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MINERALS INCOME INVESTMENT FUND ACT, 2018 (ACT 978)

THE NINE HUNDRED AND SEVENTY-EIGHTH ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED MINERALS INCOME INVESTMENT FUND ACT, 2018 AN ACT to establish a Fund to manage the equity interests of the Republic in mining companies, to receive mineral royalties and other related income due the Republic from mining operations, to provide for the management and investment of the assets of the Fund and for related matters. DATE OF ASSENT: 3rd December, 2018. PASSED by Parliament and assented to by the President:

Legislation

Table of Content

The Minerals Income Investment Fund

1. Establishment of the Minerals Income Investment Fund

2. Objects of the Fund

3. Powers of the Fund

4. Functions of the Fund

The Management of the Fund

5. Governing body of the Fund

6. Qualification of members of the Board

7. Functions of the Board

8. Duties and liabilities of members of the Board

9. Tenure of office of members of the Board

10. Meetings of the Board

11. Disclosure of interest

12. Establishment of committees

13. Establishment of Investment Advisory Committee

14. Appointment of members of the Advisory Committee

15. Functions of the Advisory Committee

16. Tenure of office of members of the Advisory Committee

17. Meetings of the Advisory Committee

18. Disclosure of interest

19. Release of advice from the Advisory Committee

20. Allowances

Administrative Provisions

21. Chief Executive Officer

22. Qualifications of Chief Executive Officer

23. Functions of Chief Executive Officer

24. Appointment of other staff and professional advisors

25. Asset managers

26. Head office and branches of the Fund

Financial Provisions

27. Sources of money for the Fund

28. Payment of mineral royalties

29. Payment of minerals in place of royalties

30. Transfer of mineral equity interests

31. Disbursements of moneys of the Fund

32. Bank accounts

33. Foreign currency arrangement

34. Administrative and other expenses of the Fund

35. Tax exemption

Good Corporate Governance

36. Transparency as a fundamental principle

37. Accounts and audit

38. Annual report and other reports

39. Investment Guidelines and codes of practice

Stability and Allocation Agreements

40. Stability agreement

41. Allocation agreement

Miscellaneous Provisions

42. Security and guarantee

43. Offences and penalties

44. Regulations

45. Interpretation

The Minerals Income Investment Fund

1. Establishment of the Minerals Income Investment Fund

2. Objects of the Fund

3. Powers of the Fund

4. Functions of the Fund

The Management of the Fund

5. Governing body of the Fund

6. Qualification of members of the Board

7. Functions of the Board

8. Duties and liabilities of members of the Board

9. Tenure of office of members of the Board

10. Meetings of the Board

11. Disclosure of interest

12. Establishment of committees

13. Establishment of Investment Advisory Committee

14. Appointment of members of the Advisory Committee

15. Functions of the Advisory Committee

16. Tenure of office of members of the Advisory Committee

17. Meetings of the Advisory Committee

18. Disclosure of interest

19. Release of advice from the Advisory Committee

20. Allowances

Administrative Provisions

21. Chief Executive Officer

22. Qualifications of Chief Executive Officer

23. Functions of Chief Executive Officer

24. Appointment of other staff and professional advisors

25. Asset managers

26. Head office and branches of the Fund

Financial Provisions

27. Sources of money for the Fund

28. Payment of mineral royalties

29. Payment of minerals in place of royalties

30. Transfer of mineral equity interests

31. Disbursements of moneys of the Fund

32. Bank accounts

33. Foreign currency arrangement

34. Administrative and other expenses of the Fund

35. Tax exemption

Good Corporate Governance

36. Transparency as a fundamental principle

37. Accounts and audit

38. Annual report and other reports

39. Investment Guidelines and codes of practice

Stability and Allocation Agreements

40. Stability agreement

41. Allocation agreement

Miscellaneous Provisions

42. Security and guarantee

43. Offences and penalties

44. Regulations

45. Interpretation

Section 1

1. Establishment of the Minerals Income Investment Fund

(1) There is established by this Act a fund known as the Minerals Income Investment Fund. (2) The Fund is a body corporate with perpetual succession, and a common seal, may sue and be sued 1n its corporate name and have 1n all respects the powers of a body corporate. (3) The Fund may acquire and hold movable and immovable property, dispose of property and enter into a contract or other related transaction. (4) Where there is a hindrance to the acquisition of immovable property, the property may be acquired for the Fund under the State Lands Act, 1962 (Act 125) and the cost shall be borne by the Fund.

Section 2

2. Objects of the Fund

The objects of the Fund are to (a) maximise the value of the income due the Republic from the mineral wealth of the country for the benefit of its citizens; (b) monetise the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable and sustainable manner; and (c) develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.