The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs. Justina Nelson, has announced sweeping reforms to enhance the Fund’s governance, compliance, and financial management systems, reaffirming MIIF’s commitment to transparency and accountability in the management of Ghana’s mineral revenues.
Speaking before the Public Accounts Committee (PAC) of Parliament, Mrs. Nelson revealed that the Fund had established a Compliance Unit and a dedicated Risk Department to tighten internal controls, improve oversight, and prevent future regulatory breaches.
The reforms, she noted, form part of MIIF’s broader institutional transformation agenda aimed at strengthening operational discipline and building public confidence in the Fund’s management.
“MIIF has undergone significant restructuring to ensure we comply fully with the Public Financial Management Act and other applicable laws.
“The establishment of a Compliance Unit and Risk Department ensures that our internal control systems remain robust and proactive in identifying and mitigating potential financial and operational risks.”
Mrs. Justina Nelson, Chief Executive Officer of MIIF
Addressing Audit Findings
One of the key issues discussed during the PAC sitting was a $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 stipulated by the Public Financial Management (PFM) Regulations.
Mrs. Nelson clarified that although the payment indeed breached the regulation, the transaction occurred before her assumption of office.
She assured the Committee that the contract had since been fully executed, with all equipment delivered and operational across designated sites.
“While the transaction contravened the PFM Regulations, it is important to note that it predates my administration.
“The lessons from that episode have strengthened our current systems, ensuring that all future procurement strictly adheres to statutory requirements.”
Mrs. Justina Nelson, Chief Executive Officer of MIIF
The PAC Chairperson, Hon. Abena Osei Asare, commended Mrs. Nelson for her candour and depth of understanding, describing her as a model of professionalism and integrity.
“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.”
Hon. Abena Osei Asare, PAC Chairperson
Strong Financial Recovery and Compliance
Mrs. Nelson further disclosed that all outstanding royalties amounting to GH¢29 million, as cited in the Auditor-General’s 2024 Report, had been fully recovered.
Additionally, unaccounted payments totalling GH¢39,043 were reconciled with supporting vouchers and receipts, which have been duly submitted to the Auditor-General for verification.
She also highlighted that MIIF had discontinued the use of restricted procurement for high-value contracts and now submits all procurement plans to the Ministry of Finance for prior approval, in accordance with the latest amendments to the PFM Act.
“This approach ensures transparency, reduces the risk of discretionary spending, and aligns the Fund’s financial operations with best public sector governance practices.”
Mrs. Justina Nelson, Chief Executive Officer of MIIF
Touching on MIIF’s gold trading operations, Mrs. Nelson explained that the Fund piloted gold trading in 2023 through three licensed aggregators and later expanded to five, generating approximately GH¢8 million in revenue during the period.
Leadership and Organisational Culture
Responding to questions about her management style, Mrs. Nelson described her relationship with MIIF staff as collaborative, respectful, and professional, emphasising the importance of teamwork in driving institutional success.
She dismissed past rumours of internal tensions as “false social media speculation,” assuring the Committee that those matters had long been resolved.
Mrs. Nelson reiterated that MIIF’s mission remains centered on prudent management of Ghana’s mineral wealth to generate sustainable income for future generations.
“Our mandate is to ensure that every cedi derived from Ghana’s minerals is properly accounted for and invested wisely to support the country’s development priorities.”
Mrs. Justina Nelson, Chief Executive Officer of MIIF
Mrs. Nelson reaffirmed MIIF’s determination to maintain the highest standards of corporate governance and accountability.
