By Francis Ntow
Accra, Oct 30, GNA – The Public Accounts Committee (PAC) has commended the Minerals Income Investment Fund (MIIF) for its Institutional reforms, describing them as bold initiatives to enhance internal controls, prevent breaches in procurement and financial management.
At the Committee’s meeting on Wednesday, Oct 29, to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Mrs. Justina Nelson provided outcomes of a series of reforms being implemented by the institution.
They included the establishment of a Compliance Unit and a Risk Department, discontinuation of the use of restricted procurement for high-value contracts, stoppage of direct gold trading and strong corporate governance measures.
Providing updates on some infractions cited in the Audit report for 2024, including advance payment and procurement breaches, Mrs. Nelson openly admitted the contraventions of laws by MIFF and gave remedial actions taken as well as measures to forestall future occurrences.
Regarding a US$3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, exceeding the statutory 15 per cent threshold, Mrs Nelson admitted that the transaction contravened the Public Financial Management (PFM) Regulations but clarified that it predated her administration.
She said the contract had since been fully executed, with the equipment delivered and operational, assuring the Committee and Ghanaians of MIIF’s commitment to strict adherence, as reflected in their current procurement laws.
Mrs Nelson told the Committee that the Fund’s gold trading, piloted in 2023 with three aggregators and later expanded to five, a development that generated approximately GHS8 million in revenue had been stopped.
That was because of the establishment of the Gold Board, allowing the Fund to remain within its legal mandate.
She also confirmed that all outstanding royalties amounting to GHS29 million, as cited in the audit report, had been fully recovered, while previously unaccounted payments of GHS39,043 had been reconciled with supporting vouchers and receipts submitted to the Auditor-General.
She said MIIF had discontinued the use of restricted procurement for high-value contracts with the new amendment of the PFM Act, leading to all procurement plans submitted to the Ministry of Finance for prior approval in line with regulatory requirements.
The CEO described past social media speculation about internal friction as false, noting that her relationship with staff was cordial, collaborative, and professional, emphasising mutual respect and teamwork.
Mrs Nelson reaffirmed MIIF’s commitment to transparency, accountability, and prudent management of Ghana’s mineral income to support national development priorities.
Madam Abena Osei Asare, Chairperson, PAC, said MIIF’s Chief Executive Officer (CEO) demonstrated forthrightness, competence, sound grasp of financial regulations and commitment to institutional reform in her responses.
“I’m not commending you because you are a woman but because you’re competent,” she told the MIIF CEO.
“You came well prepared. You quoted the sections, you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity,” the PAC Chairperson said.
Committee members who took turns to ask questions, urged Mrs. Nelson and the team to maintain the reform-driven leadership and continue strengthening systems for effective management of the Fund.
Members of the management team of MIIF, including the Chief Finance Officer, Mr David Awuah Mensah, Director of Internal Audit, Mr Martin Adjei, Head of Procurement, Ms Theresa Gyasi Antwi and Head of Legal, Ms Louisa Quaicoe, were present at the meeting.
GNA
Christian Akorlie