Technical, Research, Monitoring and Evaluation at the Internal Audit Agency and one of the resource persons, cautioned public servants to be deliberate and precise in their audit responses.

“In responding to audit queries, public servants must be guided by what they report, because they do not know where their responses will end up,” he said. “It is therefore important that such responses are succinct and free of ambiguities to avoid misinterpretation or unintended consequences.”

The training, coordinated by MIIF’s Internal Audit Department in collaboration with the Internal Audit Agency, is expected to enhance staff capacity in documentation, reporting, and adherence to regulatory and procedural standards.

The Ghana Extractive Industries Transparency Initiative (GHEITI) has paid a courtesy call on the Minerals Income Investment Fund (MIIF) to deepen collaboration and promote transparency, accountability, and value creation in Ghana’s extractive sector.

The meeting, held at the MIIF Head Office in Accra on Monday, October 6, brought together officials from both institutions to explore avenues for collaboration aimed at enhancing governance and improving reporting mechanisms within Ghana’s mineral revenue management framework.

Welcoming the delegation, the Chief Executive Officer of MIIF, Mrs. Justina Nelson, reaffirmed the Fund’s commitment to transparency, responsible investment, and maximizing value from Ghana’s mineral wealth for the benefit of current and future generations. She emphasized that MIIF’s mandate is to prudently invest mineral income accruing to the Republic to ensure sustainable returns for the country, adding that partnerships such as this are vital to improving governance and ensuring that the mineral value chain benefits all Ghanaians. Mrs. Nelson also highlighted MIIF’s ongoing efforts to enhance internal structures and investment frameworks to safeguard public resources and strengthen accountability.

Speaking on behalf of GHEITI, the Co-Chair, Dr. Steve Manteaw, explained that the purpose of the visit was to engage the new MIIF management and realign stakeholder roles under the Extractive Industries Transparency Initiative (EITI) framework. He reiterated GHEITI’s mission to promote openness in the management of revenues from Ghana’s oil, gas, and mineral sectors to ensure that the country’s natural resource wealth translates into sustainable national development.

Dr. Manteaw commended MIIF for the progress made in royalty collection and investment oversight, urging the Fund to continue improving transparency, particularly in reporting dividends, royalty inflows, and investment decisions. He emphasized GHEITI’s commitment to working with stakeholders to close information gaps, reduce leakages, and empower citizens to demand accountability in the management of resource revenues.

The discussions also explored the need to strengthen legal and institutional frameworks governing mineral revenue management, improve coordination between MIIF, the Ministry of Finance, and other extractive sector agencies, and encourage local content and value addition across the mining value chain. Both institutions also emphasized the importance of integrating Environmental, Social, and Governance (ESG) principles into investment decisions to ensure sustainability.

At the end of the meeting, both MIIF and GHEITI expressed their commitment to continue working closely to ensure transparency, strengthen governance, and drive sustainable investment in Ghana’s extractive sector.

The Chief Executive Officer (CEO) of the Minerals Income Investment Fund (MIIF), Mrs Justina Nelson, has reaffirmed the Fund’s commitment to prudently manage and invest mineral royalties to benefit both present and future generations, in line with its mandate.

She noted that, as a sovereign fund established to create wealth from mineral royalties, every investment decision is guided by careful analysis and strategic assessment to ensure optimal value is derived.

Madam Nelson made these remarks when a high-level delegation from Universal Merchant Bank (UMB), led by its CEO, Dr Philip Oti-Mensah, paid a courtesy visit to her office.

The visit aimed to foster stronger collaboration between the two institutions, explore areas of mutual interest, and leverage their respective strengths to contribute to national economic growth.

On MIIF’s core mandate, she noted that the Fund was established to: Manage and invest mineral royalties and related income on behalf of the state; Maximize the long-term value of Ghana’s mineral wealth for current and future generations; and Support the development of the country through strategic investments.

Following amendments to some portions of the Minerals Income Investment Fund Act (2018), Act 978, now amended by Act 1137, the Fund no longer receives 77.6% of mineral royalties and dividends. Instead, it currently receives only 2%, earmarked specifically for operations and investments.

“The recent legislative amendments have reshaped MIIF’s financial structure as well as the strategy of the Fund. Although we now receive less of what we were used to, MIIF remains fully committed to contributing meaningfully to Ghana’s development,” she assured.

Mrs Nelson said MIIF is positioned to ensure that its equity investments across various sectors of the economy deliver value to the Fund, while also exploring additional income-generating opportunities with mining companies and within the broader investment landscape.

She commended UMB’s new management team for the progress made in repositioning the bank and reaffirmed MIIF’s willingness to collaborate with the bank in areas of mutual interest to promote institutional growth and broader economic development.

For his part, Dr Oti-Mensah praised Mrs Nelson for her visionary leadership and unwavering dedication to building the Fund and national development.

He also acknowledged the MIIF CEO’s remarkable efforts in elevating the profile of MIIF since she took office and expressed the hope that the two institutions can work together to advance the course of Ghana.

The engagement with UMB is part of a broader series of strategic initiatives championed by the MIIF CEO to build strong partnerships with both public and private sector institutions to accelerate Ghana’s growth agenda.