The Minerals Income Investment Fund (MIIF) and the International Monetary Fund (IMF) have held high-level discussions on strengthening Ghana’s mining sector, with a focus on increasing mineral revenue mobilisation and accelerating the formalisation of the small-scale mining sector, particularly in relation to royalty payments.
The meeting, held at the MIIF Boardroom in Accra on Thursday, June 25, 2026, brought together an IMF delegation led by its Resident Representative, Dr. Adrian Alter, and a MIIF team headed by the Fund’s Chief Executive Officer, Mrs. Justina Nelson.
During the discussions, Mrs. Nelson said strategic reforms and stronger collaboration with key sector institutions had significantly increased mineral royalty collections since MIIF became operational in 2020.
She disclosed that royalty inflows had risen by nearly 500% over the period, with the Fund recording more than GH¢5 billion in mineral royalties for the first time in 2025.
According to her, the achievement reflects stronger revenue mobilisation despite exchange rate fluctuations and prevailing market conditions.
Mrs. Nelson noted that the small-scale mining sector holds significant potential for Ghana’s economic transformation. She said MIIF is working closely with the Ghana Revenue Authority (GRA), the Minerals Commission, the Ghana Gold Board and the Ghana National Association of Small-Scale Miners to strengthen governance and improve royalty collection.
Presenting MIIF’s strategic outlook, the Fund’s Head of Investment, Mr. Ernest Attiso, outlined its mandate to maximise mineral royalty collections in collaboration with the GRA and invest mineral proceeds for the benefit of current and future generations.
He said MIIF’s three-year strategic plan, which runs through 2028, prioritises improved royalty mobilisation, stronger governance, compliance and risk management, as well as growth in Assets Under Management (AUM).
Mr. Attiso added that the Fund is pursuing investment opportunities in mineral exploration, near-production assets, processing and beneficiation infrastructure, small-scale mining formalisation, and royalty and streaming financing models.
He also highlighted MIIF’s commitment to Environmental, Social and Governance (ESG) principles through initiatives such as afforestation, heritage and tourism development, and women’s empowerment programmes in mining communities.
For his part, Dr. Adrian Alter discussed the relationship between the IMF’s Policy Coordination Instrument (PCI) and MIIF’s operations, stressing the importance of fiscal discipline, debt sustainability, domestic revenue mobilisation, stronger state-owned enterprises, financial sector development and private sector-led growth.
He also underscored the need for improved governance, transparency, reporting standards and fiscal risk management across public institutions.
On small-scale mining, Dr. Alter observed that although the sector contributes significantly to mineral production, it generates relatively low formal royalty revenue due to informality and environmental challenges. He expressed optimism that MIIF could play a leading role in addressing these issues.
Dr. Alter also sought MIIF’s views on the Sliding Scale Royalty Framework and how it balances government revenue objectives with investor confidence. MIIF described the framework as a balanced mechanism that responds to changes in commodity prices.
The IMF Resident Representative further highlighted concerns over concentration risks in the mining sector and stressed the importance of timely audited financial statements and stronger public accountability.
