The Minerals Income Investment Fund (MIIF) has been named the Best Financial Institution in Mining in Ghana by the French-based business publication, Forbes Monaco. The award is given to financial institutions that specifically concentrate on providing financial platforms and funding solutions to the mining sector.
Forbes took cognisance of MIIF’s strategic acquisition of over fourteen million shares and circa 4.65% stake in Asante Gold Corporation, a Canadian and Frankfurt listed gold producing company which operates in Ghana. The acquisition, which together with government’s carried interest and existing Ghanaian shareholders, would increase Ghanaian shareholding to more than 25%, is a first for Ghana in a multi-listed international gold mining company. Asante is currently in negotiation with Kinross Chirano to acquire 90% of the Chirano Mine in Ghana, which would further increase Ghanaian stake.
Forbes Monaco, the Monaco edition of the 93-year-old prestigious Forbes Magazine and Aurum Monaco, a gold refinery based in the Principality of Monaco, both highlighted MIIF’s proposed US$500million Small-Scale Incubation Programme as transformational for Ghana’s gold mining sector. The CEO of MIIF, Mr. Edward Nana Yaw Koranteng, said: “The proposed programme, which would inject over US$400million into the small-scale mining sector over a period of ten years, is in line with actualising President Nana Akufo Addo’s vision of formalising the small-scale mining sector, encourage environmentally sustainable mining and create Ghanaian gold mining champions”.