Dr P.Y. Atta, a governance expert, has raised concerns about the unfolding governance situation at the Mineral Income Investment Fund (MIIF).
He noted that the developments at the fund are not merely human resource issues but matters that go to the core of the institution’s very existence.
In an opinion piece, Dr. Atta highlighted several urgent concerns that require immediate executive attention to prevent the fund’s total collapse. “The unfolding situation at MIIF is not merely a human resource issue—it is a national governance concern.
“Strong institutions are not built by statute alone, but by professionalism, respect for due process, and insulation from political overreach,” Dr Atta said in his opinion piece.
In his opening session, Dr Atta noted that “the politicisation of Ghana’s state institutions continues to exact a heavy and often hidden cost— in the steady erosion of technical capacity, institutional memory, and governance integrity.
“The unfolding situation at the Minerals Income Investment Fund (MIIF) has become a sobering case study of how quickly a strategically important public institution and arguably previously the best-managed state-owned institution can unravel when politics, leadership discord, and weak governance collide.
“Following the appointment of Mrs Justina Nelson in January 2025, approximately 40 per cent of MIIF’s total staff strength of 45 have exited the institution, either through resignation or dismissal to date.
“The scale, seniority, and strategic importance of those exits extend well beyond typical staff turnover and indicate a deep institutional crisis,” the governance expert, Dr P.Y. Atta, pointed out in his opinion piece.
Dr. Atta then focused on five thematic areas worth discussing. He indicated that areas need immediate attention to ensure the fund does not lose its core mandate. The four areas are: Exodus at the top; Collapse Across Core Functions; Summary Dismissals and Legal Exposure; Allegations Raising Deeper Concerns; and A Governance Warning Signal.
An Exodus at the Top
“Among those who resigned were some of the Fund’s most critical executives and professionals:
The Deputy Chief Executive Officer, Dr. Asiedu Nketia
The Chief Finance Officer
The Chief Investment Officer
The Chief Risk Officer
“The resignation of the Chief Risk Officer is particularly noteworthy. In a recent interview on Citi FM, the current Chief Executive Officer, Mrs. Justina Nelson, stated that there was no risk management department when she assumed office, and only 6 people had resigned.
“This assertion is inaccurate. MIIF had an established risk management function headed by a substantive Chief Risk Officer prior to her tenure. For an investment institution managing mineral royalties and strategic equity interests, the loss of senior leadership across finance, investment, and risk represents a material governance and operational risk.”
Collapse Across Core Functions
“The departures were not limited to executive leadership. Resignations spread across almost every critical function of the Fund:
“The former Head of Legal, followed by his successor, who was employed under the current CEO, the Head of Human Resources, the Head of the Business Development Department, three officers within the Business Development Department, the Head of Corporate Affairs, External Relations (CAER), the Deputy Head of CAER, and the new Deputy Head of Procurement.
“These exits effectively stripped MIIF of institutional continuity across legal compliance, deal origination, stakeholder engagement, communications, and human capital management—functions essential to the credibility and effectiveness of any investment fund.”
Summary Dismissals and Legal Exposure
“In addition to resignations, the Fund has experienced a series of summary dismissals, several of which are now the subject of active litigation:
“The Deputy Chief Finance Officer, currently in court for unfair dismissal; the Head of IT, also pursuing legal action for unfair dismissal; an Internal Audit Officer, likewise in court; the dismissal of a Legal Officer; and the dismissal of the CEO’s personal driver.
“The accumulation of labour-related court cases exposes the Fund to legal, financial, and reputational risks and raises serious concerns about adherence to due process, internal controls, and fair labour practices.”
Allegations Raising Deeper Concerns
“Further compounding concerns are allegations circulating in public discourse regarding internal surveillance and staff treatment. It has been alleged that the current CEO authorised the installation of surveillance cameras across the workplace, ostensibly to monitor staff engagement and activity.
“Even more alarmingly, it has also been alleged that a list of certain staff members was submitted to state security agencies with the intention of placing them on so-called “no-fly lists” at Ghana’s airports.
“These claims remain allegations, and the writer sincerely hopes they are entirely untrue. If false, they warrant prompt clarification to ensure fairness and institutional credibility.
“If true, however, they would constitute a grave breach of civil liberties, labour rights, and democratic governance norms. Regardless of their veracity, the mere circulation of such allegations underscores the climate of fear, mistrust, and institutional decay that often accompanies the politicisation of state bodies.”
A Governance Warning Signal
“Taken together, the resignation or removal of nearly half the institution’s workforce—particularly across finance, investment, risk, audit, legal, IT, HR, business development, and corporate affairs—signals a profound breakdown in institutional governance.
“No institution entrusted with managing national mineral wealth can function effectively under such conditions. Investor confidence, risk oversight, policy continuity, and internal accountability all suffer when technical professionals exit en masse.”
