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Finance Ministry inaugurates MIIF, GIIF boards

Newly-constituted MIIF board

The Minister of Finance, Ken Ofori-Atta, has inaugurated the Ghana Infrastructural Investment Fund (GIIF) and Minerals Income Investment Fund (MIIF) boards, urging that the two work to turn around the fortunes of the country’s economy.

Speaking at the swearing-in ceremony of the MIIF board, Mr. Ofori-Atta said the role of MIIF to the industry as a strategic and critical lever for economic transformation cannot be overemphasised, hence the new board must work together on taking the mining industry to the next level.

“I believe your task as a newly reconstituted Board is cut out. You must work together to build a world-class MIIF and lead modernisation of the mining sector.

“You are being tasked to transform the sector through effective partnerships and alliances; thereby creating jobs, boosting economic growth and supporting the country’s transformation agenda of a Ghana Beyond Aid,” he said.

Chairman of the newly-constituted MIIF board, Prof. Douglas Boateng, said he and his team will work hard to transform the minerals sector and ensure the country benefits fully from its mineral resources.

“I am looking forward to working with my fellow board-members to help further advance goals of the Fund, plus play my part in transforming the sector through adequate governance-driven supervision, value-driven partnerships and alliances,” he said.

 

“As part of my role, I am committed to overseeing transformation of the MIIF to support the long-term developmental agenda of Ghana. This will include encouraging and supporting deserving women and other Ghanaians to go into the highly lucrative exploration sub-sector of the mining industry.

 

“I will also use my time in this position to guide profitable strategic ventures and long-term wealth-creation for Ghana and Ghanaians, and look forward to helping MIIF partner with other African countries to achieve similar objectives,” he said.

Other members of the board include CEO of MIIF, Edward Nana Yaw Boateng; First Deputy Governor-Bank of Ghana, Dr. Maxwel Opoku Afari; Felicia Nana Dapaah Gyamfi; Abaka Esuman Esq; Akosua Appiah Osafo; Prof. Grace Ofori Sarpong; Amishadai A. Owusu Amoah; and George Mireku Duker.

The GIIF board

Inaugurating the GIIF board, Mr. Ofori-Atta reminded members of the huge task facing them, given the country’s infrastructure deficit.

“The World Bank estimates that adequate infrastructure will result in a 2.7 percent increase of our annual growth; and this will require, literally, about US$2.3billion in our annual investment. There is therefore a sense of urgency to re-establish a world-class infrastructure fund, strong GIIF to support the long-term developmental agenda of Ghana,” he said.

Chairman of the board, lawyer Phillip Addison, also pledged that he and his team will focus on their mandate and help to bridge the country’s infrastructure gap.

“GIIF is a vital part of government’s agenda for unlocking private sector sources of investment for Ghana’s infrastructure priority areas. GIIF is an important vehicle through which government can drive its agenda, and we pledge to do our part and help to ensure this institution is productive in achieving this end,” he said.

Members of the newly constituted board are CEO of GIIF, Solomon Asamoah; Eric Okyere Darko; Cecilia Hesse; Kwabena Nyarko; Theresa Afua Oprebea; Collins Adomako Mensah, Member of Parliament for Afigya Kwabre North; Nana Afua Kyerewa Ababio and Ambassador George Kumi.

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