Press Releases
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.
The Minerals Income Investment Fund (MIIF) and Injaro Investment Advisors Ltd (IIAL) are delighted to announce the decision by the management and Board of Directors of MIIF to commit GHS25M to the Injaro Ghana Venture Capital Fund (IGVCF) which is managed by IIAL.
Consistent with MIIF’s mission to become a lever for Ghana’s development and Injaro’s objective of building sustainable African businesses, the investment strategy for IGVCF is to partner with best-in-class profitable Ghanaian SMEs with strong growth potential across various sectors including Mining Support Services, Food & Agribusiness, Education, Healthcare, Inclusive Financial Services, Industrial Services (including services for the Mining and Oil and Gas sectors) as well as Light Manufacturing. IGVCF will also promote environmental, social and governance best practices across its portfolio companies in its bid to contribute to job creation and sustained economic growth. The Fund will make equity, quasi equity or debt investments in SMEs mainly in Ghana and also in Côte d’Ivoire.
Edward Nana Yaw Koranteng, the Chief Executive Officer of MIIF, commented “This is MIIF’s first investment in the alternative asset class and we are delighted at this. The objective of MIIF in line with President Nana Akufo Addo’s vision, is to invest in the development of the entire mining eco-system or value chain which covers the mining supplies and services sector even to the micro or SME level. As part of our alternative investment or diversification strategy, MIIF sees this Injaro opportunity, to invest in private equity, as a conduit to support this mining sub-sector and ultimately the growth of the real economy in Ghana”.
Jerry Parkes, Managing Director of IIAL, commented “The Injaro team is excited and grateful for this opportunity to work with MIIF to further entrench Private Equity as an attractive asset class which can be an effective tool for growing the real economy in Ghana while delivering long term social and financial returns for local investors. Having already secured GHS127M for IGVCF primarily from local pension funds, and with a mandate from investors to grow the fund to GHS400M, the Injaro team welcomes commitments from institutional investors that want to diversify their portfolios and who are aligned with Injaro’s vision of growing the real economy in Ghana”
About Injaro
Injaro Investment Advisors Limited (IIAL) is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of an international group which manages over USD100M across multiple funds and has investments across Sub-Saharan Africa. Injaro has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management. Injaro manages the Injaro Ghana Venture Capital Fund (IGVCF), a private equity fund registered under the laws of Ghana and licensed by the Securities and Exchange Commission of Ghana to make investments in equity, quasi-equity or debt in small and medium-sized enterprises mainly in Ghana.
For more information, please contact: igvcf@injaroinvestments.com.
Managing Director of Ghana Stock Exchange (2nd left) making a point to Chairman of Electrochem ( Center in green reflector) and the CEO of MIIF, Edward Nana Yaw Koranteng ( 3rd left). Also in the picture are Dr. Mensa Abrampa ,Head of the National Development Planning Commission and member of the MIIF IAC (first left), Board Chairman of MIIF, Professor Douglas Boateng ( second right) and Kow Essuman, Esq.
The Minerals Income and Investment Fund (MIIF) has revealed plans to support the development of the salt industry in Ghana with the Ada Songhor Lagoon as utmost priority. This followed a working tour by the Board and Management of MIIF and officials of the Ghana Stock Exchange. The Ada Salt pans on the Songhor Lagoon have the potential to be the largest salt producing area in sub-Saharan Africa. The CEO of MIIF revealed to reporters that, “MIIF is far advanced with plans to invest in the Ada Songhor salt project towards developing it to be the largest in sub-Saharan Africa. Ultimately this investment seeks to ensure that Ghana benefits from the many uses of salt, especially as a core input to support the industrialization agenda of the Government of Ghana”.
The Ada Songhor pans which sits on some 41,000 acres straddling at least thirty-three (33) Ada Communities is larger in acreage than Walvis Bay of Namibia which is about 16,700 acres and is the largest in sub-saharan Africa. According to officials of Electrochem Ghana Limited which is the Ghanaian company developing the salt pans, the Songhor has the potential to produce more than 5 million MT at capacity with an estimated 650,000 metric tons (mt) of industrial salt in 2023 and circa 1.5 million MT over the next five years with a 99.99% purity.
MIIF’s Salt outlook and Investment
MIIF has declared salt as a priority mineral in Ghana in line with its investment strategy of generating downstream to upstream value from every single mineral. According to Professor Douglas Boateng, the Board Chairman of MIIF, “the Fund is targeting investments across the producing areas in the Greater Accra and Central regions of Ghana”.
The CEO of MIIF, Mr. Koranteng further stressed that “Salt is an infinite resource with over 14,000 uses. At full potential and with such expansive usage, salt in Ghana has the potential to earn circa $500 Million a year in foreign exchange with Nigeria and the sub-region as priority markets. Salt as a raw material covers the pharmaceuticals, food processing, oil and gas, food preservation, production of caustic soda, the textiles industry, mining, road maintenance, hospitals and hospitality sectors which all require high grade salt to support the manufacturing of inputs or processing. This is the reason why MIIF is excited about this opportunity for Ghana and is currently working on a broad based investment which would include a listing of the project on the Ghana Stock Exchange”. The scale of the Ada Songhor salt project also presents opportunities for two export jetties to facilitate export and other lake transport opportunities, create massive employment in the producing areas and substantially revitalize the local economies.
MIIF Investment and the intended Listing of Electrochem on the Ghana Stock Exchange
In accordance with MIIF’s investment strategy to ensure that, all major investments are listed on the Ghana Stock Exchange, the Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng confirmed that Electrochem has agreed to list on the Ghana Stock Exchange as a condition to MIIF’s investment. Mr. Koranteng stated that, “Investing in salt is part of our mineral diversification strategy in line with President Nana Akuffo Addo’s charge to MIIF, to ensure that we create Ghanaian business champions while at the same time creating opportunities along the value chain and on the capital markets for Ghanaians to directly have the chance to invest in such companies”.
The Managing Director of the Ghana Stock Exchange Ms. Abena Amoah who is also a member of the Investment Advisory Committee ( IAC) of MIIF said; “ What I have come to see here, really warms my heart. A great company is underpinned by the quality of the asset. We can become Africa’s number one salt producer, the sea never dries, the technology exists to mine the salt, the market for salt is not in doubt and with some ringfencing and great risk management, the investment in Electrochem and its listing on the Ghana Stock Exchange will be a win-win for all Ghanaians.”
About Ada Songhor
Constructed in the 1970s, the Ada Songhor Salt Project by acreage is the largest in sub-saharan Africa. It has run into several challenges over the years including lack of investment and was vested in the Government in 1992. Following a five-year investment endeavour which required garnering and courting community support, Electrochem Ghana Ltd finally obtained a long term lease in 2021 to manage the salt pans and to quickly put a plan of development in place. The plan has seen a total investment of $80 Million so far which has gone into rehabilitating the pans which had become decrepit and overly silted and the restoration of the Songhor Lagoon which had dried up for eight years.
“All the work done from scratch has been with our technical partners, Serra Process of Spain. Their advice and expertise gleaned from years of experience as a major global player in Salt is responsible for the successes chalked on this project” says Dzigbordi Kwaku-Dosoo, the Business Consultant on the project for Electrochem.”. “We are excited about the Ada Songhor project because it has restored the balance between the business and ecology of the area. As a Ramsar site (wetland reserved for international environmental purposes), the birds have started coming from all over the world and on the economic front, more than 1500 young people have been employed on the mine, through a micro-credit facility developed by Electrochem, the women in the various communities have interest free loans for their businesses and fishing is back in full force on the lake,” Dzigbordi Kwaku-Dosoo said.
The current status of the Ada Songhor Salt Project
Electrochem has outlined four major steps for the development of the Salt pans in Ada. The First is the restoration of the lake and the pans which have been completed. The expansion of infrastructure and importation of evaporators are ongoing with the company currently at circa 12% production.
The construction of an industrial bay to support the logistics management and export which has been completed. This is now the largest in Africa.
The firm plans to also build a jetty to facilitate sea exports and has already obtained the permits for the project. Further to the above, Electrochem plans to construct a refinery to support the production of domestic consumption of salt or retail use.
The Chairman of Electrochem, Daniel Mckorley said “ We have invested our toil into this project but we recognize that we still have someway to go. We are going to be Africa’s number one producer of Salt both for industrial and domestic use. Our plan is to make the activities of Songhor Salt benefit the people of Ada and the people of Ghana. My philosophy is simple. If we cannot use the minerals God has given us to make our people wealthy, then we would have failed God completely”.
About MIIF
The Minerals Income Investment Fund (MIIF) is Ghana’s minerals sovereign fund. MIIF was established pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended to receive royalties’ payments from mineral production activities in Ghana and to manage Government of Ghana’s equity interest in mining companies.
MIIF indicated that the remarkable growth was primarily anchored on innovative strategies which led to growth in royalties income, expansion of royalty sources and investment income.
Investing for Growth
Investment activities of MIIF effectively commenced in March 2022 with a US$20 million acquisition of a stake in Asante Gold Corporation, a Canadian and German-listed company with assets in Bibiani, Chirano, and Kubi. MIIF subscribed to 14,514,286 ordinary shares, representing 4.62% of the entity at the time. MIIF has also closed a GH¢25 million deal in a Ghana/Africa SME-focused Fund. MIIF is readying investments in lithium and salt of up to US$60 million and a small-scale mining incubation support program of up to US$60 million in 2023. MIIF also plans to develop a gold-backed ETF with the support of the Ghana Stock Exchange (GSE) for trading on the Ghanaian Bourse and possibly the Johannesburg and Toronto Stock Exchanges.
Performance of Investments of the Fund
The Fund recorded an annualized end-year return of 6.13% in 2022. The return was also influenced by foreign exchange volatility and good treasury management of funds.
Edward Nana Yaw Koranteng, the Chief Executive Officer of the Fund told the Daily Graphic exclusively, “MIIF mobilized GH¢1.3 billion in 2021 and GH¢1.8 billion in 2022, representing a 36% growth over the previous year. This was a major factor in growing the Fund’s AUM. We have been able to do this because of an inter-agency framework we put in place last year which has seen us collaborating with more agencies. These agencies include the Ghana Standards Authority, the Economic and Organized Crime Office and the Minerals Commission which is the regulator of the minerals sub-sector. We have also adopted innovative technologies such as geo-mapping all mining sites in Ghana and also creating a real-time dashboard for all royalties contribution from every mine in the country,” Mr. Koranteng said.
Mr Koranteng further said that, “The Fund put in measures to expand the royalties stream by adding sand-winning and salt to the list of royalties paying minerals which help with diversifying the royalties base away from gold.”
MIIF outperforms Global Benchmarked Indexes
MIIF outperformed global benchmarks with an annualized end-year return of 6.13% in 2022. The year 2022 witnessed significant market losses for equities and Fixed Income investments globally. Equities spent most of the year in a bear market, with the S&P 500, FTSE 100, and GSE-CI recording end-year returns of -19.49%, +0.91%, -12.38%, respectively. This compares to the 6.13% return achieved by MIIF.
The bond market was also hit, especially in developing economies, as the risk of defaults increased. The Russia-Ukraine conflict triggered global inflation and general market uncertainties.
MIIF as a lever for development
Mr. Koranteng expressed optimism that MIIF will, in a few years, become the lever that can help Ghana through volatile economic periods and offer the stability that is needed in the economy. “MIIF will seek to diversify its funding and investment portfolio sources, including capital market transactions, a gold trade desk which has already been set up which will definitely be a source of forex for the country, and explore risk participation in high-yielding projects with top-grade financial institutions.” Mr Koranteng emphasized that “We are a young fund, however, we are focused on getting it right. We plan to hit the US$500 million AUM by January 2024 and US$1 billion by 2027. We have made investments in Asante Gold, we are targeting some gold exploratory companies, lithium and salt as well as lithium by-products such as feldspar and silica to kickstart the ceramics and fibreglass industry.”
About MIIF
The Minerals Income Investment Fund (MIIF) is Ghana’s minerals sovereign fund. MIIF was established pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended to receive royalties payments from mineral production activities in Ghana and to manage the government’s equity interest in mining companies.
Royalty payments due the Government of Ghana from non-gold minerals such as Manganese, Salt, Limestone and Quarrying activities are set for an upturn due to an Inter-Agency collaboration framework and Task Force initiated by the Minerals Income Investment Fund (MIIF). 
The framework is part of the strategic thrust of MIIF to enhance royalties collection, expand the royalties net and streamline communication on royalties payments of non-gold mining companies. The collaboration which was initiated in December 2021 has improved the efficiency in collections by the Ghana Revenue Authority (GRA) which is responsible for the collection of royalties on behalf of MIIF, the Ghana Standards Authority (GSA) which assesses standards and accurate production measurements of minerals and the Minerals Commission (MINCOM), the regulator of the mining sector.
Prior to the establishment of the inter-agency framework arrangement, operators in Quarrying, Limestone, Salt and Sand winning activities either did not honour payments or underpaid their royalties. Mineral Royalties are payments made by all mining companies to the Government of Ghana through MIIF for the right to continuous production from a particular mine. In Ghana, royalties are typically agreed as a percentage of gross or net production of every mineral including Salt, limestone, Sand Winning and Quarrying activities.
Source: My Joy Online
The fund responsible for managing Ghana’s mining royalties plans to invest up to $60 million this year in companies both within and outside the gold-producing nation, its chief executive told Reuters earlier this month. The Minerals Income Investment Fund (MIIF) bought about $20 million worth of shares late February in the Toronto- and Frankfurt-listed Asante Gold Corporation, which operates Ghana’s Bibiani Gold Mine. 
By investing in firms with high growth potential and reviewing the strategies of collecting royalties from smaller firms, Koranteng said MIIF hoped to ‘widen Ghana’s royalty net’ and keep the fund growing.
This year, the fund has particular interest in industrial salt companies, which Koranteng says could become major suppliers to the region’s numerous gas and oil wells.
Starting in July, MIIF also plans to invest in about 400 small-scale gold mining outfits, in hopes of growing them into profitable mid-sized firms
Source: Africa Briefing
