The Minerals Income Investment Fund (MIIF), continues to face increasing concerns due to revelations of financial irregularities and questionable investments that happened under the previous administration, which the current administration, led by Justina Nelson, is not rigorously pursuing.
Reports indicate that, a company named Asante Gold, linked to the family of a former minister in the Akufo-Addo government, owes the MIIF over US$30 million, and no apparent effort, has been made to repay the amount.
According to The Herald’s insiders, the minister’s interest is owned by a lady named Nadia, who holds equity shares.
The company, began engaging with MIIF during the tenure of former CEO, Edward Nana Yaw Koranteng.
Other shareholders named as part of Asante Gold, include Angela and Dubai-based Fujarah Holdings.
One Malik Issah, who has also been linked to Asante Gold, is also said to have equity in all contractors working with Asante Gold mines, including the Bibiani and Chirano mines.
Despite its involvement, MIIF, has yet to receive any financial returns from Asante Gold, raising further concerns about its oversight and investment decisions.
Amid these concerns, reports suggest that a forensic investigation into MIIF’s operations, may not be entirely transparent, as there has not been any major shakeup at the Fund, which the previous government set up to manage Ghana’s mineral royalties through Agyapa Royalties Limited, an offshore company registered in Jersey, a tax haven.
The Herald, has learned that MIIF, has assigned the investigation to the Audit Service, but many doubt whether this inquiry will produce meaningful results, as the current MIIF management, has not set any deadline for the audit.
Recently, MIIF assured the public that its financial statements are undergoing a comprehensive audit in accordance with corporate governance procedures.
However, the Fund did not disclose which institution is conducting the audit or provide assurances regarding its credibility or timeline.
Key concerns, include a US$94 million payment to Goldridge Refinery Limited, a company owned by Nana Yaw Duodo, alias Dr. Sledge, with the funds reportedly lost.
Additionally, MIIF’s dealings with Goldridge Refinery, led to an extra US$25 million loss to Fidelity Bank Ghana Limited through a financial instrument.
There are allegations that MIIF is still making investments based on an unapproved Investment Policy guideline, in violation of the Public Financial Management Act.
For instance, MIIF reportedly transferred GHC1.5 billion across accounts in various banks, including Consolidated Bank, Access Bank, Fidelity Bank, and Zenith Bank.
In its statement, MIIF reaffirmed its commitment to transparency and accountability, pledging to inform Ghanaians of the audit’s outcome. The Fund also promised to address any irregularities identified during the audit, in full compliance with Ghana’s legal and financial regulations.
“Following the recent transition, MIIF’s financial statements are undergoing a comprehensive audit in line with established corporate governance procedures. Ghanaians will be fully informed of the audit’s outcome,” the statement read.
As a sovereign wealth fund, MIIF is responsible for managing Ghana’s mineral revenues to ensure long-term benefits for the country. The Fund emphasized its dedication to protecting Ghana’s mineral wealth and ensuring prudent financial management.
“The management of the Fund will take all necessary steps to address any irregularities identified during the audit, in full compliance with established principles and the laws of Ghana,” MIIF stated.
Despite these assurances, concerns remain over the Fund’s transparency, given its failure to disclose the auditing institution and continued engagement in questionable financial activities. MIIF has pledged to keep the public informed as the audit progresses, reaffirming its commitment to transparency and accountability.
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