MIIF CEO Projects Strong Growth for Ghana’s Mining Sector at Stakeholder Conference
Edward Nana Yaw Koranteng, Chief Executive of Ghana’s Minerals Income Investment Fund (MIIF), has projected a promising outlook for the country’s mining sector, underlining its central role in Ghana’s economic development.
Speaking at the MIIF Stakeholder Conference on October 15, 2024, in Accra, Mr Koranteng highlighted the Fund’s strategy to create long-term generational wealth through investments in value addition and localisation across the mining industry.
The conference, themed “Minerals Value Addition and Value Chain Development – Essential Tools for Ghana’s Development,” attracted key stakeholders, including government officials and industry experts, to discuss the future of the sector.
Mr Koranteng reiterated MIIF’s commitment to positioning mining as a cornerstone of Ghana’s economy, with a focus on Environmental, Social, and Governance (ESG) initiatives. One flagship project, “Operation Clean the Water Bodies,” launched in collaboration with the University of Mines and Technology, aims to tackle water pollution caused by illegal mining activities.
Addressing the need for sustainable development in mining communities at the Conference, Deputy Minister of Lands and Natural Resources, George Mireku Duker, called for faster development of downstream industries and stronger royalty compliance from mining companies.
David Ofosu-Dorte, Senior Partner at AB & David, also urged African nations to shift away from raw mineral exports and focus on value-added production, aligning with the African Union’s long-term development goals.
In line with MIIF’s ambitions, Mr Koranteng announced plans to introduce a dividend payout policy designed to protect the Fund from political interference and boost investor confidence. He also outlined a new framework with the Ghana Revenue Authority (GRA) aimed at improving royalty collection.
Among MIIF’s recent investments is a $25 million stake in Injaro, a company involved in the mining supply chain. The Fund is also actively exploring investments in strategic minerals, such as graphite and lithium, which are seen as critical to the global transition to renewable energy.
Looking ahead, MIIF has set an ambitious target to expand its assets to $6 billion over the next decade, positioning itself as a key player in Ghana’s economic transformation.
