Noting the high yield that the investment is accruing for the nation, the Public Interest and Accountability Committee (PIAC) has recommended the use of that the GIIF should be utilized for “more of such investments in high-yielding capital projects”.
“After reviewing GIIF’ s investment of US$30 million in KIA Terminal 3, and the subsequent returns of US$5.5 million of the initial investment in three (3) years, the Committee recommends more of such investments in high-yielding capital projects,” the PIAC recommended in its Annual Report On Management Of Petroleum Revenues For The Period January – December 2019.
Despite the fact that the KIA Terminal 3 is a “high-yielding capital project”, the government of Mr. Akufo-Addo is determined to offload a substantial percentage (66%) of Ghana’s shares to a private Turkish company under the guise of a supposed Management Contract.
The Ghana Infrastructure Investment Fund was set up in 2015 by President John Dramani Mahama as a vehicle to help deal with the country’s huge infrastructure deficit. The fund was also intended to focus on strategic infrastructure to support both the public and private sector infrastructure projects.
Sadly, after handing US$250million out of the funds that had accrued in the GIIF to his brother-in-law to invest in his Pullman Accra City project in 2018, Akufo-Addo has starved the GIIF of funds that should have been paid into it to keep it growing
The PIAC Annual Report On Management Of Petroleum Revenues For The Period January – December 2019, notes that “for the second consecutive year, there was no allocation from the ABFA to the GIIF contrary to the provisions of the PRMA and the GIIF Act.”