The Executive Director of the Centre for Extractives and Development Africa, Samuel Bekoe, has expressed concern over the lack of transparency surrounding more than 78% of Ghana’s mineral revenues that were previously allocated to the Mineral Income Investment Fund.

According to him, while recent reforms under John Dramani Mahama—which reduced MIIF’s allocation from 80% to just 2%—may be justified due to the fund’s underperformance in the past, the current arrangement raises serious transparency and accountability issues.

Speaking to journalists in Accra after a training session on MIIF, Mr. Bekoe noted that although government has indicated that the remaining 78% of mineral royalties will be channelled into the Big Push Programme, there is limited clarity on how these funds are managed and spent.

He explained that the government has established a Mineral Income Holding Account to receive the 78%, but questioned the accountability framework governing the account.

“If the fund used to receive 80%, and now gets 2%, what happens to the remaining 78%?” he asked. “We need to understand the transparency and accountability requirements of this holding account, including whether there are clear reporting structures such as quarterly disclosures.”

Mr. Bekoe acknowledged that directing mineral revenues into infrastructure development through the Big Push Programme is a positive step. However, he stressed the importance of establishing clear governance systems, including rules on withdrawals, investments, and regular public reporting, to ensure the funds are used appropriately.

He further called for stronger accountability mechanisms in managing mineral revenues, noting a gap compared to the petroleum sector.

He pointed out that institutions like the Public Interest and Accountability Committee play a key role in monitoring petroleum revenues, yet no equivalent system exists for mineral income, despite its significant contribution to national revenue.

“Our mineral revenues over the years have generated more income than even oil, yet transparency in that sector is weaker,” he said. “Many Ghanaians are aware of PIAC, but there is no similar structure for mineral revenues.”

Mr. Bekoe suggested several options to address the gap, including expanding PIAC’s mandate, empowering civil society organisations to access and publish data, or requiring government to proactively disclose detailed information on mineral revenue utilisation.

He stressed that even if a new oversight body is not created, government must ensure greater openness by publishing data on revenue inflows, project selection processes, and how funds under the Big Push Programme are allocated.

According to him, such measures are essential to guarantee that Ghana’s mineral wealth—being non-renewable and exhaustible—is invested in a way that benefits both present and future generations.

About the training

The remarks were made following a training programme for about 15 senior journalists on the operations of the MIIF. The fund was established in 2018 under the administration of Nana Addo Dankwa Akufo-Addo to manage Ghana’s equity interests in mining companies and receive mineral royalties.

The training aimed to equip journalists with the knowledge and investigative skills needed to track the fund’s performance and demand accountability, ensuring it fulfils its mandate of maximising mineral revenue for national development.