-With Strategic Investments and Community Focus
The Minerals Income Investment Fund (MIIF) has launched a series of initiatives aimed at transforming the country’s mining sector while benefiting local communities.
The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, said the agency eyes to harness Ghana’s mineral wealth, ensuring it supports both economic resilience and the well-being of those affected by mining activities.
Among MIIF’s groundbreaking efforts is the creation of a dedicated fund where royalties and dividends from mining companies are pooled specifically for community development.
According to Mr. Koranteng, this approach reinvests mineral revenue directly back into local areas, while also building up Ghana’s influence in international mining ventures. MIIF has already achieved notable investments, such as a 45% stake in Asante Gold, marking the first acquisition of its kind in Ghana. Additionally, MIIF holds a 19% share in Atlantic Lithium, an Australian mining firm, making Ghana the third-largest shareholder.
The agency’s initiatives extend beyond conventional mining investments. Through a US$30 million project, MIIF has focused on reviving the Ada Songor Salt Lagoon, an expansive 41,000-acre site given to Electrochem Company. When developed, this salt project is expected to position Ghana as the leading salt producer in Sub-Saharan Africa, while creating jobs for locals.
Electrochem’s operations have already generated employment for 2,800 people, and plans are underway to turn the site into a tourist destination in addition to its salt-mining function.
Mr. Koranteng acknowledged that Ghana has historically struggled to produce salt in commercial quantities despite abundant resources.
He expressed confidence that MIIF’s investment in the Ada Songor Salt Lagoon will break this cycle and bring Ghana into the global salt industry spotlight. This focus on maximizing Ghana’s diverse mineral resources, he stressed, is crucial for a sustainable, diversified economy.
MIIF also places emphasis on building local talent, particularly women aspiring to enter the mining industry. The agency has launched a scholarship program aimed at supporting female students at the University of Mines and Technology (UMaT), ensuring a stronger representation of women in mining. Koranteng noted that MIIF’s commitment to advancing Ghanaian talent is deeply rooted in its long-term vision for an empowered workforce.
According to the MIIF boss, the establishment of the State Interests and Governance Authority (SIGA) has helped MIIF align its operations with other State-Owned Enterprises, fostering greater efficiency.
He acknowledged the support of Ghana’s President and Vice President for MIIF’s success, stating that the agency remains committed to building a resilient economy through strategic and community-focused investments in Ghana’s mineral sector.
