Success Story Of MIIF Continues – As State Agency Makes Giant Strides in Mineral Resource Management

Lawyer Edward Nana Yaw Koranteng, CEO of Minerals Income and Investments Fund (MIIF)

One of Ghana’s impactful state agencies is the Minerals Income and Investment Fund (MIIF).

Set up in 2018 by the current government, the mandate on this uniquely placed state agency was to ensure that stakeholders benefit from Ghana’s mineral resource exploitation.

Additionally, the agency was to strategically invest mineral resource funds to enable the state to build a resilient economy.

Details:

Giving a background to the establishment of MIIF in a documentary of SOEs performance under the State Interests and Governance Authority (SIGA), the Chief Executive Officer of MIIF Lawyer Edward Nana Yaw Koranteng, noted that full operations at the state agency started in 2019 despite being set up in 2018.

The task, he mentioned was to ensure that the agency makes use of the mineral resource potentials in Ghana to developing same such has been done in Australia, South Africa and China, the largest producer of gold.

The President, he stated after a meeting asked that a separate fund is created where royalities and dividends from mining companies and organisations could be deposited for the development of the communities in which the resources are mined.

Some of the funds, the CEO noted are currently reinvested in the mining sector including using same to buy equities in many big multinational companies including Asantegold.

Investment Drive:

The CEO noted that MIIF has so far invested 45% in shares at Asante Gold, the first of its kind in the history of Ghana.

MIIF, Mr Koranteng disclosed has been able to purchase 19 percent shares in Atlantic Lithium, a company listed on the Ghana Stock Exchange.

Ghana with its shares, he further noted, is currently the third biggest shareholder in Atlantic Lithium, an Australian mineral company.

The CEO stated MIIF was committed in creating a pool of funds to invest in the mining sector to ensure the country benefits from its mineral resources.

Salt Production:

The CEO said Ghana has had all potentials to become one of the biggest salt producers in the world.

However, he said for about 50 years Ghana had been struggling to mine salt in commercial quantities.

Recently, he said Ghana through MIIF decided to develop the Ada Songor Salt largoon with 30 million dollars.

This initiative which is on a 41, 000 acres has been given to Electrochem Company and when properly developed, the CEO noted would make Ghana the biggest salt producer in the Sub-Saharan region.

2, 800 people, the CEO stated had been so far employed by Electrochem and the plan is to turn the Ada Songhor site as a tourist site in addition to salt mining.

Social Corporate Responsibilities:

MIIF which values the development of the human potential of Ghanaians has set up a scholarship initiative to empower women who have the desire to study mining at the University.

Currently, the agency is supporting some women studying at University of Mines (UMAt) with scholarships.

Commendation:

Lawyer Nana Yaw Koranteng stated that MIIF had come thus far with the support it enjoyed from the President and Vice President of the Republic.

He noted that the set up of the State Interests and Governance Authority (SIGA) has also enabled MIIF to operate efficiently while aligni ng some of its activities with other state owned enterprises (SoEs).

Source: Ghana/otecfmghana.com/ Michael Ofosu-Afriyie,  Kumasi..