Asantehene tasks MIIF to seek welfare of mining communities

Managers of the Minerals Income Investment Fund (MIIF) should ensure that their activities impact positively on the lives of the people, particularly those in mining communities, the Asantehene, Otumfuo Osei Tutu II, has advised.

He expressed worry over the fact that in many instances, mining communities, which bore the brunt of mining activities with their related negative consequences, were neglected.

“People in those communities deserve better,” the Asantehene noted, saying revenue generated from mining resources must be used for its intended purposes, such as the construction of good roads and the provision of social amenities for the people.

Courtesy call

Otumfuo Osei Tutu gave the advice when officials of the MIIF paid a courtesy call on him at the Manhyia Palace, Kumasi, last Friday.

The MIIF team, led by its Chief Executive Officer, Mr. Yaw Baah, included Mr. Franklin Asafo-Adjei, the Chief Financial Officer; Mr. Kwabena Barning, the Chief Technical Officer; Mr. Charles Amoh, the Business Development Manager, and Dr. Kennedy Kwabena Abrokwa, the Corporate Affairs Manager.

The others were Mr. Seidu Sumaila, the Finance Manager; Mr. Adam Muhazu, the Investment Manager; Ms. Rosetta Esi Asmah, the Human Resource Manager, and Ms. Sharon Asiedu, the Corporate Affairs Officer.

The visit, among others, was aimed at introducing the management of the MIIF to the Asantehene and also brief him on the activities of the MIIF.

Otumfuo Osei Tutu said that it behoved the MIIF managers to justify the confidence reposed in them by the government by working together and innovatively to enhance investment, both domestically and internationally, for the growth of the fund.

He said the managers should bring their experience and expertise to bear in the discharge of their duties to ensure the effective management of Ghana’s mineral resources and royalties.

Commitment

For his part, Mr. Baah gave an assurance that the managers had taken the advice of the king in good faith, and that they were focused on doing the right thing at all times to foster value for money in the investments made.

He reiterated the fact that the MIIF was positioning itself to change the public narrative by ensuring that Ghana’s mineral royalties were managed properly for the maximum benefit of the ordinary citizen.

MIIF’s mandate

Briefing the Asantehene on the mandate of the MIIF, Mr. Baah said the fund was mandated to disburse 20 per cent of the minerals income received to the Minerals Development Fund.

In the performance of its functions, he said, the fund shall also operate in accordance with sound commercial principles, using its best endeavours to ensure that the Special Purpose Vehicle (SPV) operated in a similar manner.

The MIIF CEO cited ‘Agyapa’ as one of the SPVs created by the fund to enhance its investment portfolio.

The managers of the MIIF are currently on a nationwide tour engaging mining associations across the country. Those in the northern sector quarries association were met last Thursday.

Background

Parliament, in 2018, passed the Minerals Income Investment Fund Act (978), which established the fund, to manage the equity interest of the country in mining companies and receive royalties on behalf of the government.

It also seeks to maximise the value of the income due the Republic in a beneficial, responsible, transparent, accountable and sustainable manner.

It is also to monetise the minerals income accruing to the country and develop and implement measures to reduce the budgetary exposure of Ghana to minerals income fluctuations.