The future is bright for Ghana’s mining sector, Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), has said at the recently concluded MIIF Stakeholder Conference, held on 15th October 2024 at the Marriott Bonvoy Hotel in Accra.

The conference focused on the theme “Minerals Value Addition and Value Chain Development – Essential Tools for Ghana’s Development.”

The event attracted a wide array of participants, including government officials, industry experts, civil society representatives, and the media.

Opening the conference, Mr Koranteng outlined the Fund’s mission to make mining the central pillar of Ghana’s economy.

He stressed MIIF’s aim to create long-term generational wealth for Ghanaians through strategic investments, with a particular focus on value addition, equity growth, and fostering localisation within the mining sector.

Mr Koranteng also highlighted MIIF’s role in Environmental, Social, and Governance (ESG) initiatives.

A key project, “Operation Clean the Water Bodies,” is being implemented in collaboration with the University of Mines and Technology (UMAT) to address water pollution caused by illegal mining.

During the conference, Deputy Minister of Lands and Natural Resources, George Mireku Duker, urged MIIF to accelerate development in mining communities and push for the establishment of downstream industries.

He also called for partnerships to ensure mining companies are paying their fair share of royalties to the state.

Mr David Ofosu-Dorte, Senior Partner at AB & David, emphasised the need for African countries to capitalize on mineral value chains to drive long-term economic growth.

He noted that Africa must move from exporting raw minerals to producing value-added products, aligning with the African Union’s Agenda 2063 and the Africa Mining Vision.

Mr Koranteng also announced MIIF’s plans to introduce a dividend payout policy aimed at maintaining financial independence and avoiding government interference.

This policy is expected to bolster investor confidence and protect the Fund from arbitrary government transfers.

Furthermore, he said MIIF is expanding its reach within the mining sector through a framework agreement with the Ghana Revenue Authority (GRA) to enhance royalty collection from mining companies.

MIIF’s strategic investments include a US$25 million investment in Injaro, a company supporting businesses in the mining supply chain, and ongoing exploration of investments in strategic minerals like graphite and lithium, key components in the renewable energy transition.

Looking ahead, MIIF said it aims to grow its assets to US$6 billion over the next decade through expanded royalties and strategic investments, positioning itself as a cornerstone of Ghana’s economic transformation.

Mr Koranteng expressed confidence in the sector’s future, noting that MIIF’s investments will place Ghana’s mineral industry at the forefront of the country’s development.