Stakeholders are urging amendments to Ghana’s Minerals Income Investment Fund Act, citing it as ineffective and lacking inclusion. Key participants stress the importance of contract transparency and community representation in governance. Proposals for a comprehensive overhaul of the Act and more significant funding for community development were heavily discussed.
A stakeholders’ meeting regarding the Minerals Income Investment Fund (MIIF) Act revealed significant concerns about its effectiveness. Participants, including Civil Society Organizations, traditional leaders, and youth representatives, advocated for amendments to fill existing gaps in the legislation. They expressed the need for a more inclusive and robust framework to enhance the management of mineral revenues in Ghana.
The MIIF was created as a mechanism for managing Ghana’s equity interests in mining companies, collecting dividends, and distributing mineral royalties. However, Miss Jennifer Moffat, from BudgIT Ghana, emphasized that the Act should incorporate contract transparency and beneficial ownership disclosures aligned with the Extractive Industries Transparency Initiative guidelines. She noted that existing oversight mechanisms are insufficient for building public trust in the Fund’s governance.
Furthermore, Miss Moffat proposed that traditional authorities and local government representatives be legally required to participate in MIIF governance. She also suggested the formation of an independent Mineral Revenue Oversight Committee to monitor mineral income management, mirroring existing goals set by organizations like the Public Interest Accountability Committee.
Mr. Dennis Gyegyir, from the Natural Resource Governance Institute, called for an increase in community development funding from mineral revenues. He proposed replacing the MIIF Act with a comprehensive Mineral Revenue Management Act that includes accountability mechanisms and clearer reporting requirements. Gyegyir also suggested merging the Minerals Development Fund with MIIF to minimize bureaucratic inefficiencies.
Legal advocate Mr. Alhassan Iddrissu expressed concerns about Ghana’s suboptimal management of natural resources, attributing economic stagnation to inefficient governance. He pointed out that the current governance strategies misalign with the country’s economic needs regarding the extractive sector. The Centre for Public Interest Law (CEPIL) aims to support vulnerable communities by providing legal assistance and promoting accountability in resource management.
The call for amending the Minerals Income Investment Fund Act underscores the need for enhanced transparency, accountability, and community involvement in Ghana’s mineral revenue management. Stakeholders advocate for legal reforms to ensure robust governance structures and effective use of mineral resources, essential for fostering economic growth and improving public trust in the mining sector.
Original Source: www.ghanabusinessnews.com
