News

The Minerals Income Investment Fund (MIIF or “the Fund”) delivered a resilient operating performance in 2025, navigating a materially changed statutory, macroeconomic, and investment environment to close the year with an audited profit of GH₵1.1 billion.

The year’s results were fundamentally shaped by amendments to the Minerals Income Investment Fund Act, 2018 (Act 978), as effected by the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137).

Act 1137 drastically reduced the Fund’s allocation of minerals royalties and dividends income (10% free carried interest in mining companies) from 77.6 percent and 100% respectively in 2024 to 2% percent in 2025, a reduction of more than 98 percentage points in a single year. The Fund also ended the year with Royalty performance of GH₵5.4 billion as against GH₵4.9 billion in 2024.

This resilience was equally reflected in the Fund’s financial position, with the 2025 financial year marked by a stronger and more robust balance sheet driven by prudent capital management and enhanced financial discipline.

Retained earnings grew by nearly 35%, increasing the equity-to-assets ratio from 27% to 43%, while the fair value reserve rose by more than 680%, driven by positive revaluations of investment securities. 

The Fund also strengthened its liability profile during the year. Current liabilities declined by approximately 37%, reducing the liabilities-to-assets ratio from 73% to 56%. Trade and other payables fell by more than 91%, resulting in a healthier liability profile. These improvements strengthened the Funds’ net asset position and financial flexibility, positioning the Fund to continue creating long-term value for stakeholders.

Record royalty receipts in first half 2026

The Fund has recorded GH₵5.39 billion in mineral royalties for the first half of 2026, achieving 186.1% of target and more than doubling collections recorded in the same period last year of GH₵2.6 billion, a performance that underscores exceptionally strong sector-wide revenue mobilisation.

The figure is particularly striking when set against annual benchmarks: Q2 2026 collections alone represent 98% of the entire GH₵5.43 billion collected across all of 2025, suggesting full-year 2026 receipts are on course to significantly surpass the previous year’s total.

Large-scale gold drives the surge

Large-scale gold mining remained the dominant contributor to the quarter’s performance, generating GH₵5.31 billion in royalties, 197.2% of target, and accounting for more than 98% of total receipts.

This feat is on the back of elevated gold prices on international markets, the sliding-scale royalty regime that captures greater value during price upswings, tighter compliance monitoring and numerous mines visits championed by the Chief Executive Officer of the Fund, Mrs Justina Nelson.

Medium-scale gold posts strong gains

Medium-scale gold operations also turned in a robust showing, hitting 176.4% of target and recording strong year-on-year growth.

The sub-sector’s performance was buoyed by the same favourable gold price environment, alongside enhanced enforcement activities and the regularisation of previously outstanding royalty obligations, signalling improved compliance discipline across the medium-scale segment.

Mixed performance in non-gold sectors

Performance across non-gold minerals was mixed, though sand royalties stood out, exceeding both prior-year performance and budget projections.

Sand receipts rose to GH₵516,721.13, a 136 percent increase over the GH₵380,619.26 recorded in the same period of 2025, and 129 percent of the half-year target of GH₵399,650.22, a surplus of about GH₵0.12 million.

This achievement is also attributed to enhanced compliance measures, particularly the requirement for operators to obtain MIIF clearance letters before the Minerals Commission issues relevant permits, as key to the improved payment discipline.

Outlook for second half 2026

Speaking on the results, Chief Executive Officer of MIIF, Mrs. Justina Nelson, expressed optimism about the remainder of the year, citing resilient gold production, the continued application of the sliding-scale royalty mechanism, and sustained compliance and monitoring efforts as reasons for confidence.

She cautioned, however, that downside risks remain, including a potential moderation in gold prices, operational disruptions within the mining sector, continued weakness in the manganese market, and persistent regulatory and illegal mining challenges affecting the quarry, salt, and sand sectors.

“Addressing these risks through enhanced stakeholder engagement, strengthened enforcement, and continued compliance interventions will be critical to sustaining royalty growth during the second half of 2026,” Mrs. Nelson said.

The Minerals Income Investment Fund (MIIF) and Ghana International Bank (GHIB) have initiated talks to explore a strategic partnership aimed at expanding investment and financing opportunities in Ghana’s mining sector.

This follows a courtesy visit by a delegation from GHIB, led by its newly appointed Chief Executive Officer, Mr. Ian Greenstreet, to MIIF Chief Executive Officer, Mrs. Justina Nelson to explore areas of mutual interest that could deepen investment in Ghana’s mineral economy.

Discussions centred on mineral revenue investments, structured finance for mining and mineral value chain projects, trade finance for mining-related exports and imports, diaspora and international investor engagement, and collaboration to connect bankable mining projects with global capital.

It comes at a time that MIIF has positioned itself as a key institution in Ghana’s mineral investment strategy space, leveraging partnerships with international financial institutions to unlock long-term value from the country’s natural resources.

Speaking during the meeting, Mrs. Nelson said the relationship between MIIF and GHIB provides a strong foundation for expanding collaboration into the mining sector.

“We have a good relationship with GHIB and have been partners for some years. There are enormous opportunities in the mining sector- not only in extractives but across the entire value chain,” she said.

She noted that Ghana’s growing lithium industry presents significant financing opportunities for early movers.

“The critical minerals space is growing and GHIB could consider positioning itself among the first financial institutions to participate. MIIF has a keen interest in that space, and together we can leverage our shared experience,” she stated.

Mrs. Nelson emphasised the Fund’s interest in developing a practical working relationship with GHIB, particularly in financing across the mining value chain, Environment, Social and Governance (ESG) and sharing knowledge in risk management.

Mr. Greenstreet emphasised that collaboration between the two institutions aligns with Ghana’s broader economic interests.

“Working with MIIF goes a long way to support the Ghanaian economy because whatever we do, the value comes back to Ghana,” he said.

He added that GHIB’s ambition extends beyond the domestic market saying: “We do not just want to be a Ghanaian commodity bank; we want to become an African commodity bank.”

According to him, the bank is well positioned to provide sophisticated financing solutions for the mining sector, including facilitating equity capital raising for mining companies.

The partnership discussions come as Ghana’s mining sector continues to outperform other sectors of the economy with MIIF playing a central role in securing the Government of Ghana’s interest in the space.

According to the Ghana Chamber of Mines’ 2025 Annual Report, mining generated GH¢23.11 billion in taxes in 2025, up from GH¢20.87 billion in 2024, while total fiscal contributions, including dividends, reached GH¢24.22 billion.

At the same time, mineral royalties collected by MIIF stood at GH₵5.4 billion in 2025 as against GH₵4.9 billion in the preceding year.

The Minerals Income Investment Fund (MIIF or the “FUND”) has hosted a high-level delegation from the Government of Zambia to share insights on Ghana’s transformation model for managing mineral wealth through a dedicated sovereign minerals investment fund.

The 12- member Zambian delegation was led by the Permanent Secretary- Budget, Ministry of Finance and National Planning (MoFNP), Mwaka Mukubesa, and included other MoFNP officials, Ministry of Mines and Minerals Development, Zambia Revenue Authority, Ministry of Justice and other key institutions. They were received by members of the MIIF Board, Management and staff.

Welcoming the delegation, Chairman of the MIIF Board, Mr. Richard Kwame Asante, noted that the study visit was an indication of the increasing bilateral cooperation between Ghana and Zambia, after the recent engagements between President John Dramani Mahama and President Hakainde Hichilema.

He said both countries share a common vision of leveraging mineral resources to drive industrialisation, economic transformation and sustainable development under the African Continental Free Trade Area (AfCFTA).

Mr. Asante noted that strategic regional initiatives, including the Lobito Corridor, demonstrate how sound policies and investments can unlock greater value from Africa’s natural resources.

He explained that MIIF’s mandate is to maximise the long-term value of Ghana’s mineral wealth through strategic investments and responsible stewardship, adding that the engagement offers a vital opportunity to deepen institutional collaboration and tackle shared challenges in natural resource governance.

The Chief Executive Officer of MIIF, Justina Nelson, provided an overview of the Fund, which was established under the Minerals Income Investment Fund Act, 2018 (Act 978) as amended and became operational in 2020.

She explained that MIIF receives and invests Ghana’s mineral royalties to maximise long-term value, working closely with agencies such as the Ghana Revenue Authority, Minerals Commission and the Ghana Gold Board to secure efficient royalty mobilisation.

She also shared MIIF’s investment strategy, governance framework, portfolio performance and efforts to position the Fund as a globally recognised sovereign minerals investment fund.

Mrs. Nelson further noted that this visit follows a preliminary engagement initiated by the Zambia High Commissioner to Ghana, H.E. Daniel Mahongo in 2025, offering another opportunity for both institutions to strengthen cooperation and exchange best practices in mineral resource governance.

Speaking for the delegation, Mrs. Mukubesa appreciated MIIF’s openness in sharing Ghana’s experience.

She highlighted that while Zambia’s economy has seen recent macroeconomic improvements and renewed investor confidence following debt restructuring, the government remains focused on ensuring mineral wealth delivers tangible benefits to its citizens.

Mrs. Mukubesa revealed that Zambia is aggressively pursuing reforms to scale its annual copper production to three million tonnes, conducting a nationwide geological survey, and establishing the Zambia Minerals Investment Corporation to transform finite resources into long-term national wealth for current and future generations.

The study visit allowed the Zambian officials to study MIIF’s governance structure, investment processes, and transparency systems.

Mrs. Mukubesa noted a specific interest in how Ghana successfully transitioned from depositing mineral royalties directly into the national budget to managing them through a dedicated sovereign fund.

The visit concluded with technical sessions focused on investment management, royalty mobilization, and potential long-term partnerships aimed at advancing sustainable mineral resource management.

The staff and management of the Minerals Income Investment Fund (MIIF) defied an early morning downpour on Saturday to undertake a major clean-up exercise within selected communities in the La Dade-Kotopon Municipal Assembly.

The exercise, which reflects MIIF’s ongoing commitment to environmental stewardship, community engagement, and sustainable development lasted for more than three hours.

It was led by MIIF’s Chief Executive Officer, Mrs. Justina Nelson, in response to President John Dramani Mahama’s call for a nationwide clean-up campaign aimed at promoting environmental sanitation and public health.

The exercise commenced near the Togo Embassy area and continued through the American Embassy enclave, with participants clearing choked drains, cutting overgrown vegetation, and removing waste along major streets.

As part of its commitment to supporting efforts to maintain a clean and healthy environment, MIIF donated the tools and equipment used during the exercise to the La Dade-Kotopon Municipal Assembly. The items included wheelbarrows, machetes, rakes, shovels, and brooms.

Speaking after the exercise, Mrs. Nelson described the initiative as successful and impactful, noting that it aligns with MIIF’s Environmental, Social and Governance (ESG) policy and demonstrates the Fund’s commitment to sustainable community development.

“This initiative is imperative. It is in line with the RESET agenda of His Excellency President John Mahama for us to come together to clean Ghana for our collective good. We partnered with LaDKMA to make this exercise effective, and I would like to thank my team for the support and for this collaboration.

“While we do our part, we all need to also help and change our attitude so that we can get to where we expect to be,” Mrs. Nelson remarked.   

The President’s Sanitation RESET Agenda encourages citizens and people living in Ghana to take an active role in preserving and ensuring a clean environment.

Mrs. Nelson pledged MIIF’s commitment to making the exercise a regular activity as part of the Fund’s efforts to give back to society and support national development initiatives.

She also commended the La Dade-Kotopon Municipal Assembly for its collaboration and expressed confidence that the partnership would continue to grow as both institutions work together to improve sanitation within the municipality.

The Municipal Environmental Health Officer (MEHO), Mr. Isaac Okumtey Anim, praised MIIF staff for their strong participation and dedication to the exercise.

He also expressed appreciation to the Fund for donating the equipment, noting that such items are essential to the Assembly’s efforts to keep the municipality clean.

“The Assembly requires more of such tools and equipment to effectively carry out its sanitation activities, and we will ensure that these items are put to good use,” he said.

By Justina Nelson

WAMPEX 2026, held from June 2 to 4 in Accra, offered more than another industry gathering. It provided a timely assessment of opportunities and challenges shaping the future of mining in Ghana and across West Africa.

While discussions touched on familiar themes such as production, commodity prices and investment trends, a deeper message emerged. The long-term competitiveness of Ghana’s mining sector will depend less on what is being mined today and more on the projects being prepared for tomorrow.

Across multiple sessions, industry leaders, investors and policymakers highlighted a common concern. Questions around project preparation, access to finance, policy predictability, energy reliability, technology adoption, ESG performance and institutional coordination repeatedly surfaced throughout the conference. Together, they point to a broader challenge: how can Ghana position itself to attract the capital needed to sustain mining growth over the coming decades?

The answer increasingly leads back to one critical area that received significant attention at WAMPEX: exploration.

Exploration is not simply a technical mining activity; it is the foundation upon which future mineral wealth is built. Every producing mine, royalty stream and mining-related investment begins with the discovery and development of economically viable resources. For Ghana, the implications extend beyond the mining sector itself.

Future exploration success will influence government revenues, foreign direct investment, employment opportunities and the long-term sustainability for institutions such as the Minerals Income Investment Fund (MIIF), whose mandate is linked to maximizing value from the country’s mineral resources. Ensuring a healthy pipeline of exploration projects today is therefore essential to securing the mineral income and investment opportunities of tomorrow.

Stronger Transition into Exploration

The record attendance at WAMPEX demonstrates that investor interest in Ghana and the wider West African mining sector remains strong. Yet interest alone does not automatically translate into investment.

Many projects remain insufficiently de-risked, inadequately structured or technically underdeveloped to attract capital at scale. The need to strengthen the pipeline of future mining projects through renewed exploration is becoming increasingly urgent and the time is now.

Exploration may not have been the sole focus of the conference, but it emerged as the thread connecting future mineral discoveries, investor confidence, long-term royalty revenues and the overall sustainability of Ghana’s mining economy.

This matters because exploration represents the front end of the mining value chain. Without new discoveries, producing assets are eventually depleted, reserve lives shorten and the mineral income that supports jobs, communities and public revenues inevitably comes under pressure.

The discussions at WAMPEX provided a useful reminder that while Ghana’s mineral potential remains significant, turning that potential into future economic value will require deliberate action today.

Why exploration now deserves greater attention

Exploration is at the heart of the mining industry. Without exploration, there are no new discoveries. Without discoveries, production declines over time. And when production falls, mineral royalties, one of the state’s most important sources of mining income, will ultimately weaken.

This is why exploration deserves greater prominence in national mining policy discussions. Ghana has taken some encouraging steps, including the removal of VAT on exploration under the RESET Agenda. That intervention is important, however, much more is needed to be done to attract capital into high-risk, early-stage exploration.

Unlike active mining, exploration is uncertain, capital-intensive and long-dated. It depends heavily on patient funding, confidence in the regulatory environment and a credible pathway from licence acquisition to project development. These conditions are difficult everywhere, but the challenge is particularly acute in jurisdictions where investors are concerned about policy changes, permitting delays or land access constraints.

A global downturn and policy response

Recent industry reporting shows that global exploration budgets have fallen for two consecutive years, with spending dropping again in 2025 as junior companies struggled to access finance and grassroots exploration reached a record low share of total budgets. This matters because early-stage exploration is where the next generation of mineral discoveries begin.

Some mining jurisdictions have responded with deliberate policy tools to keep exploration capital flowing. Canada is one of the most frequently cited examples.

Through its flow-through share regime, supported by the Mineral Exploration Tax Credit, Canada has created a mechanism that helps junior exploration companies raise risk capital by passing qualifying exploration deductions and credits through to investors. The effect is to reduce investor risk and make early-stage exploration more financeable.

Australia has pursued a related approach through its Junior Minerals Exploration Incentive, which allows eligible exploration companies to convert a portion of their tax losses into credits that can be distributed to investors in newly issued shares. The objective is similar: encourage funding for greenfield exploration where commercial risk is highest.

The lesson for Ghana is not to replicate foreign models’ wholesale. Rather, it is to recognise that leading mining jurisdictions actively compete for exploration capital. They do so through predictable regulation, targeted fiscal incentives and institutional systems that reduce risk for investors.

In an increasingly competitive global environment, countries that create favourable conditions for exploration are more likely to secure discoveries that underpin future mining revenues. Those that do not risk seeing investment flow elsewhere.

At a time when global exploration spending is under pressure, passive reliance on market forces alone is unlikely to be sufficient.

MIIF’s Role in Shaping the Next Generation of Mining Investment

The Minerals Income Investment Fund has an opportunity to shape the response in a practical and catalytic way. If the central challenge is that Ghana needs more investment-ready exploration and development opportunities, then MIIF’s role is not only to invest, but also to help unlock the conditions that make investment possible.

Our priority is to support the front end of the pipeline. This could include targeted vehicles or partnerships that help finance feasibility work, technical validation and other de-risking activities that move promising assets closer to bankability.

MIIF would continue to use its position to advocate for greater policy stability, stronger licence administration and improved coordination across institutions that shape mining investments. Competitiveness depends as much on institutional clarity and project preparation as it does on mineral endowment.

Further, the Fund can help frame exploration not as a narrow industry issue, but as a long-term national development priority.

Finally, MIIF can contribute by championing responsible, modern and investment-ready mining systems; systems that align financing, governance, infrastructure, ESG expectations and technical capacity.

A constructive path forward

As WAMPEX 2026 drew to a close, one message became increasingly clear: Ghana’s mining future will not be determined solely by the strength of its mineral endowment, but by the quality of decisions made today.

Exploration financing, policy stability, licensing efficiency, infrastructure development and responsible environmental stewardship are no longer separate policy discussions. Together, they form the foundation upon which future mining growth will be built.

For Ghana, the opportunity remains significant. The country continues to benefit from strong geological potential, established mining expertise and sustained investor interest. The challenge now is to convert those advantages into a pipeline of investment-ready projects capable of supporting production, creating jobs and generating national revenues for decades to come.

At MIIF, this represents an important strategic moment. Beyond investing in existing assets, there is an opportunity to help shape the conditions that unlock future value across the mining ecosystem.

The evolving global mining landscape presents both opportunities and challenges for resource-rich countries. Ghana’s mineral endowment, industry experience and institutional foundations provide a solid basis for continued growth, while ongoing collaboration among stakeholders will remain important in supporting the sector’s long-term development.

If that balance can be achieved, the rewards could extend far beyond mining itself, creating stronger revenues, resilient communities, responsible resource development and a more prosperous national economy.

The Minerals Income Investment Fund (MIIF) and the International Monetary Fund (IMF) have held high-level discussions on strengthening Ghana’s mining sector, with particular focus on increasing mineral revenue mobilisation and accelerating the formalisation of the small-scale mining sector on the payment of royalties.

The meeting, held in the MIIF Boardroom in Accra on Thursday, June 25, 2026, brought together officials of the IMF led by its Resident Representative, Dr Adrian Alter, and a MIIF delegation led by the Chief Executive Officer of the Fund, Mrs Justina Nelson.

Speaking during the engagement, Mrs Nelson said strategic reforms and stronger collaboration with key sector institutions had contributed significantly to increased mineral royalty collections since the Fund became operational in 2020.

She said royalty inflows had grown by nearly 500 per cent over the period, with the Fund recording mineral royalties in excess of GH¢5 billion for the first time in its history in the year 2025 alone.

According to her, the achievement reflected stronger revenue mobilisation efforts despite fluctuations in exchange rates and prevailing market conditions.

Mrs Nelson noted that the small-scale mining sector continued to hold enormous potential for national economic transformation. MIIF is working closely with institutions such as the Ghana Revenue Authority (GRA), Minerals Commission, Ghana Gold Board and the Ghana National Association of Small-Scale Miners to strengthen governance systems and improve royalty collection mechanisms.

In his presentation, the Head of Investment at MIIF, Mr Ernest Attiso, outlined the Fund’s mandate to maximise mineral royalty collections in collaboration with the Ghana Revenue Authority and invest mineral proceeds for the benefit of current and future generations.

He also discussed the Fund’s three-year strategic plan, which runs through to 2028 focusing on improving royalty mobilisation, strengthening governance, controls, compliance and risk management, and growing Assets Under Management (AUM).

Emerging opportunities are being identified across exploration, near-production assets, processing and beneficiation infrastructure, small-scale mining formalisation, and royalty and streaming financing models.

Beyond financial returns, the Head of Investment underscored MIIF’s strong commitment to Environmental, Social and Governance (ESG) principles and development-focused initiatives, including afforestation, heritage and tourism development, and women empowerment programmes in mining communities.

On his part, the IMF Resident Representative, Dr Adrian Alter, shared key IMF perspectives and observations, particularly on the linkage between IMF’s Policy Coordination Instrument (PCI) and MIIF’s operations.

Touching on IMF programme priorities, Dr Alter stressed the importance of fiscal discipline, debt sustainability, domestic revenue mobilisation, strengthening state-owned enterprises, financial sector development, and promoting long-term private sector-led growth.

On institutional strengthening, he placed strong emphasis on the governance of public institutions, transparency, reporting standards, and the management of fiscal risks associated with state entities.

Regarding the small-scale mining sector, Dr Alter noted that while the sector generates significant production volumes, it records relatively low formal royalty capture, compounded by concerns over environmental degradation and informality. He expressed the hope that MIIF would take the lead in helping to reverse the trend.

On the Sliding Scale Royalty Framework, the IMF Resident Representative sought MIIF’s views on balancing government revenue objectives with investor confidence. MIIF supported the framework, describing it as a balanced mechanism linked to commodity price movements.

Dr Alter also highlighted concerns regarding mineral sector concentration risks, whilst also touching on the importance of timely audited financial statements in alignment with national reporting frameworks and strengthened public accountability.