The Minerals Income Investment Fund (MIIF) has hit back at media reports alleging financial irregularities during the tenure of its immediate past CEO.
In a statement issued on Monday, the Fund clarified that its financial statements are currently undergoing a comprehensive audit. The audit is being conducted strictly in accordance with established procedures and robust corporate governance practices, ensuring that all operations are scrutinized with the utmost transparency.
MIIF stressed that the audit, which covers the period in question, is a routine measure aimed at upholding accountability and integrity within the organization. The Fund assured Ghanaians that once the audit is complete, its findings will be made fully public. This proactive disclosure is intended to restore and reinforce public confidence at a time when scrutiny of financial management practices is high.
The response from MIIF comes amid a broader public debate about financial oversight in the management of national resources. While the allegations have fueled speculation and concern, MIIF’s leadership remains confident that the audit will confirm the sound practices already in place. Analysts and stakeholders alike are watching closely, recognizing that rigorous audits are a necessary component of good governance and an important step in quelling any unfounded rumors.
Ultimately, MIIF’s commitment to transparency through this audit process may serve to not only address current concerns but also to set a precedent for accountability in the sector. As the nation awaits the final audit report, there is a clear message: the Fund is determined to operate above reproach and maintain the trust of the public it serves.
Below is the full details of release :
“MINERALS INCOME INVESTMENT FUND REACTS TO RECENT MEDIA REPORTS ON THE OPERATIONS OF THE FUND
- MIIF has taken note of recent media reports alleging financial irregularities within the Fund. These reports have mostly centered on the tenure of the immediate past Chief Executive Officer.
- MIIF wishes to clarify that subsequent to the recent transition, the Fund’s financial statements are currently undergoing a comprehensive audit in accordance with established procedures and corporate governance practices. Ghanaians will be fully apprised on the outcome of this audit.
- Management of the Fund will take all necessary steps to address any irregularities that may be identified during the audit in full compliance with laid down principles and the laws of Ghana.
- Our mandate is to maximize the value of mineral revenues for the benefit of present and future generations of Ghanaians. The general public should therefore rest assured that the Fund will take all necessary steps to protect Ghana’s mineral wealth and ensure the prudent management of all proceeds.
- Transparency and accountability are core principles that underpin all operations of MIIF. The Fund is fully committed to maintaining the highest standards of integrity and fostering trust with the people of Ghana and our internal and external stakeholders.
About MIIF
The Minerals Income Investment Fund (MIIF) is a sovereign wealth fund established by the Minerals Income Investment Fund Act, 978 (as amended). MIIF is mandated to:
- Maximize the value of dividend and royalty income accruing to the Republic of Ghana.
- Monetize Ghana’s mineral wealth in a manner that delivers long-term value to the nation.
MIIF’s mission is to transform the Ghanaian economy through responsible and transparent investment of mineral income for the benefit of all stakeholders.
SIGNED.
MANAGEMENT
Monday, February 10th, 2025. Accra – Ghana.”
