Accra: The Public Accounts Committee (PAC) has commended the Minerals Income Investment Fund (MIIF) for its institutional reforms, which have been described as bold initiatives aimed at enhancing internal controls and preventing procurement and financial management breaches.
According to Ghana News Agency, at the Committee’s meeting on Wednesday, Oct 29, to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Mrs. Justina Nelson presented outcomes of a series of reforms being implemented by the institution. These reforms include the establishment of a Compliance Unit and a Risk Department, the discontinuation of restricted procurement for high-value contracts, cessation of direct gold trading, and the implementation of strong corporate governance measures.
Providing updates on some infractions cited in the Audit report for 2024, including advance payment and procurement breaches, Mrs. Nelson acknowledged the contraventions of laws by MIIF and detailed the remedial actions taken as well as measures to prevent future occurrences. Regarding a US$3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, which exceeded the statutory 15 percent threshold, Mrs. Nelson admitted the transaction contravened the Public Financial Management (PFM) Regulations but clarified that it predated her administration. She assured the Committee that the contract had been fully executed, with the equipment delivered and operational.
Mrs. Nelson also informed the Committee that the Fund’s gold trading, which was piloted in 2023 with three aggregators and later expanded to five, generating approximately GHS8 million in revenue, had been stopped. This decision was due to the establishment of the Gold Board, allowing the Fund to remain within its legal mandate. She confirmed that all outstanding royalties amounting to GHS29 million, as cited in the audit report, had been fully recovered, while previously unaccounted payments of GHS39,043 had been reconciled with supporting vouchers and receipts submitted to the Auditor-General.
She stated that MIIF had discontinued the use of restricted procurement for high-value contracts with the new amendment of the PFM Act, leading to all procurement plans being submitted to the Ministry of Finance for prior approval in line with regulatory requirements. Addressing past social media speculation about internal friction, Mrs. Nelson emphasized that her relationship with staff was cordial, collaborative, and professional, focusing on mutual respect and teamwork. She reaffirmed MIIF’s commitment to transparency, accountability, and prudent management of Ghana’s mineral income to support national development priorities.
Madam Abena Osei Asare, Chairperson of PAC, praised MIIF’s Chief Executive Officer (CEO) for demonstrating forthrightness, competence, and a sound grasp of financial regulations in her responses. She commended Mrs. Nelson for her preparation and understanding of both the achievements and limitations within her capacity.
Committee members, who took turns to ask questions, urged Mrs. Nelson and her team to maintain their reform-driven leadership and continue strengthening systems for effective management of the Fund. Members of the management team of MIIF, including the Chief Finance Officer, Mr. David Awuah Mensah, Director of Internal Audit, Mr. Martin Adjei, Head of Procurement, Ms. Theresa Gyasi Antwi, and Head of Legal, Ms. Louisa Quaicoe, were present at the meeting.