Edward Nana Yaw Koranteng
The Minerals Income and Investment Fund (MIIF), one of Ghana’s impactful state agencies, is making significant strides in mineral resource exploitation in Ghana.
The uniquely placed state agency fund, which was established in 2018 by the current government, is to ensure that stakeholders benefit from Ghana’s mineral resource exploitation.
Additionally, the agency was to strategically invest mineral resource funds to enable the state to build a resilient economy.
Chief Executive Officer (CEO) of MIIF, Edward Nana Yaw Koranteng, in a documentary on performance of State-Owned Enterprise (SOEs) under the State Interests and Governance Authority (SIGA), noted that full operations at the state agency started in 2019 despite being set up in 2018.
He said the fund was established to ensure that the agency makes use of the mineral resource potentials in Ghana for development, as has been done in countries such as Australia, South Africa and China, the largest producers of gold.
Mr. Koranteng stated that the idea behind the fund was to create a fund where royalties and dividends from mining companies and organisations could be deposited for the development of the communities in which the resources are mined.
Some of the funds, the CEO noted, are currently reinvested in the mining sector, including using same to buy equities in some multinational companies, including Asante Gold.
Mr. Koranteng further noted that the MIIF has so far invested 45% in shares at Asante Gold, the first of its kind in the history of Ghana.
He said the fund has also purchased 19% shares in Atlantic Lithium, an Australian company listed on the Ghana Stock Exchange, making Ghana the third biggest shareholder in the company.
Mr. Koranteng also stated that MIIF was committed to creating a pool of funds to invest in the mining sector, to ensure the country benefits from its mineral resources.
Salt Production
Mr. Koranteng also indicated that Ghana has all potentials to become one of the biggest salt producers in the world despite the country’s struggle in the last 50 years to mine salt in commercial quantities.
Recently, he said Ghana through MIIF decided to develop the Ada Songor Salt Lagoon with $30 million.
He said the 41,000-acre land has been given to Electrochem Company and when properly developed, would make Ghana the biggest salt producer in the Sub-Saharan region.
He said 2,800 people have so far been employed by Electrochem, and the plan is to turn the Ada Songor site into a tourist site in addition to salt mining.
Social Responsibilities
Mr. Koranteng also disclosed that MIIF has set up a scholarship initiative to empower women who have the desire to study mining at the university.
He added that currently, the agency is supporting some women studying at University of Mines and Technology (UMaT) with scholarships.
A Daily Guide Report