PAC Chair lauds MIIF CEO for transparency and strong institutional reforms

The Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei Asare, has commended the Acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs. Justina Nelson, for her integrity, technical competence, and commitment to driving institutional reforms at the Fund.

At the Committee’s sitting on Thursday to consider the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Mrs. Nelson earned widespread praise for her detailed explanations, firm grasp of financial regulations, and proactive measures to correct audit infractions inherited from previous management.

Ms. Osei Asare described Mrs. Nelson’s performance before the Committee as impressive, highlighting her confidence and mastery of the issues raised.

“I’m not commending you because you are a woman but because you are competent,” she remarked. “You came well prepared, you quoted the relevant sections, knew what had been done, what hadn’t been done, and what was beyond your capacity. That is the mark of good leadership.”

Institutional Reforms and Governance Strengthening

Appearing before the Committee alongside her management team, including Chief Finance Officer Mr. David Awuah Mensah, Director of Internal Audit Mr. Martin Adjei, Head of Procurement Ms. Theresa Gyasi Antwi, and Head of Legal Ms. Louisa Quaicoe, Mrs. Nelson outlined key reforms implemented to enhance MIIF’s governance, risk management, and compliance systems.

She disclosed that MIIF had established a Compliance Unit and a Risk Department to strengthen internal controls and prevent future breaches in procurement and financial management.

Addressing concerns over a $3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, an arrangement that exceeded the statutory 15 percent advance payment limit, Mrs. Nelson clarified that the transaction occurred before her tenure.

While acknowledging that the payment contravened the Public Financial Management (PFM) Regulations, she stated that the contract had since been fully executed and the equipment had been delivered and was operational. Lessons from the incident, she added, had reinforced MIIF’s commitment to full compliance with procurement laws.

Gold Trading and Royalties Recovery

Touching on MIIF’s gold trading operations, Mrs. Nelson revealed that the Fund piloted gold trading in 2023 with three aggregators before expanding to five, generating approximately GH¢8 million in revenue.

Following the establishment of the Gold Board, she said MIIF transferred the aggregators to the new agency and ceased direct trading to remain within its legal mandate.

On outstanding royalties, Mrs. Nelson confirmed that all GH¢29 million cited in the audit report had been fully recovered. At the same time, previously unaccounted payments totaling GH¢39,043 had been reconciled and supported with documentation submitted to the Auditor-General.

She further indicated that MIIF had discontinued the use of restricted procurement for high-value contracts. With the amendment to the PFM Act, the Fund now submits all procurement plans to the Ministry of Finance for prior approval, ensuring strict adherence to statutory requirements.

Leadership and Organizational Culture

Responding to questions on leadership, Mrs. Nelson described her management style as collaborative and inclusive, emphasizing mutual respect and teamwork across all levels of staff.

She dismissed past social media rumors of internal friction as false, stressing that MIIF remains a united and reform-driven institution dedicated to operational excellence.

Reaffirming the Fund’s commitment to transparency, accountability, and prudent management of Ghana’s mineral income, Mrs. Nelson said MIIF’s overarching goal is to contribute meaningfully to national development priorities.

Visibly impressed, members of the Committee urged Mrs. Nelson and her team to sustain their reform agenda and continue strengthening governance systems within the Fund.

By: Bawa Musah

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