Zambia looks to Ghana's MIIF for sovereign investment blueprint

The Minerals Income Investment Fund (MIIF) has hosted a high-level delegation from the Government of Zambia to share insights into Ghana's model for managing mineral wealth through a dedicated sovereign minerals investment fund.

The 12-member Zambian delegation was led by the Permanent Secretary for Budget at the Ministry of Finance and National Planning (MoFNP), Mwaka Mukubesa. It included officials from the MoFNP, the Ministry of Mines and Minerals Development, the Zambia Revenue Authority, the Ministry of Justice and other key institutions. The delegation was received by members of the MIIF Board, management and staff.

Welcoming the delegation, Chairman of the MIIF Board, Richard Kwame Asante, said the study visit reflected the growing bilateral cooperation between Ghana and Zambia following recent engagements between President John Dramani Mahama and President Hakainde Hichilema.

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He said both countries share a common vision of leveraging mineral resources to drive industrialisation, economic transformation and sustainable development under the African Continental Free Trade Area (AfCFTA).

Asante noted that strategic regional initiatives, including the Abidjan-Lagos Corridor, demonstrate how sound policies and investments can unlock greater value from Africa's natural resources.

He explained that MIIF's mandate is to maximise the long-term value of Ghana's mineral wealth through strategic investments and responsible stewardship, adding that the engagement provided an important opportunity to deepen institutional collaboration and address shared challenges in natural resource governance.

The Chief Executive Officer of MIIF, Justina Nelson, presented an overview of the Fund, which was established under the Minerals Income Investment Fund Act, 2018 (Act 978), as amended, and became operational in 2020.

She explained that MIIF receives and invests Ghana's mineral royalties to maximise long-term value, working closely with agencies such as the Ghana Revenue Authority, the Minerals Commission and the Ghana Gold Board to ensure efficient royalty mobilisation.

Nelson also outlined MIIF's investment strategy, governance framework, portfolio performance and ongoing efforts to position the Fund as a globally recognised sovereign minerals investment fund.

She further noted that the visit follows a preliminary engagement initiated by Zambia's High Commissioner to Ghana, H.E. Daniel Mahongo, in 2025, providing another opportunity for both countries to strengthen cooperation and exchange best practices in mineral resource governance.

Speaking on behalf of the delegation, Mukubesa expressed appreciation to MIIF for openly sharing Ghana's experience.

She noted that although Zambia's economy has experienced recent macroeconomic improvements and renewed investor confidence following debt restructuring, the government remains committed to ensuring that the country's mineral wealth delivers tangible benefits to its citizens.

Mukubesa revealed that Zambia is aggressively pursuing reforms to increase annual copper production to three million tonnes, conducting a nationwide geological survey and establishing the Zambia Minerals Investment Corporation to transform finite mineral resources into long-term national wealth for current and future generations.

The study visit enabled the Zambian delegation to examine MIIF's governance structure, investment processes and transparency systems.

Mukubesa said the delegation was particularly interested in how Ghana successfully transitioned from depositing mineral royalties directly into the national budget to managing them through a dedicated sovereign wealth fund.

The visit concluded with technical sessions on investment management, royalty mobilisation and potential long-term partnerships aimed at advancing sustainable mineral resource management.