Director General of the National Internal Audit Agency, Dr. Eric Oduro Osae, asserts that the Minerals Income Investment Fund (MIIF) is positioned to become Africa’s premier minerals sovereign fund.
This declaration came as he inaugurated the Fund’s Audit Committee at the MIIF Head Office in Accra.
MIIF, recognized as potentially the fastest-growing minerals sovereign fund globally, was conceptualized by the Government in 2018 and subsequently established through the Minerals Income Investment Fund Act 2018 (Act 978).
The primary mandate of MIIF is to collect mineral royalties on behalf of the government, oversee government equity interests in large-scale mines, and manage budgetary risks stemming from international commodity price fluctuations.
Dr. Oduro Osae notes that with the inauguration of its Audit Committee, MIIF is better equipped to serve Ghanaian interests, supported by the robust legal framework governing the audit process of public sector entities. This framework, outlined in the Public Financial Management Act 2016 (PFM Act 921), assigns the Audit Committee a threefold responsibility.
In accordance with Section 86 (1) of the PFM Act, 2016, the Public Financial Management Regulations, 2019 (L.I. 2378), the Public Procurement Act, 2003 (Act 663) as amended, and the Guidelines for Effective Functioning of Audit Committees, among other relevant financial laws, the Audit Committee is mandated to fulfill reporting, advisory, and support roles to enhance value for the people of Ghana. MIIF CEO, Mr. Edward Nana Yaw Koranteng, emphasizes that the establishment of the Internal Audit Committee strengthens the Fund’s corporate governance, crucial for establishing a world-class sovereign wealth fund.
Dr. Oduro Osae outlines the mandatory duties of the Audit Committee, including the preparation of annual reports and statements of implementation, to be submitted to the Minister for Finance, Office of the President, Auditor-General, Public Accounts Committee (PAC) of Parliament, and the Director-General of the Internal Audit Agency.
“The reason for all of the above is to ensure that public funds are spent judiciously and well, and the features of accountability and the management of risk are ever present in what MIIF does” said Dr. Eric Oduro Osae.
Experienced Composition
The recently established Audit Committee of MIIF is composed of five executives possessing extensive C-suite expertise in public sector financial management. Leading the committee is John Fiam-Coblavie, a seasoned auditor and chartered accountant with over twenty years of experience in the financial sector.
Among the committee members is Madam Christiana Sakyibea Dei, whose distinguished career in the public sector includes roles at the Ministry of Fisheries and various Audit Committees. She is also a Chartered Accountant with a wealth of experience spanning two decades.
Other members include Mr. Hayford Amoh and Mrs. Felicia Ashley, both representing the Ministry of Finance, as well as Mr. Emmanuel Nii Dowuona, nominated by the Internal Audit Agency, and Mercedes Maud Naa Dei Ashie, a chartered accountant with more than 12 years of internal audit experience, serving as Head of Internal Audit for the Minerals Income Investment.
MIIF’s Growth Trajectory
Since 2019, MIIF has experienced rapid growth, with its Assets Under Management (AUM) estimated at around US$125 million.
By June 2024, pending validation by an independent international audit firm, MIIF’s AUM is projected to soar to approximately S$1.5 billion.
Edward Nana Yaw Koranteng the Chief Executive Officer of MIIF said, “ one of our objectives is to benchmark the best sovereign funds in the world on all fronts including corporate governance principles. We are incorporating best practice for the most high-performing sovereign funds in the world towards our vision to create one of the leading sovereign wealth funds in the world.”