The Minerals Income Investment Fund (MIIF) delivered a resilient operating performance in 2025, navigating a materially changed statutory, macroeconomic, and investment environment to close the year with an audited profit of GH₵1.1 billion.
The result was fundamentally shaped by amendments to the Minerals Income Investment Fund Act, 2018 (Act 978), as effected by the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137).
Act 1137 drastically reduced the fund's allocation of minerals royalties and dividends income (10 per cent free carried interest in mining companies) from 77.6 per cent and 100 per cent, respectively, in 2024 to 2 per cent in 2025, a reduction of more than 98 percentage points in a single year.
The fund also ended the year with a Royalty performance of GH¢5.4 billion as against GH¢4.9 billion in 2024.
This resilience was equally reflected in the Fund's financial position, with the 2025 financial year marked by a more robust balance sheet driven by prudent capital management and enhanced financial discipline.
Retained earnings grew by nearly 35 per cent, increasing the equity-to-assets ratio from 27 per cent to 43 per cent, while the fair value reserve rose by more than 680 per cent, driven by positive revaluations of investment securities.
The fund also strengthened its liability profile during the year. Current liabilities declined by approximately 37 per cent, reducing the liabilities-to-assets ratio from 73 per cent to 56 per cent.
Trade and other payables fell by more than 91 per cent, resulting in a healthier liability profile.
These improvements strengthened the fund’s net asset position and financial flexibility, positioning it to continue creating long-term value for stakeholders.
Record royalty receipts
The fund has recorded GH¢5.39 billion in mineral royalties for the first half of 2026, achieving 186.1 per cent of target and more than doubling collections of GH¢2.6 billion recorded in the same period last year, a performance that underscored exceptionally strong sector-wide revenue mobilisation.
The figure is particularly striking when set against annual benchmarks: Q2 2026 collections alone, representing 98 per cent of the entire GH¢5.43 billion collected in 2025, suggesting full-year 2026 receipts are on course to significantly surpass the previous year's total.
Gold drives surge
Large-scale gold mining remained the dominant contributor to the quarter's performance, generating GH¢5.31 billion in royalties, 197.2 per cent of target, and accounting for more than 98 per cent of total receipts.
This feat follows elevated gold prices on international markets, the sliding-scale royalty regime that captures greater value during price upswings, tighter compliance monitoring and numerous mine visits championed by the Chief Executive Officer of the MIIF, Mrs Justina Nelson.
Medium-scale gold operations also turned in a robust showing, hitting 176.4 per cent of target and recording strong year-on-year growth.
The sub-sector's performance was buoyed by the same favourable gold price environment, alongside enhanced enforcement activities and the regularisation of previously outstanding royalty obligations, signalling improved compliance discipline across the medium-scale segment.
Performance across non-gold minerals was mixed, though sand royalties stood out, exceeding both prior-year performance and budget projections.
Sand receipts rose to GH¢516,721.13, a 136 per cent increase over the GH¢380,619.26 recorded in the same period of 2025, and 129 per cent of the half-year target of GH¢399,650.22, a surplus of about GH¢0.12 million.
This achievement is also attributed to enhanced compliance measures, particularly the requirement for operators to obtain MIIF clearance letters before the Minerals Commission issues relevant permits.
Second half outlook
Speaking on the results, Mrs Nelson expressed optimism about the remainder of the year, citing resilient gold production, continued application of the sliding-scale royalty mechanism, and sustained compliance and monitoring efforts as reasons for confidence.
She, however, cautioned that downside risks remained, including a potential moderation in gold prices, operational disruptions within the mining sector, continued weakness in the manganese market, and persistent regulatory and illegal mining challenges affecting the quarry, salt, and sand sectors.
"Addressing these risks through enhanced stakeholder engagement, strengthened enforcement, and continued compliance interventions will be critical to sustaining royalty growth during the second half of 2026," Mrs Nelson said.