Confidential audit flags GH¢11m unapproved foreign trips by MIIF Board and Management

A confidential audit report by the Ghana Audit Service, intercepted and reported by JoyNews, has raised serious concerns about financial governance at the Minerals Income Investment Fund (MIIF), revealing that the board and senior management spent over GH¢11 million on foreign travels in 2024 without obtaining the legally required government approvals.

The revelations have sparked renewed debate about accountability and oversight in Ghana’s public financial management system. The MIIF was established by law in 2018 to manage the nation’s minerals revenues and is expected to operate with high standards of governance but critics argue the audit undermines public confidence.

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According to JoyNews’ reporting, the confidential audit found that numerous international trips undertaken by MIIF’s leadership were organised without prior authorisation from the Chief of Staff, the sector minister, or the Chief Director, as mandated by government administrative guidelines.

This contradicts the Ministry of Finance’s 2020 directive, reinforced in subsequent Budget Implementation Instructions which stated that no public service officer may embark on official foreign travel without clearance from the Office of the Chief of Staff. Board members, in particular, are required to submit planned travel for explicit approval.

Despite these regulations, auditors discovered that MIIF failed to supply any documentation showing that required approvals were sought or granted. The report noted that management “disregarded the administrative guideline,” and clarified that no correspondence was provided to demonstrate communication with the Office of the Chief of Staff.

Responding to the findings, MIIF’s Head of Human Resources argued that all travel requests requiring approval from the CEO or Chief Director were cleared internally and that supporting documents were available. Former CEO Edward Nana Yaw Koranteng insisted that the Chief of Staff was informed of all the trips, although auditors stated that no evidence was presented to substantiate this claim.

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When MIIF officials later appeared before the Public Accounts Committee (PAC), acting CEO Justina Nelson defended the foreign travel expenditure, saying it was necessary to give the fund “visibility and operational capacity” following the opening of its new office. Beyond the unapproved trips, the audit also uncovered significant spending on allowances.

MIIF reportedly paid more than GH¢2 million in board sitting allowances over two years, nearly GH¢1 million in 2023 and GH¢1.2 million in 2024 alone, raising further concerns about expenditure controls within the organisation.

Independent Ghana Audit Service reports in recent years have continually emphasised the need for tighter management of foreign travel across public boards, referencing concerns about cost overruns and breaches of protocol.

The MIIF findings appear to reinforce longstanding calls for stricter enforcement of travel guidelines and improved documentation of official expenditure. Given MIIF’s mandate to manage Ghana’s minerals earnings with the highest standards of transparency and governance, stakeholders argue that the allegations pose a serious test of accountability in the country’s natural resource management.

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With the Public Accounts Committee already engaged and further explanations expected from MIIF officials, the controversy is likely to prompt deeper examination of the fund’s administrative processes. The outcome may influence broader reforms on how state agencies manage foreign travel, documentation, and expenditure