Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals fund, has revealed that the fund is finalizing a dividend payout policy for the government. The policy is expected to be ready within the next three weeks.
Speaking at MIIF’s annual Stakeholder Conference in Accra, Mr. Koranteng explained, “Government is an investor, and at the end of the investment period, the government is paid its dividend. We are working on a dividend payout policy, which should be completed within the next three weeks.”
He added that MIIF will seek feedback from civil society organizations (CSOs) before submitting the policy to the Attorney General, Ministry of Finance, and other relevant bodies. “This will be a fantastic addition for the investment community to see us as a serious sovereign wealth fund, even though we are government-owned,” he noted.
Mr. Koranteng also emphasized the fund’s mission to establish a world-class sovereign mineral wealth fund, by moving its assets under management from a billion dollars to US$6bn in 10 years
one that ensures independence from government interference. The new dividend policy will be a key aspect of maintaining the fund’s sustainability and boosting investor confidence. He stressed that MIIF’s focus is on adding value to Ghana’s mineral resources and ensuring maximum benefits for the nation.
During the same panel, Dennis Gyeyir, Africa Senior Programme Officer at the Natural Resource Governance Institute (NRGI), praised the policy initiative but urged for an amended MIIF Act to institutionalize good practices. He highlighted the importance of reforms to avoid past mistakes, particularly referencing Ghana National Petroleum Corporation (GNPC) Explorco’s issues with dividend payout due to the absence of a clear policy.
“The dividend payout policy is critical,” Mr. Gyeyir remarked. “We’ve seen it with GNPC Explorco, where government interests in oil blocks were handed over without the proper payout structure in place. We need to learn from these mistakes and avoid repeating them.”
The conference, held under the theme “Minerals Value Addition and Value Chain Development – Essential Tools for Ghana’s Development,” also featured discussions on the need to review the MIIF Act (Act 978) to improve citizen oversight, create markets for value addition, enhance infrastructure such as railways, roads, airports, and power supply, and implement the right policies to sustain Ghana’s minerals sector.
MIIF, mandated under the Minerals Income Investment Fund Act, 978 (as amended), is responsible for maximizing the value of dividend and royalties income for the Republic of Ghana. The fund aims to monetize the country’s mineral wealth in a way that promotes long-term value and sustainable benefits for the nation.
By Eugene Davis
