MIIF should ensure mineral resources benefit the people – Asantehene
The Asantehene, Otumfuo Osei Tutu II, has implored managers of the Minerals Income Investment Fund (MIIF) to bring their expertise to bear in their work for effective management of Ghana’s mineral resources.
They should ensure careful planning and good investments, while demonstrating ingenuity and transparency to protect the country’s interest in the discharge of their duties, he said.
According to the king, the country, with its abundant mineral resources, ought to make the most out of what nature had bequeathed the people, especially in mining communities.
“The people deserve better for all that wealth mined over the years,” he remarked, citing how small-scale mining, for instance, had devastated many of those communities with its related socio-economic negative consequences.
Otumfuo Osei Tutu was addressing the Management of MIIF, during a courtesy call on him at the Manhyia Palace, Kumasi. The delegation was led by Mr Yaw Baah, the Chief Executive Officer (CEO).
Accompanying him included; Mr. Franklin Asafo-Adjei, Chief Financial Officer, Mr. Kwabena Barning, Chief Technical Officer, Mr Charles Amoh, Business Development Manager, and Dr Kennedy Kwabena Abrokkwa, Corporate Affairs Manager.
The others were; Mr Seidu Sumaila, Finance Manager, Mr Adam Muhazu, Investment Manager, Ms Rosetta Esi Asmah, Human Resource Manager, and Ms Sharon Asiedu, Corporate Affairs Officer.
Per its functions, the Fund was mandated to manage, deal in and invest minerals income accruing to the Republic received by the Fund and to hold and manage minerals equity interest and also exercise all rights related to the mineral’s equity interest.
Otumfuo Osei Tutu charged the managers to stay focused and be committed to duty and should 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 was working to seek the best possible financial returns on investments, having regard to internationally-recognized best practices.
“We will not relent in our commitment to good corporate governance, and the overall objective is that mineral income and investments would be managed for the benefit of the current and future generations,” he insisted.
According to the CEO, one of their core functions was to disburse 20 percent of minerals income received by the Fund to the Minerals Development Fund.
Additionally, it had the right to develop and implement financing structures aimed at leveraging minerals income accruing to the Republic to attract upfront funding for accelerated growth and development.