The Minerals Income Investment Fund (MIIF) recorded an audited profit of GH¢1.1 billion in 2025, demonstrating resilience despite sweeping legislative changes that significantly reduced its statutory revenue allocations.
According to the Fund, the 2025 financial year was largely shaped by the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), which reduced MIIF’s share of mineral royalties from 77.6% to 2% and its entitlement to dividends from the state’s 10% free carried interest in mining companies from 100% to 2%.
Despite the more than 98% reduction in its statutory allocations, MIIF reported mineral royalty collections of GH¢5.4 billion in 2025, up from GH¢4.9 billion in 2024.
The Fund also strengthened its financial position during the year through prudent capital management and improved financial discipline.
Retained earnings increased by nearly 35%, lifting the equity-to-assets ratio from 27% to 43%, while the fair value reserve surged by more than 680% following favourable revaluations of investment securities.
MIIF also improved its liability profile, with current liabilities declining by about 37%, reducing the liabilities-to-assets ratio from 73% to 56%. Trade and other payables fell by more than 91%, strengthening the Fund’s balance sheet and enhancing its financial flexibility.
H1 2026 royalties exceed target
The Fund maintained its strong momentum into 2026, recording GH¢5.39 billion in mineral royalties during the first half of the year, representing 186.1% of its target and more than double the GH¢2.6 billion collected during the same period in 2025.
The H1 2026 performance is particularly notable as it represents about 98% of the total GH¢5.43 billion collected throughout the whole of 2025, placing the Fund on course to surpass last year’s royalty receipts.
Gold remains the key driver
Large-scale gold mining continued to underpin the Fund’s performance, contributing GH¢5.31 billion in royalties, equivalent to 197.2% of target and accounting for more than 98% of total collections.
MIIF attributed the strong performance to high international gold prices, the implementation of Ghana’s sliding-scale royalty regime, strengthened compliance monitoring and extensive mine inspections led by Chief Executive Officer Mrs. Justina Nelson.
Medium-scale gold mining also recorded strong growth, achieving 176.4% of target, supported by favourable gold prices, enhanced enforcement and the settlement of outstanding royalty obligations.
Mixed results for non-gold minerals
Performance across non-gold minerals was mixed, although sand royalties exceeded both budget projections and last year’s performance.
Sand royalty collections rose to GH¢516,721.13, a 136% increase over the GH¢380,619.26 recorded during the corresponding period in 2025, while reaching 129% of the half-year target.
The Fund attributed the improvement to tighter compliance measures, including the requirement for operators to obtain MIIF clearance certificates before receiving permits from the Minerals Commission.
Outlook
Looking ahead, Mrs. Nelson expressed confidence that resilient gold production, continued implementation of the sliding-scale royalty mechanism and sustained compliance efforts would support strong royalty growth during the second half of 2026.
She, however, cautioned that risks remain, including possible declines in global gold prices, operational disruptions within the mining industry, continued weakness in the manganese market, and regulatory and illegal mining challenges affecting the quarry, salt and sand sectors.
She said addressing these challenges through stronger stakeholder engagement, enhanced enforcement and sustained compliance interventions would be critical to maintaining the Fund’s strong performance for the rest of the year.
