News

The Minerals Income Investment Fund (MIIF) recorded exceptional performance in mineral royalty collections during the 2025 financial year.

New data showed that total royalty receipts reached a record GH₵5.43 billion, representing a 10.8% increase from the GH₵4.90 billion recorded in 2024.

The landmark achievement marks the highest royalty collection since the Fund’s inception and underscores robust operational efficiency and favorable market conditions.

The strong performance in 2025 is attributable to a combination of strategic initiatives and favorable market dynamics including the implementation of rigorous nationwide monitoring protocols across all mining operations to ensure strict compliance with royalty payment obligations. This proactive enforcement mechanism significantly reduced payment delays and improved collection efficiency.

Again, international gold prices remained elevated throughout the year, positively impacting royalty valuations. The sustained high pricing environment created favorable conditions for increased revenue generation from gold mining operations.

Gold Remains Anchor

Available data showed that large-scale gold mines continued to underpin Ghana’s mineral revenue base as royalty receipts from the segment rose to GH₵5.1 billion in 2025, compared to GH₵4.7 billion in 2024, representing an increase of nearly GH₵394 million.

The strong performance reflects MIIF’s strong monitoring of the mines, collaboration with other stakeholders such as Minerals Commission and the Ghana Revenue Authority as well as elevated global gold prices throughout 2025 and expanded output, including production from Newmont Ahafo North Mine and Cardinal Namdini.

Manganese Gains Momentum

The manganese subsector emerged as one of the year’s strongest performers outside gold. Royalty receipts increased to GH₵212 million in 2025, up from GH₵186 million in 2024, representing growth of approximately 14.4%.

The increase was driven by higher production volumes and improved compliance with royalty obligations.

Other minerals

The other minerals such as granite, limestone, sand and salt which contribute just about one per cent to the total royalty receipts, fell slightly below the annual target.

The reasons include competitive pricing pressures across quarry operations which compressed margins and reduced royalty accruals.

Others include restricted access to Sahelian regions which are key export destinations for Ghanaian salt), sharp decline in salt prices per bag, importation of salt from other countries and unfavorable weather conditions within the year under review.

Outlook

The 2025 performance highlights the resilience of Ghana’s mineral revenue base, anchored by gold and increasingly supported by improved manganese output.

The Chief Executive Officer of the Fund, Mrs Justina Nelson, described the performance as welcoming and inspiring.

“It is a significant milestone, as this marks the first time since the Fund’s inception that royalty inflows have exceeded the GHS5 billion threshold, achieved despite challenging conditions,” Mrs Nelson touted.

She noted that with total receipts surpassing GHS5.43 billion in 2025, the Fund has entered 2026 on a stronger revenue footing.

The MIIF CEO explained that 2025 began with the dollar trading at about GHS17, the rate used for projections on large-scale gold royalties. However, as the year progressed the cedi strengthened to about GHS12 to a dollar. Despite the cedi appreciation, the Fund still recorded GHS5.43 billion in royalties in 2025, up from GHS4.90 billion in 2024 when the exchange rate was around GHS17 to a dollar.

Mrs Nelson said MIIF will continue to collaborate with other state agencies such as the GRA and Minerals Commission to enhance compliance enforcement.

She added that the Fund was determined to further tighten internal controls, expand field monitoring and encourage higher production across the extractive sector in a quest to exceed the receipts for last year.

Mrs Nelson pledged the commitment of the Fund to remain focused on its mandate and ensure that Ghana’s mineral wealth continues to benefit present and future generations.

The Minerals Income Investment Fund (MIIF) has joined global industry leaders at the ongoing Prospectors & Developers Association of Canada (PDAC) Convention 2026 in Canada, to position Ghana as a preferred destination for responsible and sustainable mining investment.

The convention, which commenced on March 1 and ends on March 4, 2026, is being held at the Metro Toronto Convention Centre.

Since its establishment in 1932, PDAC has grown into one of the world’s most influential mining platforms, attracting more than 30,000 participants from over 135 countries annually.

MIIF’s delegation includes Hon. Alfred Okoe Vanderpuije, Member of Parliament for Ablekuma South and Board Member of the Fund; the Chief Executive Officer, Mrs Justina Nelson; the Chief Technical and Operations Officer, Mr Kwabena Barning; the Head of Investment, Mr Ernest Attiso; and two other officials of the Fund.

Climate Risk and Sustainable Finance

A dominant theme at the four-day event is the growing integration of climate risk into mining finance.

Speakers said extreme weather patterns, evolving regulatory frameworks, and carbon pricing mechanisms are now central considerations in financial modelling, with Environmental, Social and Governance (ESG) metrics increasingly guiding capital allocation decisions.

Sustainable finance instruments, including sustainability-linked bonds and blended finance structures, were highlighted as emerging funding tools.

With the global sustainable bond market estimated at over US$1 trillion annually, investors are increasingly prioritising projects that deliver measurable environmental and social impact alongside financial returns.

Social Licence and Community Impact

Beyond capital mobilisation, securing a social licence to operate featured prominently in discussions.

Mining ventures that align investor returns with local prosperity through proactive community engagement and shared-value initiatives were described as more resilient, investable, and sustainable in the long term.

Implications for Ghana

Mrs Nelson noted that MIIF has strengthened climate-risk assessments within its due diligence framework to enhance its attractiveness to ESG-aligned global capital. She further indicated that the Fund is exploring corridor-level financing models across Ghana’s gold, lithium, manganese, and graphite belts.

According to her, MIIF is embedding community prosperity and stakeholder alignment into long-term investment planning, reflecting the global shift toward responsible, inclusive, and sustainability-driven mining practices.

As the convention draws to a close, one message resonates strongly: the future of mining will belong to institutions that successfully balance financial returns with environmental resilience and social alignment.

Observers note that Ghana is well positioned to play a leading role in this transition, signalling a new era of sustainable and socially responsible mining for the country

The Chief Executive Officer of the Minerals Income Investment Fund (“MIIF” or the “Fund”), Mrs Justina Nelson, has called on women leaders in the financial services sector to embrace resilience, discipline and innovation as tools to transform adversity into sustainable organizational or national value.

She explained that difficult moments should not weaken leaders, but strengthen their resolve to lead with courage, clarity and purpose, adding that resilience helps women in leadership remain focused to create lasting benefits even when they are under pressure.

Speaking at the maiden Women in Finance Summit in Accra, held under the theme “Turning Obstacles into Gold: Unlocking Resilience and Leadership in Finance,” the MIIF CEO described resilience as a leadership imperative rather than a personal attribute, particularly in times of uncertainty and institutional change.

Addressing a gathering of senior executives, professionals and emerging leaders, she said her appointment to lead MIIF coincided with a period of significant changes, including amendments to the MIIF Act that reduced the Fund’s statutory share of mineral royalties from 77.6 per cent to 2 per cent, alongside a transition in political administration and expectations associated with a woman assuming leadership of the Fund.

“These circumstances could easily have been perceived as setbacks.

However, leaders who remain steady under pressure are better positioned to make sound decisions, inspire confidence, and guide their institutions through complexity,” she noted.

Mrs Nelson, who is credited for bringing major structural and institutional transformation to MIIF in the last 12 months, stressed that transforming obstacles into opportunities requires a deliberate mindset shift, mental toughness and the ability to see setbacks as learning curves rather than failures.

According to her, resilience is built intentionally through self-awareness, transparent communication, adaptability and continuous learning, both at individual and institutional levels.

Reflecting on her professional journey, the MIIF CEO recounted her early career at Zenith Bank, where values such as discipline, integrity and excellence shaped her leadership philosophy.

With over 23 years of experience in banking and financial services, including 19 years in senior roles at Zenith Bank (Ghana) Limited, she said her exposure to compliance, risk management and decision-making under uncertainty continues to inform her stewardship of public resources.

She described leadership as stewardship, particularly in the management of Ghana’s mineral revenues, which carry both economic promise and social responsibility.

She noted that MIIF’s mandate to maximise value from mineral resources for present and future generations demands transparency, accountability and sustainability in all investment decisions.

On recent institutional reforms at MIIF, the CEO said strengthening governance systems, clarifying roles and integrating risk management, compliance and environmental, social and governance (ESG) considerations have been central to building a resilient and credible Fund.

“These reforms have translated into growth,” she disclosed, adding that MIIF recorded the highest growth in royalty inflows since its inception, even amid macroeconomic adjustments and currency appreciation.

Mrs Nelson further indicated that the Fund achieved improved profitability, generating meaningful returns for both current and future generations despite reduced inflows.

Touching on the government’s RESET Agenda, the CEO challenged leaders in finance to look beyond financial returns to broader national impact, asking critical questions about sustainability, intergenerational equity and community value creation.

“The true test of leadership is not performance in stable times, but focus, clarity and character under extreme conditions,” she said, urging women leaders to build institutions that endure beyond individuals and promote inclusive growth while preserving wealth for future generations.

Consequently, Mrs Nelson encouraged continued dialogue on how leadership decisions today can be transformed into sustainable prosperity for Ghana, calling on women in finance to lead with courage, integrity and purpose.

The Women in Finance Summit brought together stakeholders from across the financial services sector to celebrate women leadership, share experiences and explore strategies for building resilience and advancing inclusive leadership in finance.