President Akufo-Addo appoints Edward Nana Yaw Koranteng as new CEO for Minerals Income Investment Fund

An investment banking expert, Edward Nana Yaw Koranteng, has been appointed by President Nana Addo Dankwa Akufo-Addo to serve as Chief Executive Officer of the Minerals Income Investment Fund (MIIF).

According to an Asaase Radio report, Edward Koranteng takes over from Yaw Baah, who was earlier appointed as CEO of the Fund back in 2019.

The MIIF was first established by an Act of Parliament in 2018 to manage the equity interests of Ghana in mining companies and in turn receive royalties on behalf of government.

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Prior to approving the controversial Agyapa Mineral Royalty Limited agreement in Parliament, there were concerns from civil society organisations and a section of the public over the deal which compelled government to suspend the deal for further deliberations.

But president Akufo-Addo delivering his State of the Nation Address in March 2021, told Parliament his government intends to further engage lawmakers on the future of the transaction.

The sole purpose of the deal is to manage and invest mineral royalties and revenue from equities for higher returns to benefit the country and government through the MIIF.

In exchange, the Agyapa Mineral Royalty Limited plans to raise between US$500 million and US$750 million for Government on the Ghana and London Stock exchanges to invest in developmental projects.