MIIF, IMF Discuss Mineral Revenue Mobilisation, Sustainability and Institutional Strengthening

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.