The Minerals Development Fund (MDF) recorded a GH¢78.63 million net surplus in 2025, reversing a GH¢12.17 million deficit recorded in 2024, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The report attributed the turnaround primarily to a significant increase in government grant income and a substantial reduction in expenditure.
MDF’s total income increased by 85.72%, from GH¢58.95 million in 2024 to GH¢109.48 million in 2025. The Fund’s entire revenue for the year came from government grants, with internally generated funds recorded at zero.
At the same time, total expenditure fell by 56.62%, from GH¢71.12 million to GH¢30.85 million. SIGA said the reduction was largely driven by a decline in specialised expenses, which include donations and special operations undertaken by the Fund.
The sharp improvement in income and expenditure resulted in the Fund’s net surplus margin rising from negative 20.64% in 2024 to 71.82% in 2025.
MDF also recorded stronger liquidity during the year. Current assets increased from GH¢64.25 million to GH¢150.85 million, while current liabilities stood at GH¢3.14 million.
Consequently, the Fund’s current ratio rose to 47.97:1, indicating significant capacity to meet its short-term obligations. Cash and cash equivalents increased to GH¢75.67 million, supported by GH¢85.79 million in operating cash flow.
The Fund’s balance sheet also strengthened considerably. Total assets doubled from GH¢82.36 million in 2024 to GH¢164.07 million in 2025, while its accumulated fund increased from GH¢82.29 million to GH¢160.92 million.
Despite the increase in liabilities to GH¢3.14 million, SIGA said they remained insignificant relative to the Fund’s asset base. The debt-to-asset ratio stood at 0.02:1, reflecting minimal leverage and a strong capital position.
The report, however, shows that MDF’s financial position remains entirely dependent on government grants, as the Fund recorded zero internally generated funds in 2025.
SIGA also reported that MDF did not record any important events, quasi-fiscal activities or climate-smart investments during the year.
The Minerals Development Fund was established under the MDF Act, 2016 (Act 912) to provide financial resources for the direct benefit of mining communities, landowners, traditional and local government authorities, and institutions responsible for mining development in Ghana.
The Minerals Income Investment Fund (MIIF) recorded a GH¢1.14 billion surplus in 2025, representing a decline of 38.36% from the GH¢1.85 billion recorded in 2024, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
