Today’s #FridayRead looks at the Minerals Income Investment Fund Act, 2018 (the “Act”)
The Act establishes a Fund to manage the interests of the Republic in mining companies and to receive all income due the Republic from mining operations as well as invest same for the benefit of Ghanaians.
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- The Fund is set up as a body corporate to carry out the following function:
- manage, deal in and invest minerals income accruing to the Republic received by the Fund;
- hold and manage minerals equity interest of the Republic and exercise all rights related to the minerals equity interest;
- disburse twenty percent of minerals income received by the Fund to the Minerals Development Fund;
- seek the best possible financial returns on investments having regard to internationally recognised best practices.
The Fund is governed by a board, members of whom are considered to stand in a fiduciary relationship with the Fund and are required to act with loyalty and in good faith as a director of a company.
It is worthy to note that the Act mandates the establishment of an Investment Advisory Committee, members of whom are required to be competent in finance, investment, economics, business management, corporate law, actuarial science or similar discipline.