MIIF Explains Its Core Mandate; Reveals Initiatives To Support For Small Scale Miners
Minerals Income Investment Fund (MIIF) is a fund established by an Act of Parliament, ACT 2018, that seeks to manage the equity interests, receive mineral royalties and income for Ghana. These incomes are generated from mining and its operationalization.
On a nationwide tour, Ashati Regional edition, on Friday 25th March 2022, the Chief Executive Officer (CEO) of MIIF, Mr. Edward Nana Yaw Koranteng explained the core mandate of MIIF on what it does and seeks to achieve in relation to the country’s mineral sector and related income.
According to him, MIIF is responsible for managing and investing royalties received from all mining companies in the country for the benefits of posterity.
Mr. Nana Yaw Koranteng affirmed that research carried by MIIF indicates that the major limitation of small scale mining companies is lack of working capital and machinery. As such, MIIF is introducing the Small Scale Mining Incubation Program which is a system to support small scale mining companies.
He said, MIIF has collaborated with other funding partners and has set aside US$ 500 million to support small scale mining companies in the country.
The MIIF CEO stated that, MIIF will also be supporting small scale mining companies with machinery and guaranteed available markets that will buy their products at good prices, with the condition that these small scale mining companies would not be allowed to operate in water bodies and forest reserves.
Source: opemsuo.com/ Effah Mensah William