Govt Slashes Budgetary Allocation to Minerals Income Investment Fund

The Minister for Finance, Cassiel Ato Forson, has announced that budgetary allocation to the Minerals Income Investment Fund (MIIF) has been reduced.

The reprisal action comes after the operations of the Fund were marred by alleged poor governance and resource mismanagement.

According to the lawmaker, the reprisal action will be reconsidered if the newly reconstituted Board of Directors of the Fund demonstrate goodwill in their leadership.

“Until a clear turnaround is evident, the government has reduced financial flows to MIIF. However, if the new Board—under the leadership of Mr. Richard Kwame Asante—restores discipline and focus, we will re-engage fully.”

It is the view of the Minister that Ghana must not only mine gold but must own a stake in it.

“MIIF must pursue significant equity in mining ventures and ensure Ghanaian businesses benefit meaningfully from our natural resources.”

Meanwhile, he announced plans by the government to step up anti-smuggling operations to curb the unaccounted export of precious minerals.

Source: https://opemsuo.com/author/hajara-fuseini/