BY Nadia Ntiamoah
What began as a routine change in leadership at the Minerals Income Investment Fund (MIIF) has exploded into one of the most dramatic institutional breakdowns seen within a state-owned investment entity in recent years.
Since the appointment of Justina Nelson as CEO in January 2025, MIIF has been rocked by alleged mass resignations, abrupt firings, deep internal divisions, and allegations of deliberate manipulation of financial data.
The chaos has now stripped the sovereign mineral wealth fund of nearly half its experienced workforce, leaving it in what insiders describe as its “weakest state since establishment.”
The internal turmoil coincides with a national scandal: MIIF’s attempt to rewrite its already signed and completed 2024 audited financial statements—an action the Auditor-General forcefully condemned as “improper” and misleading.
But long before the public learned of the attempted audit rewrite, staff say the danger signs were already blinking inside MIIF.
Background
The upheaval began after the sudden removal of MIIF’s former CEO, Edward Nana Yaw Koranteng, widely credited with strengthening the Fund’s governance, systems, and investment performance between 2021 and 2024.
Under his leadership, MIIF consistently reported profitability, grew its assets, and gained international credibility.
When Justina Nelson took over in January 2025, she inherited a high-performing institution—with a profitable 2024 financial year nearing completion.
But according to multiple insiders, the new CEO arrived with a pre-determined narrative: that the former leadership had mismanaged the Fund.
That narrative became the foundation of a sequence of decisions that would rip through MIIF’s internal fabric.
A Push to Re-Write History
Upon assuming office, the CEO reportedly insisted that the 2024 financial statements must reflect mismanagement. The problem, however, was simple and stubborn:
The numbers did not support the claim.
Finance officers who had compiled the draft statements presented documents showing:
Strong profitability for the 2024 year
Significant growth in the Fund’s investment portfolio
No evidence of misuse or mismanagement
Compliance with investment thresholds and board-approved guidelines
These were the same numbers later signed by the Board Chair and the CEO on 26 June 2025—and by the Auditor-General on 27 June 2025.
But inside MIIF, according to staff accounts, the new CEO was enraged.
What began as tension quickly escalated into a climate of fear.
Professional disagreement was equated to disloyalty. Dissent—however factual—was treated as insubordination. Staff were reportedly intimidated, sidelined, or abruptly dismissed. Others resigned out of principle or fear.
The Finance Manager’s Dismissal
One of the most glaring incidents involved the Finance Manager, Linda Bartels-Poku, a key officer responsible for MIIF’s financial controls and internal accounting systems.
Her leave for 14 days was formally approved in advance. Based on this approval, she made travel arrangements to care for her sick daughter.
Days before her departure:
Her leave approval was mysteriously altered without explanation
Her attempts to seek clarification from HR were ignored
She was blocked from meeting the CEO
And on 2 June 2025, she was summarily dismissed
There was: no disciplinary hearing, no investigation, no due process, no justification based on HR policy
Insiders say her real “offence” was refusing to alter the financial figures or support the mismanagement narrative.
She has since sued MIIF, the PSC, and the Attorney General for unlawful dismissal.
The CFO’s Breaking Point
The dismissal shocked the institution. The Chief Finance Officer, Seidu Sumaila, one of MIIF’s most senior and experienced officers, wrote a strongly worded email on 4 June 2025 condemning the decision.
He had already clashed with the CEO after allegedly refusing to manipulate the audited financial statements.
Shortly after expressing his disapproval, he resigned.
His departure marked the beginning of a broader institutional collapse.
A Stunning Mass Exodus — MIIF’s Talent Drain
Under Mrs. Nelson’s leadership, MIIF has lost an unprecedented number of staff.
More than 15 out of 35 employees—over 40% of the institution—have either resigned or been fired. Those who left include: Chief Financial Officer, Chief Investment Officer, Chief Risk Officer, Head of Legal, Entire Corporate Affairs Department, Head of IT, Legal Officer, Business Development Officers, IT Officers, Finance Manager, Deputy Head of Procurement, Senior accountants and analysts
Former employees describe the environment as: “Hostile to professional integrity”, Toxic and intimidating”, and driven by fear and retaliation”
