The Minerals Income Investment Fund (MIIF)
The Minerals Income Investment Fund (MIIF) has strongly refuted allegations published by The Herald, an Accra-based newspaper, describing the claims as false and misleading.
The allegations, centered on the Fund’s financial transactions and governance practices, have prompted MIIF to issue a detailed response to set the record straight.
In a press statement issued on February 13, 2025, the state-owned Fund categorically denied the newspaper’s claim of a GH¢1.5 billion transfer within its accounts.
The Fund also emphasized that all its financial transactions are conducted under strict regulatory approval and oversight.
“All financial transactions undertaken by MIIF are conducted with full regulatory approval and oversight,” the statement read.
The newspaper publication also revisited the ongoing audit of MIIF’s financials, an issue the Fund had previously addressed.
However, MIIF expressed surprise at the renewed focus, especially given that the audit is being conducted by the Ghana Audit Service, a constitutionally mandated body responsible for auditing public institutions.
The Fund reiterated that the audit process remains transparent and accountable.
“The Ghana Audit Service is an independent institution tasked with ensuring financial integrity, and MIIF is fully cooperating with the audit process,” the statement mentioned.
The Herald further alleged that MIIF had made unauthorized payments to a mysterious company, specifically mentioning an alleged US$10 million disbursement to BH Minerals but the MIIF dismissed this assertion unequivocally.
“There have been no illegal disbursements of funds to any company, including the alleged US$10 million payments to BH Minerals,” MIIF clarified.
The Fund reassured the public of its unwavering commitment to adhering to the Public Financial Management Act (PFMA) and sound corporate governance principles.
“MIIF remains committed to due process and ensures that all financial transactions align with the Public Financial Management Act and other governing regulations,” the release stated.
Providing additional context, MIIF highlighted its core mandate which include maximizing Ghana’s mineral wealth to support national development.
Since its inception, the Fund has facilitated significant investments in the mining sector, contributing to job creation, infrastructure development, and increased state revenue.
Recent initiatives by MIIF include strategic investments in critical minerals like lithium and bauxite, which are expected to play a pivotal role in Ghana’s industrialization agenda.
The Fund has also supported community development projects in mining areas, ensuring that the benefits of mineral wealth reach local communities.
MIIF reaffirmed its commitment to transparency and its intention to continue engaging with stakeholders through periodic updates on its financial reviews and strategic initiatives.
“Our focus remains on maximizing Ghana’s mineral wealth for national development while upholding the highest standards of corporate governance,” the statement concluded.
AM/MA