Chief Executive Officer of the Minerals Income Investment Fund (MIFF), Yaw Baah, has indicated Ghana has achieved significant strides with the management of its’s mineral resources and royalties.
According to him, the Fund is poised at further maximizing domestic investments in the value of gold assets in order to rake in more revenue.
Addressing participants during a public forum to discuss the monetizing of the country’s mineral resources on May 3, Yaw Baah said that apart from gold royalties, the MIIF is seeking other avenues of mineral royalties to maximize its benefits.
“MIIF is on the path to achieving the objectives envisaged under the Act. Per this very Act, one of the objectives of the MIIF and going by the wise words of the President is that Ghana has reached a stage that there must be the need to encourage indigenous companies in this area,” he stated.
He added, “Ghana, we do well everywhere, but it appears all our gold is foreign-owned. We continue to sit on money because apart from the gold, we have other minerals of which we at MIIF are working to propel and push this to ensure that the nation achieves its objectives.”
Meanwhile, Ghana over the decades has not adequately taken advantage of its mineral’s resources. It has often given permits to foreign companies to mine these resources across parts of the country.
Owing to this, Parliament in 2018 passed the Minerals Income Investment Fund (MIIF) Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies and receive royalties on behalf of government.