CSOs demand stronger governance reforms at MIIF
Civil Society Organisations (CSOs) in the extractive sector are calling for further legislative reforms to strengthen governance and transparency at the Minerals Income Investment Fund (MIIF).
Their concerns centre on recent amendments to the Fund’s governing law, which reduce MIIF’s share of mineral income to two per cent. Under the revised structure, the majority of royalties and dividends are channelled into the Consolidated Fund — a shift CSOs warn could weaken MIIF’s original mandate as an investment vehicle.
The issues were raised during a CSO roundtable in Accra, organised by MIIF as part of its stakeholder engagement efforts. Discussions focused on the Minerals Income Investment Fund Act, 2018 (Act 978), as amended by Act 1137, with participants highlighting gaps that require further legal attention.
Head of Legal at MIIF, Tuinese Edward Amuzu, outlined the significance of amendments introduced in 2020 and 2025, noting they have reshaped the Fund’s operations and long-term strategy. However, CSO representatives pushed for stronger oversight mechanisms and clearer public reporting requirements to be embedded in law.
Executive Director of the Institute for Democratic Governance (IDEG), Emmanuel Akwetey, questioned MIIF’s operational sustainability under the new framework. He explained that under the original Act 978, mineral royalties and dividends were paid directly into accounts controlled by MIIF, allowing it to retain significant funds for investment while allocating portions to other statutory bodies.
He noted that the amended arrangement now requires all mineral revenues to be paid into a holding account managed by the Ministry of Finance and the Controller and Accountant-General, with only two per cent subsequently transferred to MIIF. The remainder is directed into the Consolidated Fund for general government spending.
Akwetey warned that this could limit MIIF’s ability to function effectively as a sovereign investment fund.
Adding to the concerns, Franklin Cudjoe, founding president of IMANI Africa, highlighted weaknesses in performance evaluation and value-for-money assessments. He cited MIIF’s investment in Asante Gold Corporation as an example, calling for stronger monitoring and accountability systems.
In response, MIIF acknowledged mixed outcomes across its investment portfolio, noting that while some investments have performed well, others are being restructured. Chief Finance Officer David Awuah Mensah stated that the Fund has exited underperforming ventures where necessary and is working to recover funds.
The calls for reform come as MIIF records its strongest financial performance to date. The Fund reported mineral royalty inflows of GH₵5.43 billion in 2025, representing a 10.8 per cent increase from GH₵4.91 billion in 2024.
Chief Executive Officer Justina Nelson attributed the growth to improved compliance, enhanced monitoring systems and stronger institutional oversight, supported by the administration of President John Dramani Mahama.
She noted that the performance was achieved despite the appreciation of the cedi, which typically reduces the local currency value of dollar-denominated mineral revenues. Early data for the first quarter of 2026, she added, already surpasses figures recorded in the same period in 2025.
MIIF’s improved revenue mobilisation has been supported by closer collaboration with the Ghana Revenue Authority, alongside enhanced data-sharing systems to strengthen tracking and enforcement of royalty payments.
On the investment front, Chief Technical Officer Kwabena Barning outlined a diversified portfolio strategy spanning equities, fixed income, alternative investments and cash holdings, aligned with global benchmarks.
Established under Act 978, MIIF is mandated to receive mineral royalties on behalf of the state, invest these funds for long-term returns and manage Ghana’s equity interests in large-scale mining firms. The model mirrors sovereign wealth fund structures used in other resource-rich economies.
CSOs at the Accra engagement maintained that while recent amendments mark progress, further legal safeguards are needed to strengthen transparency, expand stakeholder participation in governance and ensure long-term public accountability.
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