MIIF Records GH¢5.3bn in Mineral Royalties in 2025 – Up from GH¢4.91bn in 2024

When the Chief Executive Officer (CEO) of the Minerals Income Investment Fund (MIIF), Justina Nelson, addressed editors and senior journalists in Accra, yesterday, she set the tone with a defining statistic, MIIF recorded GH¢5.3 billion in mineral royalties in 2025, the highest since its establishment under Act 978 in 2018.

“I feel humbled to report that, as a team, we recorded GH¢5.3 billion in mineral royalties, so far the highest in the fund,”

Justina Nelson said at the fund’s maiden media training workshop. The figure surpasses the GH¢4.91 billion recorded in 2024, reflecting strong growth.

A Broader Transformation Agenda

Beyond the headline figure, she made clear that the story of MIIF is no longer just about collections, but about transformation.

The CEO of the MIIF outlined a strategic shift anchored on legal reform, institutional strengthening and long-term value creation from Ghana’s mineral wealth.

Central to this shift is the Minerals Income Investment Fund (Amendment) Act, 2024 (Act 1137), which she described as a major turning point in the fund’s evolution.

She further signalled that aspects of the law may require refinement, positioning the media as key stakeholders in driving informed public discourse and policy attention.

Three Strategic Priorities

Justina Nelson outlined three pillars guiding the fund’s future direction. The first is expanding royalty collection.

Despite changes to its revenue share, MIIF retains a critical role in ensuring that mining companies comply with payment obligations. Stronger enforcement, monitoring and verification systems remain central to this mandate.

The second pillar is sustained investment growth. With reduced inflows under the amended law, the fund must increasingly depend on returns generated from its existing asset base to maintain relevance and deliver long-term value.

The third is institutional strengthening. The CEO of the MIIF acknowledged that gaps in internal controls and monitoring had existed, but emphasised that reforms are underway to build a more resilient and accountable institution.

With assets under management now estimated at GH¢7.3 billion, she reiterated MIIF’s ambition to become a globally competitive sovereign wealth fund.

Justina Nelson was candid about the importance of rebuilding internal systems to support the fund’s ambitions. She stressed that strong governance, effective oversight and credible operational structures are essential to sustaining performance and attracting investor confidence.

The fund is, therefore, reinforcing its internal architecture, including improved monitoring and evaluation systems and stronger policy frameworks to guide decision-making.

This institutional reset, she suggested, is as important as financial performance in determining MIIF’s long-term success.

Justina Nelson also addressed the implications of recent legislative changes, particularly the restructuring of mineral revenue flows.

While MIIF continues to play a central role in managing mineral wealth, the amended framework alters how resources are distributed across government.

She indicated that adapting to this new structure will require a sharper focus on efficiency, strategic investment, and value creation. At the same time, she reaffirmed the fund’s commitment to transparency and accountability.

“We are committed to ensuring that Ghana’s mineral wealth delivers enduring value for present and future generations,” she said.

What Is Driving the Numbers

Providing further detail on the record performance, Chief Finance Officer, David Awuah Mensah attributed the growth to a combination of elevated gold prices, increased production, and stricter enforcement of royalty payments.“If you are mining our resources, then you have the obligation to pay the requisite royalties,” he said.

He highlighted manganese as a strong contributor, noting that royalties from the mineral increased significantly due to enhanced monitoring in producing regions.This forms part of MIIF’s zonal operational strategy, which divides the country into northern, middle, southern, and coastal belts to strengthen oversight.

Gold, however, remains the dominant source of mineral income, supported by both major operators and mid-tier mining firms. Dividend income from state equity holdings also contributed, though less consistently.

Awuah Mensah explained that the most significant change affecting MIIF was not just the growth in royalties, but the restructuring of how those revenues are shared.Under the previous framework, MIIF retained approximately 77.6 percent of mineral income after statutory deductions, providing substantial capital for investment. However, under Act 1137, the fund now receives only two percent of total mineral income.

All royalties are first paid into a central Minerals Income Holding Account, from which disbursements are made. A portion continues to go to the Minerals Development Fund, while the bulk is transferred to the Consolidated Fund to support government expenditure, particularly infrastructure development.

This shift, he noted, significantly changes the balance between long-term investment and immediate fiscal use of mineral revenues.

Legal Interpretation and Emerging Questions

MIIF’s Head of Legal, Dr. Tuinese Edward Amuzu, clarified that the new law amends rather than replaces the original Act 978.“The law remains Act 978 as amended,” he said.

He described the reduction of MIIF’s share to two percent as clear and unambiguous, but pointed to areas where interpretation remains uncertain.

In particular, the law does not explicitly state whether the fund can access additional resources from the central holding account for investment purposes.

“It is not clear in writing because the law does not say anything directly about that,” he noted.

Dr. Amuzu also highlighted other changes, including adjustments to the fund’s authority over equity holdings, increased flexibility in procuring asset managers, and the introduction of “stabilised parties” as investment partners.

He added that some provisions may require further clarification as implementation progresses.

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