The Public Accounts Committee (PAC) has praised the Minerals Income Investment Fund (MIIF) for its institutional reforms, describing them as bold and commendable steps to strengthen internal controls, enhance accountability, and prevent procurement and financial management breaches.
The commendation came during the Committee’s sitting on Wednesday, October 29, to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024.
Presenting updates on the Fund’s operations, Mrs Justina Nelson outlined a series of key reforms, including the establishment of a Compliance Unit and a Risk Department, the discontinuation of restricted procurement for high-value contracts, the halting of direct gold trading, and the implementation of strong corporate governance measures.
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Addressing issues raised in the 2024 audit report, particularly concerning advance payments and procurement irregularities, Mrs Nelson openly acknowledged the breaches and detailed corrective actions taken to prevent recurrence.
On a US$3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, an amount that exceeded the statutory 15 percent threshold, Mrs Nelson admitted that the transaction violated the Public Financial Management (PFM) Regulations but clarified that it occurred before her tenure. She confirmed that the contract had since been fully executed, with the equipment delivered and operational, assuring the Committee of MIIF’s current strict adherence to procurement laws.
She revealed that MIIF’s gold trading pilot, which began in 2023 with three aggregators and later expanded to five, generating about GH¢8 million in revenue, had been discontinued following the establishment of the Gold Board to ensure compliance with MIIF’s legal mandate.
Mrs Nelson also reported that all outstanding royalties amounting to GH¢29 million, as cited in the audit, had been fully recovered, while previously unaccounted payments totalling GH¢39,043 had been reconciled with proper documentation submitted to the Auditor-General.
Additionally, she said MIIF had ceased using restricted procurement for large contracts, submitting all procurement plans to the Ministry of Finance for prior approval in line with the amended PFM Act.
Addressing earlier social media speculation about internal friction at MIIF, Mrs Nelson dismissed the claims as false, stressing that her relationship with staff was cordial and collaborative, grounded in mutual respect and professionalism.
She reaffirmed the Fund’s commitment to transparency, accountability, and prudent management of Ghana‘s mineral income to support national development priorities.
PAC Chairperson, Madam Abena Osei Asare, commended Mrs Nelson for her competence and preparedness, saying, “I’m not commending you because you are a woman but because you’re competent. 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.”
Committee members also lauded MIIF’s management for demonstrating reform-driven leadership and urged them to sustain efforts to strengthen systems for effective fund management.
Accompanying Mrs Nelson at the session were 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.
