Minerals Income Investment Fund Act, 2018 ACT 978

Section 43: (1) A person who (a) misappropriates moneys or other assets of the Fund; (b) defrauds, attempts to defraud or conspires with another person to defraud the Fund; or (c) uses, attempts to use or conspires with another person to use proprietary or confidential information of the Fund or documents relating to the Fund for personal benefit or advantage or for the personal advantage or benefit of another person; commits an offence and is liable on summary conviction to a fine of not less than five hundred thousand penalty units and not more than two million penalty units or to a term of imprisonment of not less than fifteen years and not more than twenty five years or to both. (2) A person is not liable under paragraph (c) of subsection (1) if the use of the information was authorised by the Board with the consent of the Minister. (3) A person who without authorisation discloses the content of any confidential document or information pertaining to the operations of the Fund commits an offence and is liable on summary conviction to a fine of not less than twenty five thousand penalty units and not more than fifty thousand penalty units or to a term of imprisonment of not less than two years and not more than five years or to both.(4) Where the offence committed is by a body corporate, that body corporate is liable on summary conviction to a fine of not less than seven hundred and fifty thousand penalty units and not more than three million penalty unit. (4) A fine imposed under subsection (4) that is not paid when it is due shall attract an additional penalty of five percent of the original amount for each day of default.

Procedures to Follow

1. The Mining Companies pay the royalties directly into Minerals Income Investment Fund (MIIF)

2. MIIF disburses twenty percent (20%) of the royalties into the Minerals Development Fund (MDF).
3. Pursuant to the Minerals Development Fund Act, 2016 (Act 912), fifty percent (50%) of mineral royalties received by MDF, (which is actually 10 percent of the total mineral royalties paid by the Mining Companies to MIIF) is transferred to OASL for onward disbursement to the beneficiaries in accordance with section 7 of the OASL Act, (Act 481).
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Responsible Institution

Minerals Commission

36 Second Cantonments Cl, Accra
Email:mlnrinfo@mlnr.gov.gh
Website:http://mincom.gov.gh

Relevant Forms to Download

Not Available

Fees / Charges




Not Avaiable