The Director General of the National Internal Audit Agency, Dr. Eric Oduro Osae says the Minerals Income Investment Fund (MIIF) is poised to become the best minerals sovereign fund in Africa after inaugurating the Fund’s Audit Committee at the MIIF Head Office in Accra. MIIF, which is said to be arguably the fastest growing minerals sovereign fund in the world was conceived by the Government in 2018 and passed into law by the Minerals Income Investment Fund Act 2018, (Act 978).
The mandate of the fund is to receive mineral royalties on behalf of government, manage the equity interest of government in large scale mines and help manage budgetary exposures arising out of the volatilities in commodity prices on the international markets.
Dr. Oduro Osae, the Director General of the Internal Audit Agency, observed that the Fund by inaugurating its Audit Committee was now even better placed to work for the people of Ghana due to the legal architecture that governs the audit process of public sector companies. The Audit Committee function is derived from the Public Financial Management Act 2016, (PFM Act 921) which imposes a three-pronged responsibility on the Internal Committee.
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