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Business News of Wednesday, 13 October 2021


Raise private sector capital to address infrastructural challenges - Finance Minister

Ken Ofori-Atta, Minister of Finance Ken Ofori-Atta, Minister of Finance

The reconstituted governing boards of the Ghana Infrastructure Investment Fund (GIIF) and the Minerals Income and Investment Fund (MIIF) have been charged to unlock private sector capital and harness revenues from the country’s mineral resources to generate better returns for the country.

Ken Ofori-Atta, Minister of Finance, made the call in Accra yesterday during the inauguration of the GIIF and MIIF reconstituted boards.

The MIIF Board Chaired by Prof. Douglas Boateng has other members as Dr Maxwell Opoku-Afari, Amishadai A. Owusu Amoah, Edward Nana Yaw Kora, Felicia Nana Dapaah Gyamfi, Kow Abaka-Esuman, Mrs Akosua Appiah Osafo, Professor Grace Ofori Sarpong, and George Mireku Duker.

The GIIF Board is chaired by Philip Addison as Chairman Mr Solomon Asamoah the Chief Executive Officer of GIIF as a member.

Mr Ofori-Atta in his address emphasized the need for GIIF to raise private sector capital to address the infrastructural challenges facing the country.

GIIF is a US$325 million infrastructure investment vehicle established by the government to invest and develop infrastructure assets in Ghana.

He said GIIF now had a portfolio of 12 investments totaling $290 million.

Mr Ofori-Atta mentioned some of the portfolio investments of the GIIF which included the development of Terminal 3 at the Kotoka International Airport, Takoradi Port Expansion, Western Corridor Fibre Project and Atuabo Power Plant.

“So to build upon this impressive start and take GIIF to the next level, GIIF must continue to be run in the right way with strong corporate governance and without undue political interference in its operations,” Mr Ofori-Atta, urged the board.

On the inauguration of the MIIF Board, the Finance Minister said the Agyapa deal had not been abandoned and would be brought back.

He said the ministry had referred the Agyapa Royalties deal to the Attorney General to look into it, saying the new board should be energized to review it for it to go through the Parliamentary process.

The minister said MIIF had made progress currently, the fund currently has GH¢1.9 billion under management.

The Chairperson of the two boards in their remarks pledged to work hard to justify the confidence reposed in them by the President, Nana Addo Dankwa Akufo Addo.