Ghana is endowed with substantial mineral reserves and has a well-established mining industry with a history of over 200 years. The key minerals mined in the country include gold, manganese, diamond, silver, granite and bauxite. Ghana also has major unexploited deposits of limestone, iron ore, quartz and lithium.
Gold is the most commercially exploited mineral, accounting for over 90% of mineral revenues. Ghana has recently overtaken South Africa as the largest gold producer in Africa and consistently ranks among the top 10 global producers of gold.
The mining industry has over time, assumed strategic importance to the economic development of Ghana. The treatment of mineral revenue has traditionally been part of the Government’s consolidated funds. This means that there are no long-term assets to compensate for the depletion of finite mineral resources in Ghana.
In addition, the top tier mining sector, is dominated by a few multinational majors with indigenous players largely restricted to the small-scale mining sector. The Government of Ghana believes that local participation in the top tier mining sector and across the value chain can increase remarkably with the right financial investments and support.
It is in this context that the Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign fund, was established. The intent of MIIF is to serve as a strategic lever to maximise the value creation potential of the mining sector for sustainable national development. This is pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended. The mandate of the Fund is to manage the equity interest of the Republic in mining companies and receive dividends from these equity interests, to receive mineral royalties and other related income due to the Republic from mining, and to provide for the management and investment of these funds.
The objects of the Fund are to: I) maximize the value of the income due to the Republic from the mineral wealth of the country for the benefit of its citizens; II) monetize the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable, and sustainable manner; and III) develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.
To build a world class minerals Investment fund.
To transform the Ghanaian economy through investment of minerals income in a transparent and responsible manner for the benefit of stakeholders.
Core Values (RAPTII)
Governance & Leadership
The Fund anchors its governance structure on the principles of openness and transparency, accountability, sustainability, efficiency and effectiveness, ethical conduct, the rule of law innovation, and the openness to change.