Former MIIF CEO Edward Nana Yaw Koranteng
Former Chief Executive Officer of Ghana’s Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, has underscored the critical role of sovereign wealth funds in securing Africa’s long-term economic resilience, particularly as the continent navigates volatile commodity markets and shifting global economic trends.
Speaking in an exclusive interview, Mr. Koranteng described sovereign wealth funds as the most strategic financial instruments for resource-based economies seeking to translate extractive revenues into sustainable national wealth. He said that countries rich in natural resources must channel a portion of their extractive income into long-term investment vehicles that can support diversification, stabilize budgets, and drive industrialisation.
He explained that sovereign wealth funds, when properly structured and managed, help build fiscal buffers that protect economies from commodity price shocks while promoting investments in critical sectors such as infrastructure, energy, technology, and manufacturing. “Sovereign wealth funds are designed to safeguard the future of resource-rich nations,” he said. “They provide intergenerational equity, ensuring that future generations benefit from today’s resource extraction. They also stabilize economies during downturns and can serve as co-investment partners to attract patient capital.”
Drawing on Ghana’s experience, Mr. Koranteng noted that the Minerals Income Investment Fund represents a transformative model for leveraging mineral royalties to create sustainable wealth. “The MIIF has demonstrated how a well-structured fund can transform mineral revenues into strategic investments,” he stated. “Our approach was to create long-term value by investing in high-yield, low-risk assets, while supporting Ghanaian participation in the mining value chain.”
He emphasized that sovereign wealth funds are not only about saving but also about investing in productive ventures that enhance local capacity. “The focus should not be merely on accumulating reserves but on investing strategically in national priorities such as healthcare, education, renewable energy, and digital infrastructure,” he said. “This is how we build resilience and prepare our economies for the post-extractive future.”
Mr. Koranteng also highlighted the importance of strong governance, transparency, and independence in managing such funds. He argued that sovereign wealth funds must operate free from political interference, guided by clear investment mandates and professional management. “Good governance is non-negotiable,” he stressed. “Without it, even the best-designed funds will fail. The fund’s mandate must be long-term and shielded from short-term political interests.”
He observed that several African countries have begun taking steps in this direction, creating sovereign funds to manage resource revenues more sustainably. However, he warned that without strict fiscal discipline and transparency, many of these funds risk being depleted or mismanaged. “It is not enough to establish a fund,” he said. “It must be backed by sound fiscal management and public accountability. Sovereign wealth funds must earn the trust of citizens by showing measurable impact.”
According to Mr. Koranteng, the coming decade presents both a challenge and an opportunity for Africa. As global demand for critical minerals grows, he believes that sovereign wealth funds can serve as powerful tools to convert temporary windfalls into lasting prosperity. “Africa must not miss this moment,” he urged. “By building strong sovereign wealth funds, we can turn our natural resources into perpetual assets that drive industrialisation and innovation long after the minerals are gone.”
He concluded that the true value of sovereign wealth funds lies not only in saving money but in strategically deploying it to empower future generations. “The essence of these funds is to make our economies self-sustaining. The goal is to make the continent resilient, competitive, and inclusive in the global economy,” he said.
