An investigation has been launched into a $30 million investment made by Ghana’s Mineral Income Investment Fund (MIIF) in Electrochem Ghana Limited, following reports that the investment has failed to generate any returns for the state.
The investment, which was made during the administration of Nana Akufo-Addo, is now being described by insiders as one of MIIF’s poorest-performing assets.
Concerns over the investment were raised at a recent MIIF–civil society organizations roundtable in Accra.
Speaking at the event, the Fund’s Chief Finance Officer, David Awuah Mensah, revealed the extent of the underperformance.
“We invested $30 million in Electrochem, and it’s not doing well at all, due to some issues of management,” he said.
According to him, discussions are ongoing with stakeholders to address the challenges, and the asset is being closely monitored. He emphasized that the situation highlights the need for stricter compliance with investment guidelines and governance standards.
MIIF’s Chief Executive Officer, Justina Nelson, confirmed that the Board has directed management to engage key institutions, including the Ministry of Lands and Natural Resources, to determine the next steps.
“The Board has instructed management to work with relevant authorities to ensure transparency, accountability, and a coordinated national response,” she stated.
Despite the setback, Nelson noted that the development presents an opportunity for the Fund to reassess its investment portfolio and improve performance.
“The Fund is undertaking a comprehensive review of its portfolio, balancing short-term liquidity needs with long-term investments critical for sustainable growth,” she added.
Meanwhile, policy analyst Franklyn Cudjoe has called for greater clarity on the cited “management issues,” questioning whether they stem from incompetence or deeper structural problems.
“I was surprised by the reference to management issues. There should be clear explanations,” he said.
Also speaking at the event, Patrick Stephenson of the Natural Resources Governance Institute highlighted broader concerns about MIIF’s past investment decisions. He suggested that some deals, including the Electrochem investment, may have bypassed the Fund’s Investment Advisory Committee, raising questions about due diligence and adherence to proper procedures.
He warned that such lapses pose risks to the effective management of national resources, particularly when investments fail to deliver expected returns.
The controversy has intensified scrutiny of MIIF’s investment strategy, with growing calls for stronger oversight, transparency, and accountability in the management of Ghana’s mineral wealth.
