…inaugurates new MIIF board
Dr. Cassiel Ato Baah Forson, the Minister of Finance, has urged the Minerals Income Investment Fund (MIIF) to work closely with the Gold Board (GoldBod) to substantially boost local ownership interests in Ghana’s mineral resources.
At the unveiling of MIIF’s newly appointed nine-person board in Accra on Tuesday, Dr. Forson highlighted the administration's dedication to fostering significant domestic involvement in the mining industry via robust local content regulations.
Ghana should not just extract gold—we must have ownership stakes," stated Dr. Forson, further emphasizing that "the MIIF needs to secure substantial shares in mining projects and guarantee that Ghanaian enterprises substantially profit from our natural wealth.
Strategic leadership
The recently installed board represents a crucial juncture for Ghana’s sovereign wealth fund as it gets ready to address recent legal changes and set out a fresh strategic direction.
Dr. Forson praised the newly appointed board members and encouraged them to collaborate closely with MIIF’s leadership and employees. He emphasized the importance of concentrating on the organization’s primary mission to enhance the fund’s effectiveness.
He stated that the Ministry of Finance will keep a close watch on MIIF’s development to guarantee compliance with its revised founding Act.
Dr. Forson stated that the board's role is to offer strategic guidance throughout this transitional phase and urged members to work together with management to alter the course of the fund.
The Finance Minister affirmed that his department is prepared to offer essential support to guarantee that the MIIF achieves its objectives and maximizes advantages from Ghana’s mineral resources for the benefit of every citizen.
Board’s commitment
During his acceptance speech, Board Chairman Richard Kwame Asante conveyed his appreciation to President John Dramani Mahama for entrusting the board members with their positions.
He vowed steadfast dedication to tackle current difficulties and turn them into chances for development.
"The newly appointed board and management are dedicated to working relentlessly to address previous deficiencies and set the Fund on a path to success," stated Mr. Asante.
MIIF’s strategic mission
Justina Nelson, who serves as the Chief Executive Officer of MIIF, emphasized the fund's purpose as Ghana's sovereign wealth fund. Its main objective is to strategically oversee and invest the country's mineral royalties along with its equity positions in various mining projects.
MIIF's mandate is clear: to maximize long-term value from Ghana’s plentiful mineral resources while guaranteeing sustainable economic advantages for both present and future generations.
Mrs. Nelson stated, "We acknowledge the upcoming challenges, especially considering the recent revisions to our Act, and we are prepared to work closely with the board to revamp the Fund."
After the inauguration event at the Ministry of Finance, the board members interacted closely with MIIF’s leadership and employees, indicating a cooperative method for determining the fund’s upcoming strategic path.
The chairperson of the board is Richard Kwame Asante, a skilled chartered accountant and the Managing Partner at Kwame Asante and Associates (KAA). The board also comprises Justina Nelson, who serves as the CEO of MIIF.
The additional board members representing crucial governmental bodies and parliamentary districts include: 1. Dr. Zakaria Mumuni - First Deputy Governor at the Bank of Ghana. 2. Edward Apenteng Gyamena - Commissioner for Domestic Tax Revenue within the Ghana Revenue Authority. 3. Dr. Alfred Oko Vanderpuije - Representative from the Ablekuma South constituency as a Member of Parliament. 4. Yakubu Mohammed - Legislative member for the Ahafo Ano South East district. 5. Robert Wisdom Cudjoe - Elected official serving the Prestea Huni-Valley region. 6. Yaa Asantewaa Asante - Head of the Public Debt Management Office under the Ministry of Finance. 7. Ama Mawusi Mawuenyefia - Communication director working with the Ministry of Lands and Natural Resources.
Provided by SyndiGate Media Inc. Syndigate.info ).
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