The Executive Director of the Centre for Extractives and Development Africa (CEDA), Samuel Bekoe, has raised concerns that recent amendments to the Minerals Income Investment Fund (MIIF) could undermine its ability to achieve its original purpose.
Speaking to journalists at a capacity-building workshop supported by the Natural Resource Governance Institute (NRGI), Bekoe said the Fund was initially established to grow Ghana’s mineral wealth through strategic investments and improved returns on mineral royalties.
“If you look at the Minerals Income Investment Fund, it was set up with a clear objective to improve mineral investment in the country and, as a result, grow the returns on our mineral royalties,” he explained.
He noted that since its establishment in 2018, MIIF’s assets under management have grown significantly, from an initial 180 million dollars to about one billion dollars in 2024. However, he questioned the lack of clarity around returns on these investments.
“Although MIIF has about a billion assets under management, which is the value of investments they’ve made, we are yet to see the returns on those investments,” he said. “You want to know the returns.”
Bekoe highlighted a key concern over recent amendments to the MIIF Act, which reduced the Fund’s share of mineral royalties from 80 percent to just 2 percent, calling it a major shift in its operational model.
“And now it has reduced income of royalties that they used to receive from 80% to 2%, which basically means 2% is for their operational upkeep,” he stated, questioning whether the Fund can still fulfil its original mandate under the new arrangement.
He also raised concerns about the remaining portion of mineral royalties, noting that the government has introduced a Mineral Income Holding Account to manage the bulk of the funds.
“The question is, what is the transparency requirement of that account? What is the accountability requirement of that account?” he asked, emphasizing the need for clear reporting and governance rules.
While acknowledging that the government intends to use the funds for infrastructure development under its “Big Push” agenda, Bekoe stressed the importance of transparency in how such resources are managed.
“We need to ensure there are clear governance rules, including withdrawal rules, investment rules, publication of quarterly reports… so that we would know whether the monies are being used for their intended purpose,” he said.
He further pointed to gaps in MIIF’s transparency, noting delays in publishing key documents such as investment guidelines and financial statements.
“Though they have published their investment guidelines, they were supposed to publish them in the first or second year of their operations. They only published it in 2024,” he observed, calling for more proactive disclosure.
“Instead of waiting for people to go and ask them questions, they should be publishing information,” he added, suggesting that regular updates on investment performance and returns are essential.
Bekoe also compared oversight mechanisms in the mineral sector with those in the petroleum sector, noting that mineral revenues lack a strong, independent accountability structure like the Public Interest and Accountability Committee (PIAC).
“One in ten citizens would know about PIAC, but there is nothing like that for mineral revenues,” he said, recommending that expanding PIAC’s mandate or strengthening civil society access to information could improve accountability.
He concluded by stressing the finite nature of Ghana’s mineral resources and the importance of managing them carefully for future generations.
“Because these resources are non-renewable and exhaustible… if we do not invest them very well, our future generations will come and be depressed,” he warned, urging stronger governance frameworks, improved transparency, and clearer accountability measures to ensure MIIF delivers long-term value to the country.
ALSO READ:
