Finance Minister, Dr Cassiel Ato Forson, has challenged the newly inaugurated board of the Minerals Income Investment Fund (MIIF) to restore the Fund to its core mandate of responsible and transparent mineral investment, insisting that the abuses that occurred under the previous administration “must not be repeated.”
He noted that MIIF, suffered from severe mismanagement between 2019 and 2024, prompting the government to withdraw financial support.
“We witnessed significant abuse of public resources. That era must not be repeated. If the board restores discipline and ensures proper use of resources, the government will reconsider its stance,” Dr Forson stated.
He disclosed that Ghana, earned over US$1.1 billion in foreign exchange during the first full month of operations under the Goldbod gold purchase programme.
The inflow, generated from the purchase and export of more than 11 tonnes of gold, marks a major milestone in the country’s efforts to stabilise the cedi and increase local participation in the gold trade.
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Dr Forson made the announcement during the inauguration of the new MIIF board in Accra. He urged the board to build on the gains made through Goldbod and help deliver long-term value from Ghana’s mineral resources.
“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” the Minister said.
He emphasised MIIF’s role in increasing Ghana’s equity in mining operations and promoting local content across the value chain. He also revealed plans to collaborate with MIIF and Goldbod to further expand the gold purchase initiative and strengthen Ghana’s gold reserves.
As part of broader sector reforms, Dr Forson announced a renewed crackdown on mineral smuggling, pledging intensified oversight to ensure that no precious mineral leaves the country without due process and benefit to the state.
The newly inaugurated MIIF board, is chaired by Richard Kwame Asante. Other members, include Ms Justina Amiorkor Nelson, Berl Yaa Asantewaa Asante, Ms Mawusi Ama Mawuenyefia, Yakubu Mohammed, Alfred Okoe Vanderpuije, Mr Robert Wisdom Cudjoe, Edward Appenteng Gyamerah, and Dr Zakaria Mumuni.
Speaking on behalf of the board, Mr Asante, pledged their commitment to rebuilding public confidence in MIIF and ensuring that its operations align with Ghana’s national development priorities.
