The Public Accounts Committee (PAC) of Parliament has praised Justina Nelson, acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), for her transparency, professionalism, and dedication to institutional reform.
During a sitting to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Mrs Nelson impressed committee members with her detailed explanations on issues highlighted in the audit.
She demonstrated a thorough understanding of financial regulations and proactive measures to address audit lapses inherited from previous management.
“I’m not commending you because you are a woman but because you’re competent,” PAC Chairperson Abena Osei Asare said. “You came well prepared. You quoted the sections, you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity.”
Appearing with key members of her management team, including the Chief Finance Officer, Director of Internal Audit, Head of Procurement, and Head of Legal, Mrs Nelson outlined reforms aimed at strengthening MIIF’s governance and compliance framework.
She revealed that the Fund had established a Compliance Unit and a Risk Department to enhance internal controls and prevent future breaches in procurement and financial management.
Addressing a $3.8 million advance payment to Commodity Monitor Limited for mercury-free gold processing equipment, which exceeded the statutory 15 percent threshold, Mrs Nelson acknowledged that the transaction contravened the Public Financial Management Regulations but clarified that it occurred before her tenure.
She confirmed that the contract had been fully executed, with the equipment delivered and operational, and emphasized that lessons learned had informed MIIF’s strict adherence to procurement laws under her administration.
On MIIF’s gold trading activities, Mrs Nelson noted that the Fund piloted gold trading in 2023 with three aggregators, later expanding to five, generating approximately GH¢8 million in revenue.
She explained that following the creation of the Gold Board, MIIF transitioned the aggregators to the new agency and ceased direct trading to remain within its legal mandate.
She further confirmed that all outstanding royalties totaling GH¢29 million had been fully recovered, while previously unaccounted payments of GH¢39,043 were reconciled with supporting vouchers submitted to the Auditor-General.
Mrs Nelson added that MIIF had ended the use of restricted procurement for high-value contracts and, with the amendment of the PFM Act, all procurement plans are now submitted to the Ministry of Finance for prior approval in line with regulations.
On leadership and staff relations, Mrs Nelson described her approach as collaborative, professional, and based on mutual respect.
She addressed past social media speculation about internal discord, clarifying that such issues had been resolved and emphasizing that the MIIF team remains cohesive and committed to the Fund’s reforms and objectives.
Reaffirming MIIF’s dedication to transparency, accountability, and prudent management of Ghana’s mineral income, Mrs Nelson pledged to continue supporting national development priorities.
PAC members urged her to maintain her reform-driven leadership and continue strengthening systems for effective management of the Fund.
