The Mineral Income Investment Fund (MIIF) has initiated a probe into a $30 million investment in Electrochem Ghana Limited after the venture failed to yield any dividends for the state.
The directive, issued by MIIF’s Board, tasks management with working alongside the Ministry of Lands and Natural Resources and other relevant institutions to assess the circumstances surrounding the underperformance and recommend next steps.
The investment, made during the tenure of Nana Akufo-Addo, is now being characterised internally as one of MIIF’s least successful financial undertakings.
Electrochem Ghana Limited, which operates under the McDan Group, has not generated any returns since the capital injection.
Speaking on the issue, MIIF Chief Executive Officer Justina Nelson confirmed that the Board has directed a full review of the transaction in collaboration with state authorities, with the aim of determining the appropriate course of action.
The matter was raised during a stakeholder engagement between MIIF and civil society organisations in Accra, where Chief Finance Officer David Awuah Mensah detailed the scale of the investment’s poor performance.
“We (MIIF) invested $30 million in Electrochem, and it is not doing well at all due to some management issues,” he revealed.
Mrs. Nelson further disclosed that the Office of the Special Prosecutor is already examining the case.
“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.”
