A shocking scandal has rocked Ghana’s Minerals Development Fund (MDF), with allegations of financial mismanagement and attempted bribery.
According to Dr. Hannah Bissiw, Administrator of the MDF, the fund authorized a US$1.4 million lease for a cramped office space, payable in U.S. dollars, to a landlord with close government ties.
The lease agreement, negotiated in 2020, stipulates a monthly rent of US$10,000, double the prevailing market rate of $6,500 for comparable premises in the same district.
Dr. Bissiw, who made the revelation on “Good Afternoon Ghana” on Metro TV, expressed her astonishment, saying, “I was astonished to discover that the Fund had committed to paying US$10,000 per month in rent, for two years initially, and then extended the same predatory rate for another twelve years.” She added, “It’s a government property—a bungalow—that could have been acquired outright for a fraction of the cost.”
Dr. Bissiw revealed that the landlord, identified as Kwabena Kufour’s nephew, attempted to bribe her with cash when she challenged the arrangement.
“When I challenged the arrangement, he came to my office and placed cash on my table—admitting it was ‘commission.’ I immediately reported the attempted bribe, and the money remains secured,” she stated.
The MDF’s financial mismanagement is starkly contrasted with its inability to meet other obligations, including insurance premiums, vehicle maintenance fees, and community development grants.
Dr. Bissiw lamented, “We had staff without operational vehicles, and communities waiting on projects that never materialized. Meanwhile, $500,000 each year was funneled into an unfit office space.”
The scandal has sparked calls for greater transparency and accountability in the management of Ghana’s mineral revenues.