The Herald’s investigation continues to uncover significant lapses in governance and potential financial impropriety at the state-owned Minerals Income and Investment Fund (MIIF).
The findings reveal a flagrant disregard for authority and transitional directives from the team of President John Dramani Mahama during the January 2025 government handover from the Akufo-Addo administration.
Under the leadership of Edward Nana Yaw Koranteng, the immediate past Chief Executive Officer (CEO), MIIF disbursed US$6 million to Goldkey Properties Ltd on January 6, 2025—just hours before the Akufo-Addo administration handed over power to President Mahama.
This payment was part of a nearly US$41 million contract awarded to Goldkey, a company owned by Ghanaian businessman, Kweku Bediako, the controversial contractor behind the Bank of Ghana office complex at Ridge, Accra.
The Bank of Ghana project faced criticism for escalating costs, jumping from US$120 million to US$250 million with 20 floors less, after a fierce contest with Ghanaian-Italian construction company; De Simone Limited.
Originally budgeted at US$81.8 million, The Bank Square project’s cost has ballooned to an estimated US$250 million. The project’s rapid escalation—from US$81.8 million to US$121 million within eight months, to over US$250 million prompted serious questions.
Despite a directive from the Mahama transition team advising against last-minute financial transactions, MIIF expedited the payment for its head office, raising concerns about transparency and intent as happened in the case of the BoG office building project.
Insiders revealed that the MIIF management rushed the process, fearing the new government might halt the project.
The $40 million project involves constructing a 12-storey office complex, partly to house MIIF’s operations and partly to generate rental income.
However, the site of the building remains undisclosed. While the facility is designed to accommodate MIIF’s 45-member staff, questions linger about its scale and the necessity for such an expensive undertaking.
Kweku Bediako, responding to The Herald, maintained that Goldkey Properties acted in full compliance with due process.
He detailed the timeline of events, beginning with pre-qualification in May 2023 and culminating in the signing of the contract on November 6, 2024.
He said Goldkey Properties, emerged as the successful bidder with a tender sum of $40,901,375.27, beating competitors like Imperial Homes ($44,033,505.57) and Justmoh Construction ($48,650,635.90).
Mr Bediako, confirmed the part-payment of US$6 million dollars to his company by the management of MIIF and mentioned the Ridge area near the opposite Pharmacy Council.
The Mahama transition team, led by Felix Kwakye Ofosu, had explicitly warned against any last-minute financial commitments by outgoing officials. However, MIIF’s actions raise serious questions about adherence to governance protocols and the motives behind the rushed payment.
With mounting concerns about transparency and accountability, the new administration may probe the transaction further to determine whether due process was followed and if public funds were prudently utilized.
Established by the Minerals Income Investment Fund Act 2018, (Act 978) as amended by the MIIF Act, 2020 (Act 1024).
Maximization of the value of income due to the country from the mineral wealth of the country, monetization of the income in a beneficial, responsible, transparent, accountable, and sustainable manner; and the development and implementation of measures to reduce the budgetary exposure to mineral income fluctuations.
MIIF commenced the operationalization of its Commodities Trade Programme in August 2023. The Programme is aimed at: Integrating the value chain of gold, Supporting the Ghanaian economy’s forex market stabilization with US$ from the proceeds of the Gold Trade, building gold reserves as underlying assets for the MIIF-ETF Program, optimizing investment returns for the Fund.
It is believed that some MIIFFF Trade has attracted total inflows of US$1.02 billion into the economy between August 2023 and September 2024, from the export of 449,554.99 ounces of gold doré.
Some GH¢2.2 billion, the equivalent of US$150. 6 million dollars was dished out to aggregators by MIIF to do gold trading against the law, and this has left the state to incur a massive financial loss.
There is yet another loss, the use of a whopping GH¢240 million on Astro tuff and a Mining Museum from some of the return on investments. Its construction appears to be a deliberate effort to blow money senselessly, and the bulk of the funds were mismanaged.
In November 2024, a colossal sum of GH¢84.8 million, the equivalent of US$5 million was allegedly spent on an initiative which was to purchase mining equipment dubbed, “Mining Support for “Small Scale Incubation Projects”.
However, the whereabouts of the equipment are unknown, it is not clear, if they were bought and who the beneficiaries are.
Over GHC1. 4 billion the equivalent of US$82 million was spent by the management and the board had also purchased equity shares in companies, including Asante Gold Corporation, Injaro Ventures Capital Fund, Electrochem Ghana Limited owned by McDan, as well as Atlantic Lithium.
Those mentioned to be in the known of the Sledge transaction, include the Legal manager of the MIIF, Nana Serwaa Owusu, Daniel Imadi, the head of legal and compliance, the Chief Investment Officer, Bubune Sorkpor and the CEO himself.
Has also claimed some successes, saying it had provided foreign exchange trade amounting to US$675.73 million as of the end of September 2024.
The Trade Programme has provided a stable source of dollars to the BDCs for oil purchases and stable fuel prices to Ghanaian consumers.
More to come
