A comprehensive review of the Mineral Income Investment Fund (MIIF) Act, 2018 (Act 978) as amended has revealed significant gaps, including inadequate representation of key stakeholders in governance structures.
The review found that civil society organisations (CSOs), mining communities, and artisanal miners were excluded from decision-making processes, undermining transparency and accountability.
The review, presented by the Country Director of BudgIT Ghana, Jennifer Addochoe Moffat, at a stakeholder engagement forum, highlighted additional concerns.
These included weak contract transparency and revenue disclosure mechanisms, making it difficult to track how mineral royalties were managed and disbursed.
Organised by the Centre for Public Interest Law (CEPIL) with financial support from Oxfam in Ghana in Accra on Tuesday, February 11, 2025, the forum aimed to disseminate the findings of Ms Addochoe Moffatt’s analysis of the MIIF Act, foster dialogue on governance and revenue transparency, promote advocacy for policy reforms, and empower civil society and local communities to demand accountability in mineral revenue management.
The event convened a diverse group of stakeholders, including representatives from regulatory bodies such as the Minerals Development Fund (MDF), Chamber of Mines, and Bank of Ghana (BoG), as well as the Ghana Extractive Industry Transparency Initiative (GHETI) and the Natural Resource Governance Institute (NRGI). Additionally, community members affected by mining, traditional leaders, CSOs, and media representatives were in attendance.
Ms Addochoe Moffat recommended amending the MIIF Act to include CSOs and community representatives on the Board and Advisory Committee, emphasising the need to strengthen gender criteria, such as requiring expertise in gender equity, for appointments.
She emphasised the need to implement measures that promote equity and formalise benefit-sharing roles for marginalised groups, ensuring they receive a fair share of resources and opportunities.
In his welcome address, the Executive Director of CEPIL, Mr Augustine Niber, expressed concern that despite Ghana’s abundant mineral wealth, it was difficult to track how mineral revenue contributed to local infrastructure development.
He noted that the MIIF Act aimed to manage mineral royalties for Ghana’s development, but questioned its actual impact on the country’s growth.
Mr Niber also wondered if investing a significant portion of Ghana’s mineral revenue in MIIF has been beneficial, emphasising the need for a cap on this investment fund.
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