Experts warn MIIF restructuring could undermine transparency in Ghana’s mineral revenue management

A civil society organisation has raised alarms over recent changes to Ghana’s Minerals Income Investment Fund (MIIF), warning that shifts in the fund’s structure may weaken public oversight of billions of dollars in mineral wealth.

Samuel Bekoe, Executive Director of the Centre for Extractives and Development Africa (CEDA), said the amendments risk reducing accountability in a sector where transparency is critical for national trust and long-term value creation. Speaking at a media training session on extractives governance organised by CEDA and the Natural Resource Governance Institute (NRGI) in Accra, he highlighted the rapid growth of MIIF’s assets—from $118 million at its inception in 2018 to nearly $1 billion by 2024—but expressed concern over how these resources are now managed.

Under the previous arrangement, MIIF received roughly 80% of mineral royalties, providing a stable income base. Recent changes, however, redirect only 2% of royalties to MIIF operations, with the remaining 78% now going into a newly established Mineral Income Holding Account. Bekoe noted that the governance, withdrawal rules, and project allocation for this account remain unclear, creating a “significant accountability gap” in Ghana’s mineral revenue system.

“The public interest case for major spending from mineral revenues demands transparency, not just intent,” Bekoe said, adding that even well-meaning government initiatives risk eroding trust without clear reporting frameworks.

He also highlighted gaps in MIIF’s disclosure practices, including delayed publication of annual reports, lack of investment performance updates, and limited information on the outcomes of projects such as the artisanal and small-scale mining incubation programme.

Drawing comparisons with Ghana’s petroleum sector, Bekoe pointed out the absence of a dedicated oversight body similar to the Public Interest and Accountability Committee (PIAC), which monitors oil revenues. He urged either expanding PIAC’s mandate to include minerals or creating a separate accountability mechanism for the mining sector.

Bekoe stressed that mineral resources are finite, and mismanagement now could deprive future generations of their benefits. He called on MIIF to proactively provide updates on investments, project beneficiaries, and programme outcomes to ensure transparency and safeguard public confidence.

The MIIF, established under the Minerals Income Investment Fund Act, 978 (as amended), is tasked with managing Ghana’s equity interests and royalties from mining operations to secure value for both current and future generations.