Press Releases

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.

Tarkwa, Ghana – The Minerals Income Investment Fund (MIIF) has awarded full scholarships to 45 brilliant but needy female students at the University of Mines and Technology (UMaT), Tarkwa, under its flagship Women from Mining Communities (WomCoM) scholarship scheme.

Hon. Yakubu Mohammed (seated 4th from right), MP for Ahafo Ano South East, Prof. Richard Amankwah (seated 5th from right), Vice Chancellor, UMaT, Hon. Issah Taylor (seated 5th from left), MP for Tarkwa Nsuaem, Ms. Theresa Gyasi-Antwi (seated right), Chairperson, WoMCom, other dignitaries and the student award recipients after the presentation ceremony.

The initiative, launched in June 2024, is part of MIIF’s Corporate Social Responsibility (CSR) efforts to empower academically gifted young women from Ghana’s mining communities to pursue education in Science, Technology, Engineering, and Mathematics (STEM) and mining-related disciplines.

This year’s scholarship award, valued at GHS460,000, benefits 43 undergraduate and 2 postgraduate students. Undergraduate recipients each received GHS10,000, while postgraduate students were awarded GHS15,000, covering tuition, accommodation, and other essential academic expenses.

The WomCoM programme received over 100 applications, with 45 successful candidates selected through a rigorous and transparent vetting process. The process was supervised by a five-member Steering Committee comprising representatives from MIIF and UMaT.

Speaking at the award ceremony, the Chief Executive Officer of MIIF, Mrs Justina Nelson, whose speech was read on her behalf by the Member of Parliament for Ahafo Ano South-East, Mr Yakubu Mohammed, reaffirmed the Fund’s commitment to gender equity in the extractive sector.

“Our goal is not to provide partial help, we are here to make real impact.”

Beyond financial support, we are lifting burdens, raising aspirations, and changing narratives in communities that have often been left behind.”

Mrs. Nelson praised the partnership with UMaT under the leadership of Prof. Richard Amankwah and expressed gratitude to the Steering Committee for its professionalism and integrity in managing the process since its inception last year.

She also seized the opportunity to announce plans to expand the programme to include Kwame Nkrumah University of Science and Technology (KNUST) as part of efforts by MIIF to broaden the scope and impact of the scholarship programme to impact many more women from mining communities.

The MIIF CEO paid glowing tribute to corporate Ghana saying, this year’s initiative was heavily supported by; OmniBSIC Bank, Access Bank, Zenith Bank, First Atlantic Bank, First Bank, and Procus Ghana Limited (makers of Kivo products).

“Their contributions mark a new phase of collaboration between MIIF and Corporate Ghana in advancing education and gender equity in our country,” she added.

Mrs Nelson expressed the hope that with the scholarship initiative now set to be expanded, corporate Ghana will join hands with the Fund as part of their corporate social responsibility, to reach out to more women from the mining communities who are pursuing STEM courses.

To the awardees, Mrs Nelson noted: “You were chosen not only for your academic potential but because you embody hope.

Strive for excellence and remember you are paving the way for many more girls who will look to you and believe that they too can succeed.”

She reaffirmed MIIF’s commitment to sustain the WomCoM initiative as a transformative platform for building female capacity across Ghana’s mining value chain and expressed the hope that, with corporate Ghana on board, more can be done for brilliant but needy women from mining communities.

The Minerals Income Investment Fund (MIIF) will tomorrow, Tuesday, September 16, 2025, officially present full scholarship awards to 45 brilliant but financially needy female students at the University of Mines and Technology (UMaT), Tarkwa in the Western Region.

The awards are part of MIIF’s flagship Women from Mining Communities (WomCoM) scholarship scheme, a Corporate Social Responsibility (CSR) initiative aimed at empowering academically gifted young women from Ghana’s mining communities.

The scholarship will support their pursuit of tertiary education in Science, Technology, Engineering, Mathematics (STEM), and mining-related disciplines.

Launched in June 2024, the WomCoM scheme is designed to improve access to higher education for women in extractive areas and to promote gender balance in Ghana’s mining and mineral sector.

This year’s award, valued at GHS460,000, covers full tuition, accommodation, and other essential academic expenses.

It benefits 43 undergraduate students, each receiving GHS10,000, and 2 postgraduate students, who will receive GHS15,000 each.

The 45 beneficiaries were selected from over 100 applicants through a competitive and transparent process overseen by a five-member Steering Committee made up of representatives from both MIIF and UMaT.

This year’s awards are particularly unique, as, through the leadership of MIIF’s Chief Executive Officer, Mrs. Justina Nelson, Corporate Ghana has come on board as a partner—helping to enhance the scheme and paving the way for its future expansion to benefit students from other universities.

The corporate institutions are: OMNIBSIC Bank, Access Bank, and Zenith Bank. The rest are KIVO, First Bank and First Atlantic Bank.

The award ceremony will be held on UMaT campus and is expected to be attended by officials from MIIF, university leadership, traditional authorities from beneficiary communities, and other stakeholders in the mining and education sectors.

The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs. Justina Nelson, has reaffirmed the Fund’s commitment to a proactive approach toward institutional excellence and strict adherence to regulatory frameworks.

She made the remarks when the Board and Management of MIIF paid a courtesy call to the Public Services Commission (PSC) in Accra on Wednesday, September 10, 2025. The visit, led by the Chairman of the MIIF Board, Mr. Richard Kwame Asante, forms part of the Fund’s broader stakeholder engagement strategy.

From left: Ing. Mrs. Mabel Amoako-Atta, Secretary to the Commission; Dr. Stella Agyenim-Boateng, Vice Chairperson of the Commission; Mr. Richard Kwame Asante, Board Chairman, MIIF; Prof. Victor Kwame Agyeman, Chairman of the Commission; Mrs. Justina Nelson, CEO, MIIF; and Dr. Prince Edward Darah, Member of the Commission.

Describing the meeting as a significant step in strengthening institutional relationships, Mrs. Nelson noted that MIIF remains fully committed to operating within Ghana’s public service regulatory ecosystem while maintaining its operational independence as a sovereign mineral’s income investment fund.

“Our proactive engagements are intended to align MIIF’s internal governance frameworks with national standards while optimising returns from Ghana’s mineral wealth,” she stated.

She further explained that the Fund’s leadership is working cohesively to uphold the highest standards of corporate governance and deliver on its national mandate as defined by its amended Act.

The MIIF team (seated right) in discussions with representatives of the Commission

“Our proactive engagements are intended to align MIIF’s internal governance frameworks with national standards while optimising returns from Ghana’s mineral wealth,” she stated.

She further explained that the Fund’s leadership is working cohesively to uphold the highest standards of corporate governance and deliver on its national mandate as defined by its amended Act.

Mr. Richard Kwame Asante (left), Board Chairman, MIIF, engaging with Mrs. Justina Nelson, CEO of the Fund.

Mr. Asante, the Board Chairman, inquired about the specific procedures required for MIIF to align with the Commission’s standards, particularly regarding staffing and institutional structures.

In response, the Chairman of the Public Services Commission, Professor Victor Kwame Agyeman, offered detailed guidance on public service best practices.

He emphasized the need for MIIF to develop a comprehensive scheme of service that both reflects its unique mandate and aligns with public service principles.

He also touched on the Fund’s governance structure, recommending alignment with the public service grading system and constitutional requirements under Article 195 regarding appointments. The PSC outlined the structured interview process for senior management roles, including Category A and B positions, which must be guided by professional qualifications and experience.

The MIIF team engaging in discussions

The Vice Chair of the Commission, Dr. Stella Agyenim-Boateng, invited the MIIF leadership to participate in the annual Corporate Governance Conference for Board Chairs, CEOs, and Directors. She described it as a key platform for knowledge sharing and dialogue on governance within Ghana’s public service institutions.

MIIF Management team members present at the discussion table

Moving Forward

The meeting laid the groundwork for sustained collaboration between MIIF and the PSC. Both institutions expressed mutual commitment to promoting effective governance and strengthening institutional capacity in support of Ghana’s broader development goals.

Ing. Mrs. Mabel Amoako-Atta (3rd from left) Secretary to the Commission, making her submission during the meeting.

The PSC commended MIIF for taking the initiative to seek regulatory alignment and pledged continued support to help the Fund navigate its obligations under public service law while maintaining operational efficiency.

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