MIIF Racks up Awards as Fund’s stellar performance continues

The Minerals Income Investment Fund is growing in international recognition on the strength of the Fund’s outstanding performance over the last two years.

The Chief Executive of MIIF, Edward Nana Yaw Koranteng has become a magnet for award initiatives and his citation and trophy cabinet is growing quickly. Koranteng, a lawyer and an investment banker has set himself the goal of building Africa’s biggest minerals sovereign fund and his quest is already blossoming.

In October 2021, when Koranteng was appointed, the Assets Under Management (AUM) of the fund was around $180 million. By the end of the first quarter of 2024, the AUM has risen to $1billion, representing 550% and could be more subject to ratification. The fund’s international recognition has also increased remarkably on the strength of investment in Asante Gold Corporation, the Toronto and Frankfurt listed gold exploration and production company that runs the Mensin Bibiani Gold Mine and Chirano Mines in Ghana.

Edward Nana Yaw Koranteng has also pursued alternative investments away from gold with a two-tier equity stake in Atlantic Lithium, the lithium exploration and production company which is on course to develop Wet Africa’s first lithium mine in Ewoyaa in Ghana’s Central Region. A recent $30 million injection into Electrochem, the company developing the Ada Songhor Salt project is set to make Ghana the biggest producer of ‘the white Gold’ in Africa.

“We analysed on end, all the CEO’s in the Ghana minerals sector and the conclusion was  that Mr. Koranteng was incontrovertibly the best CEO for 2023/2024,” said Ernest Egyir, the organizer of the prestigious annual CEO awards.

“The record of the team at MIIF led by Mr. Koranteng has been nothing short of spectacular and this is what we need to spark revolutionary change in our public sector All the companies the invested in have also by the prompting of MIIF now listed on the Ghana Stock Exchange. Mr. Koranteng has always said the growth of the fund cannot only be vertical. There must horizontal impact on allied growth poles of the economy. Deepening the stock market is necessary for the growth of the capital market. That is how you have integrated growth,” said Ernest Egyir.

MIIFs growth has not been agnostic of sustainability, diversity and inclusion which are topical for the investment team in arriving at their investments.

“We will not do it if it fails sustainability questions.” says Mr. Koranteng. “Similarly, if it does not use its agency to boost women’s participation or bring into focus diversity and inclusion, the investment no matter how profitable on paper they may seem will not get our approval,” said Koranteng.  This stance by MIIF has already been noticed by the Sustainability and Social Investments Awards which recognized MIIF’s investments reflect the ethos of the awards.

The fund won awards for the Best Company in post disaster rehabilitation program, ESG investment Initiative of the year and the Sustainability and Social Investment CEO of the year 2023.  All three awards were anchored on MIIF’s continuous support for the Appiatse mining disaster victims and the support towards the rehabilitation of their abode and livelihood as well as MIIF’s foray into the Small-Scale Incubation Program which is geared at revolutionizing small scale mining in Ghana.

Ghana’s second lady, H.E samira Bawumia gives her seal of approval by calling the Sustainability and Social Investment Awards and its winners a glimmer of hope in a world currently plagued with so many development problems.

Mrs. Bawumia congratulated the winners for going against the grain.

“Problems such as rapid urbanisation, industrialisation and population growth have strained natural resources, resulting in deforestation, pollution and climate change. 

Amidst these challenges, there lies a glimmer of hope — the realisation that sustainability does not impede economic growth but rather acts as a catalyst for it.” said HE Samira Bawumia”