The recent restructuring of Ghana’s mineral revenue framework is raising fresh concerns over transparency, accountability and the long-term management of the country’s extractive wealth.
Executive Director of the Centre for Extractives and Development Africa (CEDA), Mr Samuel Bekoe, has warned that changes to the Mineral Income and Investment Fund (MIIF) could significantly weaken its ability to deliver on its original mandate.
Speaking in an interview after a media training session on improving transparency and accountability of MIIF organised jointly by CEDA and the Natural Resource Governance Institute (NRGI), Mr Bekoe noted that MIIF was established to grow Ghana’s mineral wealth through strategic investments, pointing out that its assets under management had expanded from $118 million in 2018 to about $1 billion in 2024.
However, recent amendments to the Fund’s structure had drastically altered its financial base.
“Previously, MIIF received about 80 percent of mineral royalties. That has now been reduced to just 2 percent for operational purposes,” he explained.
The remaining 78 percent, he noted, is now channelled into a newly created Mineral Income Holding Account, raising critical questions about oversight.
Governance Gaps Under Scrutiny
Mr Bekoe questioned the transparency and accountability mechanisms governing the new holding account, insisting that clear rules on withdrawals, investments and reporting must be established.
“We need to know how those funds are being used, which projects they are supporting, and whether they are delivering value,” he said.
While acknowledging government’s intention to deploy the funds under its infrastructure-focused “big push” agenda, he stressed that without strong governance frameworks, the initiative risks undermining public trust.
Concerns Over Returns and Disclosure
Despite MIIF’s reported $1 billion asset base, Mr Bekoe indicated that there is limited public information on the actual returns generated from these investments.
“We are yet to see clear evidence of returns, even though these investments are classified as current assets,” he stated.
He also pointed to lapses in compliance with transparency requirements, including delays in publishing investment guidelines and the absence of timely annual reports and financial statements.
According to him, such gaps may have contributed to the government’s decision to restructure the Fund.
Call for Stronger Oversight Mechanisms
Beyond MIIF, Mr Bekoe flagged broader concerns about the management of Ghana’s mineral revenues, noting that oversight in the sector remains weaker compared to the petroleum industry.
He cited the work of the Public Interest and Accountability Committee (PIAC), which had significantly improved transparency in oil revenue management, and suggested that a similar model could be applied to minerals.
“Today, many Ghanaians are aware of PIAC and its reports, but there is no equivalent for mineral revenues,” he observed.
He proposed either expanding PIAC’s mandate or strengthening existing disclosure requirements to ensure citizens have access to detailed information on mineral revenue utilisation.
Future Generations at Risk
Mr Bekoe warned that failure to properly manage mineral revenues could have long-term consequences, given that such resources are finite.
“If we do not invest these resources well, future generations may be worse off, without the benefit of mineral revenues,” he cautioned.
He called for proactive transparency from MIIF, including regular publication of investment performance, details of beneficiary projects and outcomes of key initiatives such as its artisanal and small-scale mining incubation programme.
A Call for Proactive Accountability
While investigations into some of MIIF’s activities may be ongoing, Mr Bekoe emphasised that the Fund must take the lead in rebuilding public confidence.
“Instead of waiting to be questioned, MIIF should be publishing information regularly on its investments and returns,” he said.
He concluded that strengthening governance, transparency and accountability across Ghana’s mineral revenue framework is essential to ensuring that the country’s extractive wealth translates into sustainable development outcomes.
