In what is seen as an unprecedented rebuke, the Auditor-General has blasted the Minerals Income Investment Fund (MIIF) for its attempt to rewrite already audited and signed financial statements for the 2024 financial year.
The development has generated serious concerns about transparency, integrity, and the management of Ghana’s sovereign mineral revenues.
The whole episode began in September 2025, when a former MIIF board member initiated lawful processes to obtain the Fund’s audited financial statements under the Right to Information Act.
The Fund refused to respond to the request, and the former board member filed an additional request seeking proof of MIIF’s compliance with its reporting obligations under the law.
MIIF again failed to respond, in what sources described as a deliberate attempt to block access to information that would contradict a narrative of mismanagement by the Fund’s previous leadership.
Faced with growing pressure and a collapsing narrative, MIIF’s CEO, Justina Nelson, allegedly pursued an extraordinary course of action.
She apparently asked the Ghana Audit Service to revise the audited financial statements, even though both MIIF and the Auditor-General had formally signed them.
Audit completed and signed, then challenged
According to documents reviewed by this newspaper, MIIF’s audited financial statements for the year ended 31 December 2024 were signed by MIIF’s Board Chairman and CEO on 26 June 2025 and signed by the Auditor-General on 27 June 2025.
This signifies a completed audit—final, binding, and ready for statutory publication.
Despite this, on 31 October 2025, MIIF wrote to the Auditor-General requesting a “review and restatement” of the signed statements, claiming they contained “material and pervasive misstatements capable of misleading users.”
This request came after MIIF had refused to provide the statements to the former board member who had requested them.
Audit Service rejects MIIF’s claims
On 7 November 2025, MIIF officials met with the Audit Service to push for a restatement.
The Audit Service, however, vehemently disagreed with MIIF’s assertions and reaffirmed that the financial statements contained no material or pervasive misstatements whatsoever.
This position was formally communicated to MIIF in a letter dated 12 November 2025 and received by MIIF on 13 November 2025—in which the Audit Service:
- Declared MIIF’s claims misleading
- Stated that the issues raised did not constitute any misstatement capable of misleading the public
- Criticised MIIF’s language—especially the use of the word “pervasive”—as inaccurate and inappropriate, and
- Described MIIF’s request and conduct as “improper.”
The Auditor-General firmly concluded that no part of the 2024 audited financial statements would be changed, although the Audit Service expressed willingness to work with MIIF on the 2025 statements.
MIIF refuses to comment
When contacted, MIIF confirmed that the correspondence had taken place and that meetings were held with the Audit Service.
However, MIIF declined to comment on the substance of the exchanges, claiming the matters were “confidential” and “ongoing.”
MIIF also confirmed that it had responded to the Audit Service’s 12 November letter, but offered no further details.
Legal advisers warned MIIF
Sources familiar with the matter disclosed that MIIF’s legal advisers, OSAD Legal Services, led by Dr. Eric Oduro Osae, a former Director-General of the Internal Audit Agency, repeatedly advised MIIF’s management not to pursue a restatement of signed audited accounts.
Despite this expert guidance, CEO Justina Nelson and her team allegedly pushed forward, determined to rewrite the financial record to support what insiders describe as a false narrative of mismanagement by the Fund’s previous administration.
Transparency questioned
MIIF is a sovereign investment entity entrusted with managing Ghana’s mineral royalties. The law requires it to operate with the highest standards of transparency, accountability, and integrity.
Yet the Fund’s leadership now stands accused of blocking lawful access to information, seeking to alter a completed audit, misrepresenting financial data, and attempting to manipulate public perception of its predecessors.
This attempted rewrite, rebuked in strong terms by the Auditor-General, raises profound questions about the current management’s commitment to accountability.
Ghanaians, investors, and the international community are watching closely to see how President John Dramani Mahama will respond to what appears to be a coordinated, unethical effort to alter the financial history of a major sovereign fund.
It is yet to be seen if the President will defend institutional integrity or allow MIIF’s leadership to proceed unchecked.
What is clear, however, is that the attempt to rewrite the 2024 audited financial statements has been exposed—and forcefully rejected—by the Auditor-General.
