The Board of Directors of the Mineral Income Investment Fund (MIIF) has directed its management to engage relevant authorities, including the Ministry of Lands and Natural Resources, to investigate the performance of a $30 million investment made in Electrochem Ghana Limited.
This directive follows Electrochem Ghana Limited’s inability to generate any dividends for the state.
The investment, undertaken during the administration of Nana Akufo-Addo, is now being described within MIIF circles as one of the Fund’s worst-performing financial commitments.
Electrochem Ghana Limited, a subsidiary of the McDan Group, has reportedly failed to deliver any returns to the state.
The Chief Executive Officer of MIIF, Justina Nelson, confirmed that the Board has instructed management to collaborate with relevant authorities to determine the appropriate course of action.
The concerns came to light during an MIIF–CSOs roundtable engagement in Accra, where the Fund’s Chief Finance Officer, David Awuah Mensah, disclosed the extent of the underperformance.
“We (MIIF) invested $30 million in Electrochem, and it is not doing well at all due to some management issues,” he revealed.
Mrs. Nelson added that the Office of the Special Prosecutor (OSP) is already investigating the matter.
“We have seen this script before. We cannot continue to watch our resources be depleted while the average Ghanaian struggles to put food on the table,” she said.
“It is time to demand real answers and real consequences for those who treat our state coffers like a personal piggy bank.”
By 1960news.com
