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).
The decline followed a significant change in MIIF’s statutory revenue framework under the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), which reduced the Fund’s entitlement to mineral royalties and dividend income from 77.6% to 2%.
MIIF’s total income consequently fell by 17.66%, from GH¢2.01 billion in 2024 to GH¢1.66 billion in 2025.
The Fund’s operational expenditure, however, increased substantially to GH¢515.14 million, compared with GH¢159.14 million in 2024. SIGA attributed much of the increase to a GH¢471.52 million foreign exchange loss arising from the appreciation of the cedi against the US dollar and the retranslation of foreign currency-denominated receivables.
As a result, MIIF’s net surplus margin declined from 92.10% to 68.93%.
Assets and equity
MIIF’s total assets declined by 17.68%, from GH¢12.05 billion in 2024 to GH¢9.92 billion in 2025.
SIGA attributed the decline mainly to lower cash balances, investments in gold trading and trade receivables.
Current assets fell by 20.82% to GH¢8.84 billion, including a decline in cash and cash equivalents from GH¢5.58 billion to GH¢4.42 billion.
Investments in gold trade also fell from GH¢2.18 billion to GH¢1.51 billion, while trade receivables declined from GH¢3.32 billion to GH¢2.83 billion.
Despite the reduction in assets, MIIF’s total equity increased by 35.81% to GH¢4.35 billion, from GH¢3.20 billion in 2024.
SIGA attributed the increase to the year’s surplus and a GH¢31.59 million fair valuation gain on equity investments recognised in other comprehensive income.
Liquidity improves
The Fund’s current liabilities declined by 37.02%, from GH¢8.85 billion to GH¢5.58 billion, largely due to reductions in trade payables and provisions for investments.
Consequently, MIIF’s current ratio improved from 1.26 times in 2024 to 1.59 times in 2025, indicating an improved capacity to meet short-term obligations.
The Fund’s debt-to-asset ratio also improved from 0.73 to 0.56, reflecting lower reliance on liabilities to finance its assets.
Personnel expenses remained relatively low at GH¢23.05 million, representing 1.39% of total income.
The report also showed that MIIF’s internally generated funds accounted for just 0.08% of total income in 2025, compared with 16.01% in 2024, following the changes to its statutory revenue framework.
