MIIF Aims for $6 Billion Fund Growth in 10 Years
Edward Nana Yaw Koranteng, Chief Executive of the Minerals Income Investment Fund (MIIF), has expressed confidence that the fund will reach a valuation of $6 billion within the next ten years, citing a positive growth trajectory and the diverse nature of its investments.
In an interview reported by the Business and Financial Times, Mr. Koranteng emphasized the need for MIIF to broaden its mineral base for royalty collection.
“We are not just looking at the mineral space; we are looking at the entire value chain,” he stated. To this end, MIIF has developed tailored strategies for each mineral type to ensure extensive development and investment throughout their respective value delivery systems.
He underscored the importance of holding significant equity positions across the entire value chain, linking this to broader industrial policy objectives. Notably, he highlighted salt’s versatility, with over 14,000 applications in various industries, including textiles, manufacturing, and pharmaceuticals.
“These examples position MIIF to be a major cog in industrialization,” he remarked.
Financially, MIIF reported a net profit of GH₵409 million in 2023, a substantial increase from GH₵205 million in the previous year. Revenue also grew from GH₵323 million in 2022 to GH₵456 million in 2023.
Looking ahead, Mr. Koranteng indicated that MIIF’s assets under management (AUM) could rise to $1.5 billion by the end of 2024, following a comprehensive evaluation of its assets, which includes the Government of Ghana’s equity interests in mining companies.
The AUM for MIIF was just $195 million in 2021, reflecting significant growth attributed to the concerted efforts of the MIIF team to enhance the value Ghana derives from its mineral resources.
Mr. Koranteng also noted that MIIF’s expansion of its royalties base, strategic investments, and effective treasury management have been instrumental in its recent success.
Dr. Kennedy Abrokwa, MIIF’s Head of Business Development, added that the royalty base is poised to more than triple with the commissioning of new gold mines and the discovery of additional mineral resources such as lithium and graphite.
