The MDF Board - Minerals Development Fund

Governing Body of The Fund

Composition of the Board

In accordance with Section 6(1) of the MDF Act, Act 912 (2016), the governing body of the Fund is a Board composed of the following members:

A chairman,
One representative of the following Ministries not below the rank of the Director:
- Ministry of Local Government and Rural Development
- Ministry of Environment, Science Technology and Innovation, and
- Ministry of Finance,
- The Chief Director of the Ministry of Lands and Natural Resources,
The Chief Executive Officer of the Minerals commission,
The Executive secretary of the Lands commission,
The Administrator of the stool Lands,
A representative of the Ghana chamber of mines,
A traditional ruler from a mining community nominated by the national house of chiefs, and
One other person, who is a woman, nominated by the Minister.

Functions of the Board

In accordance with Section 7 of the MDF Act, Act 912 (2016), the Board is responsible for the management of the Fund and, for that purpose, shall:

Ensure the proper and effective performance of the functions of the Fund;
Pursue policies to achieve the object of the Fund;
Collect or arrange to be collected, through procedures determined by the Minister, moneys lawfully due to the Fund;
Ensure accountability of the Moneys of the Fund by defining appropriate procedures for accessing and monitoring the Fund;
In consultation with the Minister, prepare and publish in a daily newspaper of national the criteria for the disbursement and utilisation of the moneys from the Fund;
Disburse moneys of the Fund generally in accordance to Section 21;
Invest some of the moneys of the Fund into safe securities that the Board considers financially beneficial to the Fund;
Review requests for moneys from the Fund and make recommendations to the Minister;
Receive and examine reports from designated persons in respect of financial assistance granted those persons;
Make recommendations for the formulation of policy on the percentage level of mineral royalty payable to the Ghana Revenue Authority
Perform any other function assigned to the Board under this Act or incidental to the achievement of the object of the Fund