Finance Minister inaugurates MIIF Board

BY: Emmanuel Baah
Mr Ken Ofori-Atta (middle), in a group photograph with the newly inaugurated board of the MIIF. Those with them include Prof.Douglas Boateng(4th right), the Chairman, and Mr Edward Nana Yaw Koranteng(4th left), CEO of MIIF.
Mr Ken Ofori-Atta (middle), in a group photograph with the newly inaugurated board of the MIIF. Those with them include Prof.Douglas Boateng(4th right), the Chairman, and Mr Edward Nana Yaw Koranteng(4th left), CEO of MIIF.

The Minister of Finance, Mr Ken Ofori-Atta has inaugurated the Board of Governors of the Minerals Income Investment Fund(MIIF).

The reconstitution of the 9-member Board is in line with the Minerals Income Investment Fund Act, 2018 (Act 978) as amended.

Members

Chaired by Professor Douglas Boateng, other members are the CEO of MIIF, Mr Edward Nana Yaw Koranteng, Mrs Felicia Gyamfi Ashley, Mr George Mireku Duker, and Reverend Ammishaddai Owusu-Amoah.

The rest are Dr Maxwell Opoku-Afari, Mr Kow Essuman, Professor Grace Ofori Sarpong, and Mrs Akosua Apea Osafo.

Social responsibility

Speaking at the inauguration in Accra on Tuesday, October 12, 2021, Mr Ofori-Atta urged the board to ensure that their activities impacted positively on the lives of the people, especially mining communities.

He expressed worry that in most cases, mining communities that bore the brunt of mining activities with their related negative consequences were neglected.

The Finance Minister noted people in those communities deserved better, saying revenue generated from mining resources must be used for its intended purposes such as constructing good roads and provision of social amenities to the people.

He stressed the need to champion the course of women in mining and exploration and guide long-term wealth creation for the prosperity of Ghanaians.

Ghana Beyond Aid

Congratulating members of the Board, the Finance Minister urged them to help transform the mining sector so it supports the government’s overall agenda of job creation, development of the mining communities, infrastructure development and the overall economic growth of Ghana.

That, he noted, was aligned to the vision of a Ghana Beyond Aid, which is aimed at transitioning Ghana from our current socio-economic status to a prosperous and buoyant economy that is in charge of its own destiny.

He entreated the board to work together in building a world-class Fund and create a pioneering template for Africa.

Background

Ghana’s Parliament in 2018, passed the Minerals Income Investment Fund Act(978) which established the Fund, to manage the equity interest of the country in mining companies and receive royalties on behalf of the government.

It also sought to maximize the value of the income due the Republic in a beneficial, responsible, transparent, accountable and sustainable manner.

It is also to monetize the minerals' income accruing to the country, develop and implement measures to reduce the budgetary exposure of Ghana to minerals income fluctuations.