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The Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei Asare, has commended the acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Justina Nelson, for her forthrightness, competence, and commitment to institutional reform. At the Committee’s sitting on October 29, 2025, to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Nelson impressed members with her detailed responses to audit queries, demonstrating a sound grasp of financial regulations and proactive efforts to address infractions inherited from the Fund’s previous management. Osei Asare particularly praised Nelson for displaying both honesty and technical depth as she answered a barrage of questions from committee members. “I’m not commending you because you are a woman but because you’re competent,” she said. “You came well prepared. You quoted the sections; you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity,” she added. Why Ghana prints its cedi notes abroad – BoG explains Nelson appeared before the Committee with members of her management team, including Chief Finance Officer, David Awuah Mensah; Director of Internal Audit, Martin Adjei; Head of Procurement, Theresa Gyasi Antwi; and Head of Legal, Louisa Quaicoe. She outlined significant measures introduced to strengthen MIIF’s governance and compliance framework. She disclosed that MIIF had established a Compliance Unit and a Risk Department as part of broader reforms to enhance internal controls and prevent future breaches in procurement and financial management. Addressing the matter of a US$3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, an amount that exceeded the statutory 15 percent threshold, Nelson admitted that the transaction contravened the Public Financial Management (PFM) Regulations but clarified that it occurred before her tenure. However, she noted that the contract had since been fully executed, with the equipment delivered and operational. Lessons from the incident, she said, now inform MIIF’s strict adherence to procurement laws. Gold trade and royalties recovery Touching on MIIF’s gold trading activities, Nelson explained that the Fund piloted gold trading in 2023 with three aggregators and later expanded to five, generating approximately GH¢8 million in revenue. She stated that following the establishment of the Gold Board, MIIF transitioned the aggregators to the new agency and ceased direct gold trading to remain within its legal mandate. Nelson further confirmed that all outstanding royalties amounting to GH¢29 million cited in the audit report had been fully recovered, while previously unaccounted payments of GH¢39,043 had now been reconciled with supporting vouchers and receipts submitted to the Auditor-General. She added that MIIF had discontinued the use of restricted procurement for high-value contracts, and with the recent amendment of the PFM Act, all procurement plans are now submitted to the Ministry of Finance for prior approval in line with regulatory requirements. Leadership and institutional culture Responding to questions about her leadership style, Nelson described her relationship with staff as cordial, collaborative, and professional, anchored on mutual respect and teamwork. She acknowledged previous social media speculation alleging internal friction within the Fund but stated that those concerns had long been resolved. She emphasised that the MIIF team remains cohesive and committed to the Fund’s reform agenda and performance targets. Nelson reaffirmed MIIF’s dedication to transparency, accountability, and the prudent management of Ghana’s mineral revenues to support national development priorities.
