Alleged financial irregularities: MIIF undertakes comprehensive financial audit

The Minerals Income and Investment Fund (MIIF) is undertaking a comprehensive audit of its financial statements in accordance with established procedures and corporate governance practices. 

A release from MIIF said it had taken note of recent media reports alleging financial irregularities within the Fund, reports which had mostly centred on the tenure of the immediate past Chief Executive Officer of MIIF.

Is a release issued in Accra at the weekend and signed by the management of the Fund, it gave an assurance that Ghanaians would be fully apprised of the outcome of the audit.

“MIIF wishes to clarify that subsequent to the recent transition, the Fund's financial statements are currently undergoing a comprehensive audit in accordance with established procedures and corporate governance practices. Ghanaians will be fully apprised of the outcome of this audit.

Compliance

“Management of the Fund will take all necessary steps to address any irregularities that may be identified during the audit in full compliance with laid down principles and the laws of Ghana,” the release added.

It noted that the mandate of the Fund was to maximise the value of mineral revenues for the benefit of present and future generations of Ghanaians, adding: “The general public should, therefore, rest assured that the Fund will take all necessary steps to protect Ghana's mineral wealth and ensure the prudent management of all proceeds”.

“Transparency and accountability are core principles that underpin all operations of MIIF. The Fund is fully committed to maintaining the highest standards of integrity and fostering trust with the people of Ghana and our internal and external stakeholders,” it stated.

About MIIF

The Minerals Income Investment Fund (MIIF) is a sovereign wealth fund established by the Minerals Income Investment Fund Act, 978 (as amended). 

MIIF is mandated to maximise the value of dividend and royalty income accruing to the Republic of Ghana and monetise Ghana's mineral wealth in a manner that delivers long-term value to the nation; MIIF's mission is to transform the Ghanaian economy through responsible and transparent investment of mineral income for the benefit of all stakeholders.