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President John Dramani Mahama has terminated the appointment of Edward Nana Yaw Koranteng as the Chief Executive Officer (CEO) of the Minerals Income and Investment Fund (MIIF) with immediate effect.
The decision, outlined in a letter dated January 13, 2025, was signed by the Secretary to the President, Mr. Callistus Mahama.
Mr. Koranteng, who assumed office in March 2021, led various initiatives during his tenure to optimize Ghana’s mineral revenues for economic development. Despite these efforts, the reasons for his dismissal were not disclosed in the letter.
The letter directed Mr. Koranteng to hand over his responsibilities to the President’s representative at the Ministry of Finance. In the interim, Dr. Cassiel Ato Baah Forson, the Finance Minister-designate, will oversee the fund’s operations until a permanent CEO is appointed.
President Mahama acknowledged Mr. Koranteng’s contributions during his time in office and expressed gratitude for his service to the nation.
Established under the Minerals Income and Investment Fund Act, 2018 (Act 978), MIIF is tasked with managing Ghana’s mineral royalties and maximizing revenue for national development.
The fund collects royalties from mining companies, invests in high-yield ventures, and supports local communities affected by mining operations. Additionally, MIIF contributes to national infrastructure projects, ensuring long-term economic growth and stability.
