Minerals Income Investment Fund Ghana

25/05/2026

19/05/2026

Accra, Ghana – May 14, 2026: Ghana’s mineral royalty receipts recorded a significant increase in the first quarter of 2026, with total inflows rising to more than GH₵2 billion, according to new data.
The latest data reflects continued resilience in the country’s mining sector, largely driven by strong performance in the large-scale and mid-tier gold mining segments.

The Q1 performance also signals a positive outlook for the year, following the Fund’s historic achievement of grossing over GH₵5 billion in royalty receipts in 2025, the first time such a milestone has been recorded in the history of the Fund.

The figures show that total mineral royalties increased from GH₵1.43 billion in the first quarter of 2025 to GH₵2.01 billion in the corresponding period of 2026, representing a 40 per cent increase in revenue mobilisation.

The actual collections also exceeded MIIF’s first quarter 2026 forecast of GH₵1.57 billion by 28 per cent.

Large-scale gold mining remained the biggest contributor to royalty receipts during the period under review, generating GH₵1.97 billion in the first quarter of 2026, compared to GH₵1.35 billion recorded during the same period in 2025.

This represents a 46 per cent year-on-year increase, exceeding its projected target of GH₵1.49 billion by 33 per cent.

The growth was driven largely by high gold prices and increased production compared to the previous year.

The sharp increase further reinforces the sector’s dominance in Ghana’s extractive industry and indicates sustained investor confidence and stronger royalty performance from major gold-producing companies.

The mid-tier gold mining segment also posted strong growth, with royalties surging from GH₵15.30 million in the first quarter of 2025 to GH₵25.78 million this year, representing a 69 per cent increase. The segment also outperformed its forecast for the period by as much as 53 per cent on the back of high gold prices and most importantly, improved compliance due to royalty monitoring and compliance efforts by the fund.

The quarry subsector equally recorded modest growth, rising from GH₵2.95 million to GH₵3.26 million within the same comparative periods, also largely due to royalty monitoring and compliance efforts by the fund.

Limestone royalties grossed GH₵1.77m a drop from GH₵ 1,856,423.10 due to a reduction in production in the sector.

While the manganese sector contributed GH₵60.97 million in the first quarter of 2025, it is expected to contribute approximately GH₵31 million for the same period in 2026. The royalty shortfall is due to operational challenge (high stripping) leading to production decline and appreciation of the Ghana Cedi against the US Dollar.

Sand mining revenues remained largely flat, moving marginally from GH₵361,184 in 2025 to GH₵362,536 in 2026 while salt receipts stood at GH₵330,464.

The strong overall performance signals continued momentum in Ghana’s mineral revenue mobilisation efforts and reflects ongoing collaboration between regulators and industry players to improve compliance and optimise royalty collections.

Commenting on the first quarter 2026 royalty performance, the Chief Executive Officer of Minerals Income Investment Fund, Mrs Justina Nelson, expressed optimism that the strong results recorded within the period will position the mining sector for another robust year, particularly if gold production and global commodity prices remain favourable.

She also noted that the revival of the multi-agency committee aimed at strengthening the monitoring and collection of mineral royalties and other mining-related revenues for the state will help boost compliance.

Mrs Nelson explained that discussions at the maiden meeting of the committee focused on restoring coordination among institutions responsible for tracking royalties, production declarations and compliance within the mining sector.

According to her, the renewed collaboration among the agencies is expected to result in a major turnaround in royalty monitoring and collection across the country’s mining industry.

The performance also reinforces MIIF’s broader mandate of maximising value from Ghana’s mineral wealth while ensuring long-term benefits for the country’s economic development and future generations.

12/05/2026

The Minerals Income Investment Fund (MIIF), in collaboration with key state institutions within Ghana’s extractive sector, has revived a inter-agency committee aimed at strengthening the monitoring, verification and collection of mineral royalties and other mining-related revenues due the state.

The committee comprises representatives from MIIF, the Ghana Revenue Authority (GRA) the Minerals Commission, the Ghana Standards Authority (GSA), the Minerals Development Fund (MDF), the Economic and Organised Crime Office (EOCO), GoldBod, Environmental Protection Authority (EPA) and the Ministry of Lands and Natural Resources.

The committee is chaired by the Acting Commissioner of the Domestic Tax Revenue Division of the Ghana Revenue Authority (GRA), Dr Martin Yamborigya.

The inaugural meeting of the reconstituted committee was held at MIIF’s boardroom in Accra on Friday, 8 May 2026.

Deliberations focused on restoring effective coordination among institutions responsible for monitoring royalties, licenses, production declarations and regulatory compliance within Ghana’s mining sector.

In her remarks, the CEO of MIIF, Mrs. Nelson, stated that reviving the committee had become necessary following a period of inactivity during recent institutional transitions, which created gaps in coordination, monitoring and enforcement.

She noted that the renewed platform would help address concerns relating to undeclared production, royalty leakages and weak regulatory oversight, particularly within segments of the small-scale mining sector.

MIIF’s CEO further underscored the strategic importance of mineral royalties to Ghana’s economy, describing them as a critical source of revenue for national development and infrastructure financing.
Mrs. Nelson also referenced the recent revision of Ghana’s mineral royalty framework, which transitioned from a fixed royalty regime to a sliding scale system.

According to her, the reform, coupled with strong global gold prices, is expected to significantly improve royalty inflows to the state.

Dr. Yamborigya acknowledged that challenges in domestic revenue mobilisation persist, especially outside the large-scale mining industry. He cited quarrying, salt production and other mineral operations as areas that often receive limited monitoring attention.
The committee subsequently reviewed draft terms of reference outlining its mandate, governance framework and operational procedures.

Discussions centred on strengthening oversight mechanisms, enhancing inter-agency data sharing, and ensuring consistent reporting on production volumes and royalty payments.
Members also proposed the development of a comprehensive database of mining operators and mineral rights holders, alongside improved systems for tracking production levels and royalty obligations.

The meeting further examined funding and sustainability arrangements to support the committee’s operations, including field inspections and monitoring exercises. Participants discussed possible cost-sharing mechanisms among member institutions to sustain the committee’s activities.

Deliberations also highlighted the need for stronger inter-agency collaboration in combating illegal mining and ensuring that all eligible mineral operations contribute appropriately to national revenue generation.

Officials from the Ghana Revenue Authority noted that similar collaborative interventions in the past had yielded positive outcomes and expressed confidence that renewed institutional coordination would strengthen compliance and improve revenue assurance.

MIIF officials at the meeting explained that the Fund’s role would primarily focus on facilitating coordination and providing secretariat support, while emphasising that the broader objective remains the protection of national interest and the promotion of accountability within the extractive sector.

At the close of the meeting, members agreed to adopt revised operational guidelines and convene regular monthly meetings to sustain engagement and oversight efforts.

Participants also expressed optimism that closer collaboration among state institutions would strengthen royalty administration, improve transparency and enhance Ghana’s ability to derive long-term value from its mineral resources.

10/05/2026

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07/05/2026

The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs Justina Nelson, has led a high-powered delegation from the Fund to pay a working visit to Newmont Corporation’s Ahafo North Mine in the Ahafo Region.

The visit on May 4, 2026 formed part of MIIF’s stakeholder engagement programme and efforts to strengthen ties with mining companies.

Mrs Nelson, accompanied by MIIF’s Chief Technical Officer, Mr Kwabena Barning, and other senior officials, toured the site and held discussions with Newmont’s management on operations, royalties, safety and environmental performance.

She was encouraged by Newmont’s consistency in meeting its royalty obligations, describing it as important for national revenue mobilisation.

“Beyond financial returns, we are keen on partnerships that promote sustainability and long-term shared value,” she said.
General Manager of the Ahafo North Mine, Mr Charles Bissue, said the project had involved significant investment, including the provision of infrastructure and other social investments for surrounding communities.

He said the mine, which poured its first gold in September 2025, was performing in line with expectations, with projections suggesting its lifespan could extend beyond the initial estimate of about 14 years.

Mr Bissue also pointed to the diversion of a public road that previously ran through part of the mine’s operational area, explaining that, the move was made possible through collaboration with government agencies, traditional leaders and local communities.

During the visit, Newmont officials took the MIIF delegation through operational areas of the mine, including active pits and processing sections, outlining current production activities and future expansion potential.

The company said it has managed to maintain good operational safety records since there has not been any significant safety incidents or reportable injuries so far this year, a phenomenon he attributed to its safety systems, including daily risk assessments and pre-shift briefings.

Newmont officials also outlined environmental measures at the site, including air and water quality monitoring, waste management and land reclamation. The company said it had raised more than 30,000 seedlings for revegetation of what it described as disturbed land.
Both parties discussed challenges facing the sector, including illegal mining, site security and highlighted the need for continued cooperation among industry players, regulators and local communities to help address them.

The visit ended with a commitment from both MIIF and Newmont to continue engagement on sustainability, transparency and responsible mining practices.

07/05/2026

MIIF delegation visits Newmont Ahafo North Mine

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20/04/2026

The Minerals Income Investment Fund (MIIF or the Fund) held a roundtable engagement with Civil Society Organisations (CSOs) on Friday, April 17, 2026, as part of its ongoing stakeholder efforts to promote transparency, accountability, and informed public discourse.

The event provided a strategic platform for participants to discuss MIIF’s mandate, recent amendments to its governing Act, and its strategic direction in managing Ghana’s mineral wealth, as well as to engage directly with the Fund’s management.

It also offered CSOs and think tanks the opportunity to propose ways in which the Fund could deliver greater value to the country.
Some of the CSOs and think tanks present included IMANI Africa (IMANI), the Institute for Democratic Governance (IDEG), A Rocha Ghana, the Natural Resource Governance Institute (NRGI), and the One Ghana Movement, among others.
Delivering the keynote address, the Chief Executive Officer of MIIF, Mrs. Justina Nelson, underscored the critical role of civil society organisations in strengthening accountability and shaping national discourse.

She noted that the engagement forms part of MIIF’s deliberate commitment to openness and continuous dialogue with key stakeholders, as the Fund works to ensure that the wealth generated from Ghana’s mineral resources benefits both present and future generations.

Mrs. Nelson highlighted recent institutional reforms aimed at strengthening governance, including the establishment of Compliance, ESG, and Risk Management structures to enhance transparency and ensure sound investment decisions.

According to her, these reforms have better positioned the Fund to effectively execute its mandate.

She also used the platform to announce that MIIF recorded GH₵5.43 billion in mineral royalty inflows in 2025, the highest in the Fund’s history, representing a 10.8% increase over the previous year. According to her, this performance reflects improved monitoring, enhanced compliance, and strong institutional oversight.

The CEO further indicated that MIIF is responding to recent amendments to its Act by adopting a more resilient and diversified investment strategy focused on maximising value from Ghana’s mineral resources.

Participants, during the panel discussions, expressed their views on transparency, governance, investment strategy, and the role of stakeholders in ensuring effective mineral resource management.

Dr. Emmanuel Akwetey, Executive Director of IDEG, commended MIIF for organising the engagement, noting that it demonstrates the Fund’s commitment to promoting accountability and transparency in Ghana’s mineral revenue management. He urged the Fund to sustain such initiatives to further strengthen public trust.

03/04/2026