….GH¢1.5 Billion moved around banks, US$10 million dished out to another strange company
The Minerals Income Investment Fund (MIIF), has in response to the exposés by The Herald, assured Ghanaians that its financial statements are undergoing a comprehensive audit in accordance with established corporate governance procedures. However, it failed to disclose which institution is conducting the audit and its credibility.
This decision, follows recent media reports by this paper about financial irregularities within the Fund, particularly during the tenure of the former Chief Executive Officer (CEO), Edward Nana Yaw Koranteng.
These irregularities, included the payment of approximately US$94 million to Goldridge Refinery Limited, a company owned by Nana Yaw Duodo, alias Dr Sledge, with the money lost. MIIF’s dealings with the same Goldridge Refinery, resulted in an additional loss of US$25 million to Fidelity Bank Ghana Limited.
Interestingly, despite the claim that an audit is going on, reports reaching The Herald indicate that, there has not been a shift from the practices of the previous management led by Edward Nana Yaw Koranteng.
Further reports suggest that MIIF, continues to engage in illegal activities by persisting with investments made during the previous management, relying on an Investment Policy guideline that has not been approved by the Minister of Finance or ratified by Parliament, contrary to the Public Financial Management Act.
For example, reports are that last week, a substantial amount of GHC1.5 billion was transferred within MIFF accounts at various banks, namely Consolidated Bank, Access Bank, Fidelity Bank, and Zenith Bank, where the new CEO, Justina Nelson, used to work until her appointment in January this year.
The Controller and Accountant General, should legally approve the opening and transferring of funds, but this is said to be missing in the ongoing transactions.
Additionally, US$10 million was paid to BH Minerals, owned by Appiah Yawson, who has been linked to the opposition New Patriotic Party (NPP) and Galamsey activities in the country.
This payment was made last week and is said to follow an earlier US$10 million payment made to BH Minerals by the administration of Edward Nana Yaw Koranteng.
In the statement, MIIF reaffirmed its commitment to transparency and accountability, emphasising that the public will be fully informed of the audit’s outcome.
The Fund, had also pledged to address any irregularities identified in strict compliance with Ghana’s legal and financial regulations.
“MIIF wishes to clarify that following the recent transition, the Fund’s financial statements are currently undergoing a comprehensive audit in accordance with established procedures and corporate governance practices.
Ghanaians will be fully apprised of the outcome of this audit,” the statement said. MIIF, a sovereign wealth fund, is responsible for managing Ghana’s mineral revenues to maximise value for present and future generations.
The Fund asserts its dedication to protecting Ghana’s mineral wealth and ensuring prudent management of all proceeds.
The statement added that “management of the Fund will take all necessary steps to address any irregularities that may be identified during the audit in full compliance with established principles and the laws of Ghana.”
More to come!
