Duties and functions

MIIF must ensure that mineral resources benefit citizens

Otumfuo Osei Tutu II with MIIF officials

Asantehene, Otumfuo Osei Tutu II, implored managers of the Minerals Income Investment Fund (MIIF) to bring their expertise in their work for effective management of Ghana’s mineral resources.

They must ensure careful planning and good investments, while being resourceful and transparent to protect the interests of the country in the performance of their duties, he said.

According to the king, the country, with its abundant mineral resources, had to make the most of what nature had bequeathed to the people, especially in the mining communities.

“People deserve better for all this wealth extracted over the years,” he noted, citing how small-scale mining, for example, had devastated many of these communities with negative socio-economic consequences. economic consequences.

Otumfuo Osei Tutu was addressing MIIF management during a courtesy visit to Manhyia Palace, Kumasi.

The delegation was led by Mr. Yaw Baah, the Managing Director (CEO).

The accompanying person included; Mr. Franklin Asafo-Adjei, Chief Financial Officer, Mr. Kwabena Barning, Technical Director, Mr. Charles Amoh, Director of Business Development and Dr Kennedy Kwabena Abrokkwa, Director of Corporate Affairs.

The others were; Mr. Seidu Sumaila, Chief Financial Officer, Mr. Adam Muhazu, Chief Investment Officer, Ms. Rosetta Esi Asmah, Director of Human Resources, and Ms. Sharon Asiedu, Head of Corporate Affairs.

By virtue of its functions, the Fund was mandated to manage, negotiate and invest the mining revenues accruing to the Republic received by the Fund and to hold and manage mining participations and also exercise all rights related to mining participation.

Otumfuo Osei Tutu urged managers to stay focused and commit to their duty and protect the long-term economic value of the Fund and its assets for the benefit of the nation, he advised.

Mr. Baah assured that the Management strives to seek the best possible financial returns on investments taking into account internationally recognized best practices.

“We will not relax our commitment to good corporate governance, and the overall objective is that mining revenues and investments are managed for the benefit of current and future generations,” he insisted.

According to the CEO, one of their main functions was to pay 20 percent of the mining revenues received by the Fund to the Mining Development Fund.

In addition, he had the right to develop and implement funding structures aimed at leveraging mining revenues accruing to the Republic to attract seed funding for accelerated growth and development.

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