CEO envisages MIIF grossing $6bn in 10 years

In terms of growth in investments and outlook, Minerals Income Investment Fund (MIIF) Chief Executive Edward Nana Yaw Koranteng has said: “It is my conviction that MIIF will be a US$6-billion-dollar Fund within the next ten years” given “the growth trajectory and the nature of our investments.”

“The core, really, is for us to diversify the mineral base where we get our royalties. We are not just looking at the mineral space, we are looking at the entire value chain,” he explained to journalists as reported by the B&FT.

This is why MIIF, Koranteng noted, “has developed a strategy for every mineral type in a bid to extensively develop and invest in that mineral’s entire value delivery system,” pointing out that: “Ghana can only transform if we hold significant equity positions across the entire value chain for each [sic] single mineral and to also align such with industrial policy, for example, salt refining.”

According to him, salt is connected to “over 14,000 uses, including textile, manufacturing, food processing, pharmaceutical and petroleum or lithium,” as well as “battery and automobile manufacturing, fiberglass and ceramic production.”

These examples, Koranteng noted, position MIIF to be a major cog for industrialisation.”

MIIF posted a net profit of GH ₵409 million in 2023, an increased performance from the previous year’s GH ₵205 million.

Additionally, MIIF’s revenue rose from GH₵323 million in 2022 to GH₵456 million in 2023.

Koranteng told journalists: “MIIF’s assets under management may increase to US$1.5 billion by the end 2024, as it begins a revaluation of assets including Government of Ghana’s free carried interests.”

He said MIIF’s total Assets Under Management (AUM) should hover around US$1.5 billion by the end of 2024 after an ongoing evaluation of its assets, including the Government of Ghana’s equity interest in mining companies.

The Fund’s AUM in 2021 was US$195 million.

Koranteng noted: “The growth trajectory of the Fund is attributed to the hard work of the entire team at MIIF grounded in the vision of the president of the Republic of Ghana, Nana Addo Dankwa Akufo Addo to ensure that Ghana garners more value from its minerals.”

“The team has powered this incredible rise in the last twelve months by innovatively expanding our royalties’ base, the performance of the gold sector, strategic investments, the setting up of a gold trade desk, good asset allocation and our treasury management,” the B&FT reported.

MIIF’s Head of Business Development, Dr. Kennedy Abrokwa, also told journalists that Ghana’s royalty base is bound to more than triple, as gold mines such as Cardinal, Bibiani, and Chirano come on stream coupled with the discovery of more medium-scale gold mines, lithium and graphite as well as investment in salt.