By Dr P.Y.Atta
Ghana’s Minerals Income Investment Fund was set up as a minerals sovereign wealth fund under the MIIF Act 978 to primarily manage, deal in and invest minerals income (royalties and dividends) accruing to the republic received by the Fund, and to hold and manage minerals equity interest of the republic and exercise all rights related to the minerals equity interest (section 4 of MIIF Act 978).
The strategy of the Fund, as per the Act and in line with its Investment Policy Guidelines, was to increase Ghana’s shareholding or equity in the mining entities and invest and develop strategies which would lead to greater value for Ghana along the entire mining value chain. The period between 2021 to 2024 was the most transformative for the Fund.
Preamble
In 2024, the Minerals Income Investment Fund (MIIF) under Edward Nana Yaw Koranteng delivered one of the most remarkable financial performances ever recorded by a Ghanaian state institution.
Yet instead of institutional consolidation and national confidence, the Fund has been engulfed in controversy, internal collapse, and an unprecedented governance crisis under a new management led by Mrs Justina Nelson, who took charge of the Fund in January 2025.
This report examines the verified financial achievements of MIIF, contrasts them with developments under the current management, interrogates the reasons for the amendment of the MIIF Act as per Hansard records, and allegations of deliberate attempts to malign the previous leadership, suppress positive financial disclosures, destabilise staff, and improperly attempt to influence the Auditor-General.
It is alleged that the current management’s stance stems from allegations made against the previous management, which later facts and an audited financial report completely nullified.
Allegations Of Mismanagement And The Amendment Of The MIIF Act
On 28th March 2025, the MIIF Act 978 was amended, stemming (as alleged) from information given to the Minister of Finance by the new management of MIIF led by Justina Nelson upon assumption of office in January 2025.
The allegations primarily were that the previous management of MIIF acted outside the Fund’s mandate, incurring losses over US$ 100 million, awarding contracts worth over $60 million with irresponsible investments over the years, with no returns.
These allegations are captured in the Parliamentary Hansard for 28th March 2025 (pages 230–236). Later events, including the audited financials, revealed that these allegations by the new MIIF management were false and may have reflected a clear misunderstanding of what a sovereign wealth fund is and of the Fund’s long-term objectives.
The 2024 Financial Results – Snapshot of the Facts
The 2024 Audited Financials clearly invalidated these accusations. After a month or more of scrutiny, the 2024 audited financials were finally signed off by the new CEO, Mrs Justina Nelson, and the new Board Chairman, Mr Asante, on 27th June 2024, and by the Auditor General on 29th June 2025.
A review of the 2024 audited accounts and a further review of the 2023 audited accounts did not support any of the allegations of mismanagement and losses
MIIF’s 2024 audited financial statements snapshot:
• Net Income: GH¢1.964 billion (approximately 300% year-on-year growth)
• Profit After Tax: GH¢1.904 billion (approximately 97% margin) only outperformed by Ecobank and GCB when compared to all financial institutions in Ghana.
• General & Administrative Expenses: GH¢59.7 million (c. 3% of net income)
• Free cash reserves of: GH¢5.8 billion
• Assets Under Management: growth from approximately US$195 million in 2020 to circa US$1 billion by end-2024
Primary income drivers were strategic expansion of royalties, dividends from strategic equity investments, and investment/trading income.
Conflict with the Auditor General
A disturbing trend of rejoinders signed by Mrs Justina Nelson began appearing at times when the MIIF audited financials were analysed, clearly indicating that it was the best-performing and managed state entity.
This followed the CEO’s refusal to publish the audited financials for MIIF, despite a request from a former MIIF board member, Kow Essuman Esq.
The most serious governance concern relates to reports of extreme attempts to pressure the Auditor-General to alter or restate MIIF’s 2024 financial figures.
These attempts failed
The Auditor-General reaffirmed the integrity of the accounts, and the Audit Service publicly rejected any restatement. The most shocking evidence of institutional decadence was the attempt to use a private accounting firm for the upcoming 2025 audit to allegedly side-step ongoing managerial breaches. This episode, however, marks a dangerous escalation in governance conduct, raising questions about respect for constitutional independence and financial oversight norms.
The continued refusal to publish accounts raises eyebrows against the background of the amendment to the Act.
The Slow Creation of Value
The financial scale reached in 2024 did not emerge in isolation. It represents the culmination of strategy, negotiations, and the institutional systems underpinning MIIF’s mandate to use royalties to invest along the mining value chain and increase Ghana’s equity interest in the mining sector.
This has been a deliberate process from the establishment of MIIF in 2019 under its first CEO, the Honourable Yaw Baah, to the stewardship of the immediate former CEO, Edward Nana Yaw Koranteng, between Jan 2022 and Jan 2025.
MIIF’s investments, like any sovereign wealth fund, are strategic, aligned to the development goals of the country, and are long-term with a 7-to-11-year investment horizon
Key Strategic Outcomes from Jan 2022 to December 2025
• In 2023, MIIF expanded Ghanaian equity in mining through investments in Asante Gold Corporation’s Bibiani and Chirano mines, which gave MIIF circa 8% equity, creating over eight thousand jobs.
The investment included negotiations for Asante to list on the Ghana Stock Exchange, thereby deepening Ghana’s capital markets and increasing Ghanaian interest to circa 30%, the highest for any international mining company since the 1980s.
As of November 2024, MIIF’s gain in value from its investment was circa 50% within 3 years of its total investment of US$ 40 Million.
• Landmark investment of $5 million in Atlantic Lithium of Australia, making MIIF the third-largest shareholder globally under what industry experts described as the best-negotiated mining agreement in Ghana’s history.
The negotiations led by MIIF’s former CEO, Edward Koranteng, also included the listing of Atlantic Lithium on the Ghana Stock Exchange. The first international lithium company to list on any exchange in West Africa.
The local investment in the Ewoyaa project, which would have given the Ghana Government a total of 21% and significantly increased Ghanaian interests through the listing on the Ghana Stock Exchange, is, however, on hold due to Parliament’s non-ratification of the lease.
• Design and execution of Ghana’s modern gold trading architecture, generating over US$1 billion in turnover within 11 months with trade profits exceeding GH¢34 million (ref to MIIF 2024 Audit) despite a forex loss affecting about 6% of the trade portfolio primarily to CBOD,
The trade, which is ongoing and supported by section 6 of the MIIF Investment Guidelines, is in two lines: Gold for Forex and Gold for Oil support. Was aimed at
• Supporting the Government’s Gold for Oil Program by supporting the Chamber of Bulk Oil Distributors (CBOD) with US$ from the proceeds of the Gold Trade.
• Building gold reserves as underlying assets for the proposed MIIF Gold Backed ETF (medium-term objective).
• Supporting Bank of Ghana’s efforts in supporting the provision of forex (USD) to the economy in view of IMF restrictions.
• Optimizing investment returns for the Fund.
Between September 2023 and December 2024, the MIIF Gold Trade attracted total inflows of US$1,034,412,891.48 into the Ghanaian economy from the export of 470,056.61 ounces of gold through a revolving trade line of the cedi equivalent of US$30 million, from the funded participation of BDCs through CBOD, and the funded participation of Fidelity Bank.
Strategic Social Investments
• Strategic social investments between 2023 and 2024, including an AI-powered mining Technical Training Facility at the University of Mines and Technology (Tarkwa), which was to be completed by December 2025, have been stopped by the current management.
• Support to the Minerals Commission and Ministry of Lands and Natural Resources in the provision of mercury-free mining equipment for the community mining scheme
• In 2024, an MoU affiliating MINETEK of South Africa, which is the world’s leading mineral testing center, with KNUST to be set up in Ghana. This has not been proceeded with.
• Three modern astro turfs for the Benso, Apinto, and Tarkwa Nsuem mining communities valued at GHS 9.4 million and provision of boreholes in the mining communities,
• Contribution to housing support for the Apiatse mining community.
• A Women in Mining Scholarship Scheme was launched in early 2024, benefiting over 40 women as of December 2024.
A Deliberate Attempt to Erase Legacy?
Since the leadership transition to the current Chief Executive Officer, Justina Nelson, there has been a sustained narrative effort to distance the institution from its foundational achievements. Multiple indicators point to an attempt to malign or discredit the previous administration such as;
• Public insinuations undermining earlier governance systems, despite clean audits across reporting periods.
• Failure to proactively publicise or celebrate MIIF’s exceptional 2024 financial performance, despite its national significance and statutory RTI requests.
Instead of institutional pride, the Fund has unfortunately entered a period of public confrontation, defensive communication, and reputational erosion since 14th January 2025 to date ostensibly to validate earlier false accusations of mismanagement and losses.
Staff Exodus and Internal Collapse
Perhaps the clearest signal of institutional distress has been the departure of approximately 40% of MIIF’s staff under the current management just between February 2025 and December 2025.
Departures reportedly included:
• The Deputy Chief Executive Officer, Dr Asiedu Nketia
• Chief Finance Officer and the Deputy Chief Finance Officer
• Chief Investment Officer
• Chief Risk Officer
• Heads of Legal, HR, Business Development, and Corporate Affairs
• Multiple senior and mid-level investment officers
Such a level of attrition within a short period is not consistent with a stable, high-performing institution, especially when the current CEO denies on Citi FM that such departures are only 6 and denies the existence of a Risk Management function. It represents a catastrophic loss of institutional memory, controls, and continuity.
Legal And Institutional Implications
Under Ghana’s constitutional framework, the Auditor-General operates independently of executive and institutional pressure. Any attempt, direct or indirect to influence audit outcomes strikes at the heart of public financial accountability.
Conclusion – Value Created, Value at Risk
MIIF’s journey from an AUM of US$195 million in 2020 to approximately US$1 billion by end-2024 stands as one of the most successful state-led investment transformations in Ghana’s history.
It was well marketed between 2022 and 2024 as a major investment conduit for Ghana leading to showcases in the Economist, Forbes and Fortune magazines.
Outperforming global indexes such as the S&P, MIIF gained global recognition leading to engagements with Re Element of the USA, the European Union and an agreement with Afriexim to invest $300 Million into MIIF’s trade in December 2024. Unfortunately, none of these materialized following the transition.
Yet today, the institution faces its gravest risk not from market forces, but from within.
The hard truth is this: institutions collapse not when they perform poorly, but when leadership prioritise control, narrative, and retribution over continuity, discipline, and respect for governance.
MIIF’s future will be determined by whether Ghana chooses to defend institutional integrity—or allows short-term power struggles to dismantle one of its most successful economic vehicles.