Douglas Boateng appointed MIIF Board Chairman

October 19, 2021 By 0 Comments

Professor Douglas Boateng, the globally acclaimed supply and value chain expert, has been appointed Chairperson of the Board of Directors of the Mineral Income Investment Fund (MIIF).

His appointment follows that of his recent position as Chairman of the Public Procurement Authority (PPA).

He successfully oversaw the implementation of GHANEPS (Ghana Electronic Procurement System) – an online collaborative public procurement system developed to facilitate, minimise, and discourage procurement-related malpractices in Ghana.

He also helped to initiate and played an oversight role in the ongoing review of the Public Procurement Act, and advanced calls for the urgent professionalisation of procurement in the country.

Other members of the Board, as announced by the Minister of Finance, Ken Ofori Atta, during an inauguration ceremony in Accra on Tuesday, are Madam Felicia Nana A. Dapaah Gyamfi Ashley, Prof Mrs. Akosua Apea Osafo, Edward Nana Yaw Koranteng, George Mireku Duker, and Mr Kow Abaka Essuman Esq.

The rest are Associate Prof Grace Ofori Sarpong, Rev Ammishaddai A. Owusu-Amoah, and Dr. Maxwell Opoku Afari.

Professor Douglas Boateng has played leading academic, board level and C-suite roles in, amongst others, exploration and mining in Africa, and across the globe.

He is globally renowned for his contributions towards procurement, governance, logistics, and industrial engineering in the context of supply and value chain management and industrialisation.

The Finance Minister, Ken Ofori-Atta, explained, while welcoming the new Board and Chairman, that the role of the Board was to ensure that Ghana’s minerals and metals incomes are maximised for the long term benefit of Ghana for Ghanaians.

Prof. Douglas Boateng, Africa’s first-ever appointed Professor Extraordinaire for supply and value chain management (SBL UNISA), is an International Professional Chartered Director and an adjunct academic.

He is independently recognised as a vertical-specific global strategic thinker on procurement, supply chain governance and development, logistics, and industrial engineering, he continues to play related educational and industrial roles in Africa and around the world.

Prof. Boateng is also recognised for his contribution to academia and industry. He was honoured in 2018 by Hewlett Packard (HP) with its first-ever vertical and sectorial specific Lifetime Achievers Award.  He has also received various awards, including a Platinum Life Time Global Achievers Award (2016) and a Life Time Achievers Award (2013) from the Chartered Institute of Procurement and Supply and various industry and professional associations.

Prof Boateng expressed his enthusiasm for his new role and promised to constructively guide and coach the Managing Director, Mr. Yaw Koranteng, and work together with fellow board members to help further advance the goals of the Fund plus play my part in transforming the sector through adequate governance-driven supervision, value-driven partnerships, and alliances”.

He further pledged the commitment of the board of directors to the Companies ACT 2019 (ACT 992), which provides guidelines for protecting and building shareholder value”.

“We shall use our duly authorised supervisory time to guide MIIF to legitimately create long-term wealth for Ghana and Ghanaians and look forward to possibly collaborating with other African countries to achieve the objectives,” Prof. Boateng assured.

As part of his commitment to the realisation of the Funds objectives, Prof. Boateng stressed the need to advance the role of women and Ghanaians in the sector. “We need to focus much needed attention on the championing of women in mining and exploration in the country to help foster greater opportunities for women-led projects as well as the implementation of meaningful women-centred social responsibility initiatives within the exploration and mining sector,” he said.

He explained the importance of the Fund for Ghana and its people thus: “the monetisation of our natural resources and minerals is essential to the realisation of the country’s long-term developmental goals. It is crucial that the natural and mineral wealth of Ghana contributes to the lives and wealth of its own people.

According to him, “Royalties collected to date from mining companies is in excess of US$200 million annually” adding that

“Based on sectorial experience and purposive research, Ghana can increase this annual income by at least four times to over a BILLION within six years.

He, however, said these quantifiable gains can only be achieved by employing the right human capital supported by the right processes, systems, visionary leadership and guidance, value-driven support from the government, sectorial investments, carefully selected strategic partnerships, ventures, and alliances.”

Per the Minerals Income Investment Fund Act, 2018 (ACT 978), the objectives of the  over US$200 million Fund are to maximise the value of the income due the Republic from the mineral wealth of the country for the benefit of its citizens;  monetise the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable and sustainable manner; and  develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.