President Nana Addo Dankwa Akufo-Addo has inaugurated the board of the newly established Minerals Income Investment Fund (MIIF), with a charge on the body to leverage its financial might to raise strong local players in the mining sector.
He said that it was not encouraging that after a century of mining in the country, there was no significant local player in the sector, stressing that it was of the essence that the Board provided support to indigenous companies to compete favourably with international corporations who dominate the industry.
Addressing the nine-member Board after swearing them into office at a short ceremony at the Jubilee House in Accra, President Akufo-Addo urged them to PROMOTE and seek local Ghanaian investments in the mining sector.
“It shouldn’t be the case that Newmont, Anglogold Ashanti and all these others are the only players in the Ghanaian industry,”
“Hopeful this fund, when properly managed and selectively invested, will over the period of time erase that image and give us a new architecture in the mining industry which included; significant Ghanaian players,” he said.
President Akufo-Addo reminded the Board that the Fund could be a critical step in the development and transformation of the Ghana’s economy, indicating to the body that it held the Fund in trust for the people of Ghana.
“These monies belong to the people of Ghana and they are counting on you to use it judiciously, prudently and also with some imagination…The operation of this fund could be a critical step in the development and transformation of our economy,” he stated.
Mr Duker thanked the President for appointing to the board and assured that they would work to justify the confidence reposed in them.
Chaired by Mr George Mireku Duker, the board include; Mr Yaw Baah, Chief Executive Officer of the MIIF; Mrs. Felicia Ashley, Representative of the Ministry of Finance, Dr. Maxwell Opoku-Afari, Deputy Governor of the Bank of Ghana, and Mr. Amiishadai Owusu – Amoah, the Commissioner for Domestic Tax Revenue Division of GRA.
The others are; Ms Naana Dufie Addo, President’s nominee; Kow Essuman, President’s nominee, and Mrs. Antoinette Kwofie, also a nominee of the President. The ninth member is yet to be appointed.