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ACCRA, Ghana, July 11, 2025 – The Chief Executive Officer of the Minerals Income Investment Fund (MIIF or the Fund), Mrs. Justina Nelson, has expressed the Fund’s determination to ensure that all players in the mining and quarry sector honour their obligations to the state through the payment of royalties.

She described the proactive move by the Fund to visit all mining and quarry sites in the country to identify and engage operators as successful so far, indicating that the exercise will continue throughout the year as part of a broader stakeholder engagement efforts aimed at ensuring compliance with royalty payments to the state.

Mrs. Nelson made these remarks after the Business Development and Corporate Affairs and External Relations departments of the Fund completed their ongoing monitoring activities at various quarry and sand winning sites across the five northern regions of Ghana: Northern, North East, Upper East, Upper West, and Savannah, as well as selected sites within the middle belt regions, specifically Ashanti and Bono.

Site assessments

The monitoring team visited several sites, including the limestone mine owned by Diamond Cement. In total, the team assessed operations at two quarries in the Northern Region, four in the North East Region, and another four in the Upper East Region. Additionally, one quarry was visited in the Upper West Region and three more in the Savannah Region.

A key highlight of the visit was the discovery of two new quarry operations in the Upper West Region. One of these sites commenced production and sales in April 2025, while the other is still under construction, with plant installation underway.

The team also observed an encouraging development in the Upper East Region, where Upper Quarry, which had previously ceased operations, is now nearing full resumption of activities. Similarly, in the Upper West Region, three previously collapsed quarry sites are undergoing revitalisation.

In the middle belt, the MIIF team visited a total of 18 quarries in the Ashanti Region and seven in the Bono Region. These visits formed part of MIIF’s strategic mandate to ensure that all royalties due to the state from mineral income sources are duly and promptly paid.

Impact and compliance

Mrs. Nelson expressed satisfaction with how MIIF’s presence on the ground prompted immediate action at several sites, with quarry managers initiating arrangements to settle outstanding royalty payments to the state.

She noted that the collection of royalties enables the state to fund national development, particularly in mining areas of the country, allowing local communities to benefit from the mineral wealth on their land.

Collaborative approach

Mrs. Nelson used the opportunity to advise companies undertaking mining and quarry activities not to perceive MIIF’s site visits as actions meant to cause arrests or halt their operations, but rather as encouragement to undertake responsible mining, honour their obligations to the state, and address any challenges they face.

She noted that MIIF stands ready to ensure that all companies in the sector operate responsibly and urged them to leverage the Fund’s open-door policy to engage frequently.

“MIIF remains committed to its mission of securing and optimising Ghana’s mineral income through consistent stakeholder engagement and rigorous monitoring to uphold compliance and transparency in the sector,” Mrs. Nelson assured.

Accra, Ghana – In its quest to increase royalty receipts from mining companies operating across the country, the Minerals Income Investment Fund (MIIF or the Fund) has intensified its monitoring efforts to ensure players in the industry honour their obligations to the state.

The team from MIIF being taken on a tour of one of the quarry sites in Accra.

The exercise, being carried out by the Business Development team of the Fund, is also meant to identify new entrants into the industry as part of efforts to update the list of companies eligible to pay royalties.

It is also designed to assess compliance with statutory royalty payments and to gain firsthand insights into the challenges confronting operators in the sector.

Under Ghana’s current legal framework, mining companies are required to pay five per cent of their total revenues as royalties to the state, with these payments forming a critical component of the country’s mineral revenue stream.

The ongoing monitoring tour began with visits to quarry and salt mining sites in the Greater Accra and Eastern Regions of Ghana.

The team covered all quarry sites in Nsawam, Suhum, and Shai Hills. The team also visited salt mines in the Ada enclave, including Electrochem Salt and Dangbe Salt, among others.

During the tour, two emerging salt mines were identified, one of which is scheduled to commence production and sales in the next season.

Compliance Monitoring

The tour offered the team the opportunity to extensively review records pertaining to royalty payments. The team stressed the importance of full compliance to ensure the state derives its due share from mineral resources.

Encroachment on Mining Concessions

Some of the operators expressed concerns about increasing encroachment by nearby communities who were undertaking residential developments just meters from concession boundaries.

Way Forward

In his remarks, Head of Business Development, Dr. Kennedy Abrokwa, said the industrial mineral sub-sector, encompassing quarries, salt, and related minerals, holds significant untapped potential for Ghana’s economy.

While we have made strides in monitoring and compliance, we observed that there is more room for improvement, and we will step up to achieve our objectives in the best interest of the state.

Dr. Abrokwa noted that MIIF’s efforts, including the nationwide tour, underscores the Fund’s commitment to closing the royalties payment gap.

“By strengthening compliance, identifying new entrants, and addressing systemic challenges, we aim to unlock greater value for the nation.

The road ahead requires collaboration with stakeholders to ensure that Ghana derives its rightful share from these vital resources, fostering sustainable growth for the benefit of all citizens,” he added.

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A cross-section of some of the MIIF WoMCoM scholarship awardees.

The Minerals Income Investment Fund (‘MIIF’ or the ‘Fund’) has awarded full scholarships to 45 female students at the University of Mines and Technology (UMaT) in Tarkwa under its flagship Women from Mining Communities (WoMCoM) scholarship scheme.

The outstanding students selected for the 2024/2025 academic year and represent the breadth and diversity of Ghana’s mining communities are: Songmani Matilda, Agyemang Prempeh Freda, Appiah Faustina, Enchill Amanda, Twum Priscilla, Cudjoe Francisca, Senyo Sharon Eyram, Zoryiku Yayra Awusi, Wilson Victoria Kwemtsiwa, Datsa Gina Kadita, Amoah Nana Adjoa Ajoboah Kente, and Apogu Deborah.

Others are: Essuman Eunice, Asmah Benedicta, Attiapah Korkor, Arhin Ewuradwoa, Adjei Afua Adjeiwaa, Appiah-Acheampong Afia Wiredu, Ayeboafo Jewellna Afua, Gyamfi Priscilla, Tetteh Comfort, Abubakar Sadiq Rumaina, Ofori Sandra Amoako, Danso Afua Dansowaa Nyamekye Abiam Baah, Danquah Maame Afrah, Essuman Jehovia Akua, Mba Portia Delyen, and Cudjoe Renata Amposah.

The rest are: Mensah Nora Esi, Tanko Ramatu, Ackom Gabrialla Akosua Ampomaa, Samevi Ellinam Laurel, Maalinuba Marly Monique, Aboagye Irene Ntiamoah, Darko Gertrude Ohene, Akuoko-Sarpong Maureen, Gyasi Matilda Adwoa Oppong, Dantsil Christiana Efua, Ankomah Eunice, Shiabu Nafisa, Azuponga Sonia, Buah Ellen Nana Badu, Ntim Akosua Kyerewaa Akenteng.

Ataa Antwiwaa Junior, Ketteh Jochebed were the only students selected for for the post-graduate category.

CSR project

The scheme which falls under the Corporate Social Responsibility (CRS) project of MIIF, demonstrates the Fund’s commitment to empowering young women from Ghana’s mining communities.

Programme Overview

The WoMCoM scholarship programme represents a cornerstone of MIIF’s corporate social responsibility initiatives, specifically designed to support brilliant young women from mining communities across Ghana in pursuing education in Science, Technology, Engineering, and Mathematics (STEM) and mining-related disciplines.

Since its launch in May 2024, the programme has attracted significant interest, receiving over 100 applications from undergraduate and postgraduate students across Ghana’s mining communities. Through a comprehensive and rigorous screening process, 45 exceptional students—comprising 43 undergraduates and 2 postgraduates—were selected based on academic merit and programme eligibility criteria.

Selection Process and Governance

To ensure the highest standards of transparency and fairness, MIIF established a five-member Steering Committee comprising four MIIF representatives and two representatives from UMaT. The committee conducted an exhaustive and impartial selection process, resulting in a truly national representation of beneficiaries spanning 16 mining districts across 8 regions in Ghana.

Academic Focus and Eligible Programmes

The scholarship exclusively supports female students enrolled in STEM and STEM-related programmes at UMaT, including:

– Chemical Engineering

– Computer Science and Engineering

– Cyber Security

– Electrical and Electronics Engineering

– Environmental and Safety Engineering

– Geological Engineering

– Land Administration and Information Systems

– Mechanical Engineering

– Minerals Engineering

– Mining Engineering

– Petroleum Geosciences and Engineering

Financial Investment and Impact

The MIIF-WoMCoM scholarship package, valued at GHS460,000, comprising GHS10,000 for undergraduate and GHS15,000 for post-graduates students, provides comprehensive coverage of major academic expenses including tuition, accommodation, and essential fees. This substantial financial investment is expected to significantly alleviate the economic burden on students and their families, enabling these talented young women to focus entirely on their academic pursuits.

Looking Ahead

Consequently, a formal award ceremony is scheduled for later in the year to officially confer the scholarships and prepare the recipients for the upcoming 2025/2026 academic year.

This ceremony will serve as both a celebration of these remarkable young women’s achievements and a launch pad for their continued academic excellence.

The WoMCoM programme aligns with MIIF’s broader mission to promote gender equity in STEM fields by removing financial barriers and encouraging greater participation of women from Ghana’s mining communities in engineering, science, and technology careers.

As the programme continues to evolve, MIIF anticipates expanding both its impact and scale in the coming years.

About MIIF

The Minerals Income Investment Fund (‘MIIF’ or the ‘Fund’) is committed to transforming Ghana’s mineral wealth into sustainable development opportunities for all citizens, with particular emphasis on communities directly impacted by mining activities.

Through initiatives like the WoMCoM scholarship programme, MIIF continues to demonstrate its dedication to fostering inclusive growth and empowering the next generation of leaders in Ghana’s extractive sector.

As part of activities marking World Environment Day, the Minerals Income Investment Fund (MIIF) held an environmental sustainability engagement session themed “Sustainable Practices Today for a Safe Planet Tomorrow.”

The session featured Dr. Jacob Kwamina Dodoo, a faculty member at the University of Environment and Sustainable Development and a renowned expert in environmental governance.

Mrs Justina Nelson, CEO, Minerals Income Investment Fund, making some remarks during the discussions on ESG

In his thought-provoking discussion with MIIF management and staff, Dr. Dodoo emphasized the importance of ESG (Environmental, Social, and Governance) principles in institutional operations.

Dr Jacob Dodoo leading the discussions on ESG to mark the day

He elaborated on the goals and key elements of ESG, providing insight into how these principles can be effectively integrated into MIIF’s daily operations and those of companies in which the Fund holds equity stakes.

Some staff listening in with rapt attention

Dr. Dodoo encouraged participants to reflect on what environmental sustainability means in the context of their workplace, aligning the discussion with this year’s World Environment Day theme focused on plastic pollutants.

The conversation took a practical turn as Dr. Dodoo examined the environmental impact of commonly used office equipment, noting that devices such as laptops, printers, and air conditioners emit harmful gases like carbon dioxide and nitrogen oxides.
He urged department heads to adopt internal policies that support environmental sustainability and reduce the institution’s carbon footprint.

Mr. Kwabena Barning (left), Chief Technical Officer, MIIF, interacting with Dr Dodoo after the lecture

The Chief Executive Officer of MIIF, Mrs. Justina Nelson, emphasized the organization’s commitment to sustainability.

She said the Minister of Finance, Mr Cassiel Ato Baah Forson, had identified environmental stewardship as a key priority during the inauguration of MIIF’s board and noted that the Fund will always incorporate ESG principles in its operations. She added that “MIIF will also continuously ensure that ESG remains a condition precedent anytime the Fund intends to invest in companies operating in the mining space”.

Mrs. Nelson added that MIIF has already rolled out several initiatives aimed at fostering a sustainable work environment and promoting these values among its partners.

The interactive session allowed staff to share their views and experiences on sustainability, making the event both engaging and informative.

The Minerals Income Investment Fund (MIIF) today inaugurated its new nine-member board at a ceremony held at the Ministry of Finance in Accra, marking a pivotal moment for Ghana’s sovereign wealth fund as it prepares to navigate recent legislative amendments and chart a new strategic course.

Minister of Finance, Dr. Cassiel Ato Forson (middle), swearing in the new board members of MIIF.

Mr. Richard Kwame Asante assumes the role of Board Chairman, leading a distinguished panel that includes MIIF’s Chief Executive Officer, Mrs. Justina Nelson.

The other Board members are: Dr Zakaria Mumuni, First Deputy Governor of the Bank of Ghana; Mr. Edward Apenteng Gyamena, Commissioner of Domestic Tax Revenue, Ghana Revenue Authority; Dr. Alfred Oko Vanderpuije, Member of Parliament, Ablekuma South; Mr. Yakubu Mohammed, Member of Parliament, Ahafo Ano South East; Mr. Robert Wisdom Cudjoe, Member of Parliament, Prestea Huni-Valley.

The new MIIF Board

The rest are: Ms. Yaa Asantewaa Asante, Director, Public Debt Management Office, Ministry of Finance; Ms. Ama Mawusi Mawuenyefia, Director of Communications, Ministry of Lands and Natural Resources.

The new Board brings together expertise from across government and parliament, with representation from key ministries and constituencies.

Board Chairman and other members of the board seated left met with top management of MIIF after their inauguration.

The Finance Minister Dr. Cassiel Ato Forson, who inaugurated the board emphasized the Board’s responsibility to provide strategic leadership during this transition period, charging members to collaborate closely with management to revitalize the fund’s performance.

Board members with management team at MIIF.

He gave the assurance that the Ministry of Finance stands ready to provide necessary guidance to ensure MIIF fulfills its mandate while maximizing benefits from Ghana’s mineral wealth for citizens.

Mr. Asante expressed gratitude to President John Dramani Mahama for the confidence placed in the Board Members, pledging 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 in his acceptance speech.

Mrs. Nelson reinforced MIIF’s core mission as Ghana’s sovereign wealth fund, established to strategically manage and invest the nation’s mineral royalties and equity stakes in mining ventures.

Board members with staff of MIIF after an introductory session.

She said MIIF’s mandate is unambiguous: maximize long-term value from Ghana’s abundant mineral resources while ensuring sustainable economic benefits for current and future generations.

“We recognize the responsibilities ahead, particularly given recent amendments to our Act, and stand ready to collaborate with the board to transform the Fund.”

The Board members after the inauguration at the ministry later engaged directly with MIIF’s management and staff, signaling a collaborative approach to the Fund’s future direction.