The Minerals Income Investment Fund (MIIF) has described as false and misleading, a number of allegations leveled against it by an Accra-based newspaper, The Herald.
The allegations, according to the Fund, were in regard to its financial transactions and governance practices.
In a release issued in Accra today, the Fund clarified for instance that, the claims of GH¢1.5 billion being transferred within MIIF accounts are false and misleading.
“All financial transactions undertaken by MIIF are conducted with full regulatory approval and oversight,” it indicated.
Regarding the ongoing audit of MIIF’s financials, the release wondered why the newspaper revisited the issue again when the Fund had earlier explained that there was an audit being conducted into the matter.
Categorically, the Fund said, the audit is being carried out by no mean an institution than the Ghana Audit Service, a constitutionally mandated institution to conduct audits in the country.
The newspaper also alleged that there were some illegal payments being made from the accounts of the Fund to a strange company.
In response, MIIF said, “There have been no illegal disbursements of funds to any company, including the alleged US$10 million payments to BH Minerals.”
Consequently, the Fund reaffirmed its commitment to strictly adhere to laid down rules as far as the Public Financial Management Act was concerned and in line with corporate governance practices.
“MIIF remains committed to due process and ensures that all financial transactions align with the Public Financial Management Act and other governing regulations,” it added.
The Fund further reassured the general public that it will continue to engage stakeholders transparently and provide periodic updates on its financial reviews and strategic initiatives.
“MIIF remains focused on its core mandate of maximizing Ghana’s mineral wealth for national development and will continue to uphold the highest standards of corporate governance,” the release said.
