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President Akufo-Addo gives assent to MIIF Amendment Act

On Friday 28 August 2020 President Akufo-Addo assented to the Minerals Income Investment Fund (MIIF) Amendment Act

President Nana Addo Dankwa Akufo-Addo has assented to the Minerals Income Investment Fund (MIIF) Amendment Act. He did this on Friday 28 August 2020.

The aim of the amendment is to clarify parameters for operation of the Fund, which was established in 2018.

The terms of the Minerals and Income Investment Fund Act 2018 (Act 978) establish a fund to manage the equity interests of the Republic of Ghana in mining companies to receive mineral royalties and other related income due the republic from mining operations. The Fund also provides for management and investment of the Fund’s assets and related matters.

The actual act was assented to by President Akufo-Addo on 3 December 2018, after being passed into law by Parliament.

The ultimate objective of the MIIF is to maximise the value of the income due the state from the mineral wealth of Ghana for the benefit of citizens, by monetising minerals income accruing to the state in a beneficial, responsible, transparent, accountable and sustainable manner.

New architecture for mining

Act 978 furthermore provides that the Fund may create and hold equity interests in a special-purpose vehicle (SPV) in any jurisdiction to further its objects, and the SPV shall be free to operate as an ordinary commercial company.

On 4 October 2019, the president inaugurated a nine-member board to manage the Fund. In his address during the inauguration ceremony, held at Jubilee House in Accra, President Akufo-Addo said he was “hopeful this Fund, when properly managed and selectively invested, will over the period of time erase that image and give us a new architecture in the mining industry which includes significant Ghanaian players”.

“It shouldn’t be the case that Newmont, AngloGold Ashanti and all these others are the only players in the Ghanaian industry.”

President Akufo-Addo reminded board members that they have a fiduciary relationship with the Fund and hold the Fund in trust for the people of Ghana by managing it.

“These monies belong to the people of Ghana and they are counting on you to use [the Fund] judiciously, prudently and also with some imagination,” President Akufo-Addo said. “The operation of this Fund could be a very critical step in the development and transformation of our economy.”

President Akufo-Addo swears in members of the MIIF board at Jubilee House on 4 October 2019

 

The members of the governing board are George Mireku Duker (chairman); Honourable Yaw Baah, chief executive officer of the MIIF; Felicia Ashley, representing the Ministry of Finance; Maxwell Opoku-Afari, Deputy Governor of the Bank of Ghana; Ammishaddai Owusu-Amoah, Commissioner for the Domestic Tax Revenue Division of the Ghana Revenue Authority; Naana Dufie Addo, president’s nominee; Kow Essuman, president’s nominee; and Antoinette Kwofie, also a nominee of the president.

The ninth member of the board, who will represent the interest of the Ministry of Lands and Natural Resources, is yet to be appointed.

Wilberforce Asare / Asaase Radio

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