Two institutions under the leadership of Professor Douglas Boateng, the Minerals Income Investment Fund (MIIF) and Labadi Beach Hotel, celebrated significant wins at the Ghana CEO Vision & Awards ceremony, CIMG Awards and HR Focus Awards 2023.
Edward Nana Yaw Koranteng, CEO-MIIF, proudly received the prestigious CEO of the Year award in the Minerals category, while David Attu Eduaful, Managing Director-Labadi Beach Hotel, was honoured with the ‘Excellence in Leadership accolade at the Ghana CEO Vision & Awards for skillfully navigating the hospitality giant beyond the pandemic’s challenges.
Labadi Beach Hotel had earlier won Best HR Management in Hospitality at the HR Focus Awards 2023, and also recently won the CIMG Hospitality Facility of the Year.
Prof. Boateng, speaking about the awards, stressed the importance of good corporate governance. He believed that winning these awards is proof that following ethical and responsible business practices can lead to remarkable success. “These awards are a testament to the power of proper corporate governance and the remarkable outcomes it can achieve,” he said.
Prof. Boateng added that when he was given the mandate, Minister of Finance Ken Ofori-Atta and President Akufo-Addo reminded him that MIIF, especially, is a Ghanaian and generational project – and not a political party project. To this end, he explained that there was going to be minimal interference – and they have lived up to their promise.
“It is for this reason that we have managed to create the fastest-growing sectorial sovereign fund within record time. I am proud of the work we have done so far, and I extend hearty congratulations to the executive management and other board-members of the fund. We will continue doing what is in the best interest of Ghana and Ghanaians,” he said.
He also went further to laud the Social Security and National Insurance Trust (SSNIT) and its Director-General, Dr. John Ofori Tenkorang, and board-chair Elizabeth Ohene for empowering the board of Labadi Beach Hotel to function with minimal interference. “This is how institutions are best run. When they are allowed to function properly, with good boards and corporate governance principles, they flourish,” he said.
MIIF was established as Ghana’s minerals sovereign fund, with the aim of strategically leveraging the mining sector’s value creation potential for sustainable national development.
Under the tutelage of Prof. Boateng as Chairman and Mr. Koranteng as CEO, MIIF has defied global economic challenges, experiencing rapid growth in just 18 months. Starting at approximately US$125million in October 2021 when they were appointed, MIIF’s Assets Under Management (AUM) are projected to surpass US$1billion by January 2024 – making it one of the world’s fastest-growing specialised funds during this period.
Prof. Boateng re-emphasised Ghana’s historical significance in West African mining, with the country currently being the leading gold producer on the continent. However, the mining industry has not fully realised its potential to deliver long-term prosperity and opportunities until now.
He is optimistic about the future, as MIIF recently announced a US$32.9million capital investment in Ghana’s first-ever lithium mine – Atlantic Lithium, signalling its commitment to the mining sector’s growth and diversification.
Additionally, MIIF is considering a GH¢300million investment in the Ada-Songor Salt project operated by Electrochem Ghana Limited, a subsidiary of the McDan Group of Companies with potential to become the continent’s largest salt industrial complex.
Labadi Beach Hotel’s resilience and success
Under the guidance of Professor Boateng, Labadi Beach Hotel has continued to thrive despite economic challenges. Earlier this year, the hotel – a key player in the hospitality industry, presented a GH¢10million dividend to its sole shareholder, the Social Security and National Insurance Trust (SSNIT), for the year 2021. It is projected that the hotel will declare another dividend to the shareholder.
This remarkable achievement followed the unprecedented challenges faced during the COVID-19 pandemic in 2020, and serves as another reason to celebrate Labadi Beach Hotel’s 42-year legacy of providing top-quality services to guests and contributing significantly to Ghana’s tourism sector.
The hotel’s growth is evident, having expanded from its original 104 rooms to now offering 164 rooms – including 2 Presidential Suites, 4 Executive Suites, 4 Superior Suites, 5 Bars, 2 restaurants and a 900-seat multi-purpose conference and banqueting facility. The facility also boasts a spa, well-equipped gym, lagoon for fishing and two luxurious leisure and lap pools set in a tropical landscaped garden overlooking the natural Maale Lagoon.
Prof. Boateng highlighted the significance of Mr. Eduaful’s role as the hotel’s first indigenous General Manager, emphasising: “This demonstrates the potential for success in companies led by Ghanaians, and sets an example for other institutions to achieve similar heights”.
Professor Douglas Boateng
Professor Douglas Boateng – Africa’s pioneering Professor Extraordinaire for supply and value chain management at SBL UNISA – is a globally acclaimed expert in procurement, governance, logistics and industrial engineering within the context of supply and value chain management. Holding numerous qualifications, including a Doctor of Engineering from Warwick and various fellowships from prestigious institutions in the UK and South Africa, he has made remarkable contributions to both academia and the industrial advancement of supply chain management on local and international fronts.
Notably, he received the Platinum Lifetime Global Achievers Award in 2016 and a Lifetime Achievers Award in 2013 from the Chartered Institute of Procurement and Supply. Professor Boateng’s expertise in industrial engineering, procurement and supply chain management in developing countries earned him a Lifetime Achievers Award from CEO Titans Building Nations in 2016. He is widely recognised for his pivotal role in promoting strategic sourcing’s significance in Africa’s long-term industrialisation and socio-economic development.
Furthermore, Professor Boateng has been an elected member of the UK’s Institute of Directors for over two decades; lending his expertise in board-level decision-making, accountability and governance to both local and international organisations as well as CEOs.