The Minerals Income Investment Fund (MIIF) is facing renewed scrutiny following revelations of structural and governance weaknesses that could undermine its effectiveness in managing Ghana’s mineral wealth.
A new study by the Centre for Extractives and Development Africa (CEDA), with support from the Natural Resource Governance Institute (NRGI), has raised concerns about the Fund’s mandate, transparency systems, and exposure to political influence.
Presenting the findings at a media training workshop on improving transparency and accountability, CEDA’s Executive Director, Samuel Bekoe, indicated that MIIF’s current design poses significant risks to both performance and public trust.
According to the report, the Fund’s hybrid mandate combining commercial investment with development financing has created a lack of clarity in its operations. This, the study noted, makes it difficult to measure performance and increases the likelihood of political interference.
CEDA further pointed out that MIIF operates without a clearly defined fiscal framework, lacking key elements such as savings rules, stabilisation mechanisms, withdrawal limits, and a binding fiscal anchor commonly seen in well-functioning sovereign wealth funds.
“These gaps make it difficult to ensure discipline and long-term sustainability in the management of mineral revenues,” Mr Bekoe explained.
The study also flagged governance concerns, particularly the level of executive control over board appointments and the requirement for ministerial approval of allocation decisions, which it says weakens institutional independence.
Transparency within the Fund was also described as limited. The report found that MIIF largely relies on annual reports and does not provide for contract disclosure, beneficial ownership transparency, or open data access key elements of a robust accountability system.
Beyond MIIF, Mr Bekoe highlighted a broader issue within Ghana’s extractive sector what he described as a significant oversight gap in mineral revenue management compared to the petroleum industry.
He cited the work of the Public Interest and Accountability Committee (PIAC), which has enhanced public awareness and accountability in oil revenue management, noting that no similar structure exists for minerals.
“Ghanaians are familiar with PIAC and its reports, but there is no equivalent for mineral revenues,” he said.
Mr Bekoe proposed expanding PIAC’s mandate or introducing a dedicated oversight mechanism for mineral revenues to strengthen transparency and public accountability.
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The training workshop, organised by CEDA and NRGI, aimed to equip journalists with the knowledge and tools to better report on extractive sector governance, particularly in relation to sovereign wealth management.
With Ghana’s mineral resources expected to play a growing role in the economy, stakeholders say addressing these structural and oversight challenges will be critical to ensuring that the country derives maximum benefit from its natural wealth.
