President Akufo-Addo has appointed Professor Douglas Boateng as the board chairman of the Minerals Income Investment Fund (MIIF).
The board was inaugurated at a short ceremony by Finance Minister Ken Ofori Atta where he asked them to ensure that that Ghana’s mineral and metals income are maximised for the long-term benefit of Ghana for Ghanaians.
The board chairman is known for his contribution to fine-tuning procurement, governance, logistics and industrial engineering in the context of supply and value chain management and industrialisation, Professor Boateng has played leading academic, board-level and C-suite roles in exploration and mining, among other areas, in Africa and across the globe.
In his speech, the board chairman said he was honoured for the appointment and has promised to deliver on his mandate.
“I am highly honoured to be given the opportunity by His Excellency President Nana Akufo-Addo, with the blessing of the Honourable Minister for Finance, other government officials and stakeholders, to perform my patriotic duty as the chairman of the Minerals Income Investment Fund,” he said.
“I am looking forward to constructively guiding and coaching the managing director, Mr Yaw Koranteng, and working together with my fellow board members to help further advance the goals of the Fund, plus play my part in transforming the sector through adequate governance-driven supervision, value-driven partnerships, and alliances.”
He stated that the board were, “without question, fully committed to the Companies Act 2019 (Act 992), which provides guidelines for protecting and building shareholder value”.
“We shall use our duly authorised supervisory time to guide MIIF to legitimately create long-term wealth for Ghana and Ghanaians and look forward to possibly collaborating with other African countries to achieve the objectives,” he said.
We need to focus much-needed attention on the championing of women in mining and exploration in the country to help foster greater opportunities for women-led projects as well as the implementation of meaningful, women-centred social responsibility initiatives within the exploration and mining sector,” he added.
He said: “The monetization of our natural resources and minerals is essential to the realization of the country’s long-term development goals,” he said.
“It is crucial that the natural and mineral wealth of Ghana contributes to the lives and wealth of its own people. Royalties collected to date from mining companies are in excess of US$200 million.
“Based on sectoral experience and purposive research, Ghana can increase this annual income by at least four times to over US$1 billion within six years. However, these quantifiable gains can only be achieved by employing the right human capital, supported by the right processes, systems, visionary leadership and guidance, value-driven support from the government, sectoral investments, carefully selected strategic partnerships, ventures and alliances,” he said.
The other members of the new MIIF board are: Felicia Nana A Dapaah Gyamfi Ashley, Professor Akosua Apea Osafo, Edward Nana Yaw Koranteng, George Mireku Duker, Kow Abaka Essuman Esq, Associate Professor Grace Ofori Sarpong, Reverend Ammishaddai A Owusu-Amoah and Dr Maxwell Opoku Afari.