The Minerals Income Investment Fund (MIIF) recorded an audited profit of GH¢1.1 billion in 2025 despite significant reductions in its statutory revenue streams, while mineral royalty receipts reached GH¢5.39 billion in the first half of 2026, exceeding budget targets.
A statement issued by the Fund said, the 2025 financial performance reflected prudent financial management and resilience in a challenging operating environment marked by major legislative changes and evolving macroeconomic conditions.
The statement said the Fund’s operations during the year were significantly affected by the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), which reduced MIIF’s share of mineral royalties from 77.6 percent in 2024 to two percent in 2025.
The amendment also reduced the Fund’s entitlement to dividend income from the State’s 10 percent free carried interest in mining companies from 100 percent to two per cent.
Despite the sharp decline in statutory allocations, the Fund ended the year on a stronger financial footing.
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According to the statement, retained earnings increased by nearly 35 percent, improving the equity-to-assets ratio from 27 percent in 2024 to 43 percent in 2025.
The Fund also recorded a more than 680 percent increase in its fair value reserve, driven by positive revaluations of investment securities.
Its liability position also improved significantly during the year, with current liabilities declining by approximately 37 percent, reducing the liabilities-to-assets ratio from 73 percent to 56 percent.
Trade and other payables fell by more than 91 percent, strengthening the Fund’s balance sheet and enhancing its financial flexibility to pursue long-term investments.
The statement said mineral royalty collections continued their strong momentum into 2026, with receipts reaching GH¢5.39 billion in the first six months of the year, representing 186.1 percent of the half-year target.
The performance more than doubled the GH¢2.6 billion collected during the corresponding period in 2025 and nearly matched the entire GH¢5.43 billion recorded for the whole of last year.
According to MIIF, royalty collections in the second quarter alone accounted for about 98 per cent of total receipts for the whole of 2025, indicating that full-year collections are likely to exceed last year’s record.
Large-scale gold mining remained the dominant contributor to royalty revenues, generating GH¢5.31 billion during the review period, equivalent to 197.2 percent of target and accounting for more than 98 percent of total mineral royalties collected.
The Fund attributed the strong performance to elevated international gold prices, Ghana’s sliding-scale royalty regime, improved compliance monitoring and intensified mine inspections led by the Chief Executive Officer, Mrs Justina Nelson.
Medium-scale gold mining operations also recorded strong growth, achieving 176.4 per cent of target.
According to the statement, favourable gold prices, stronger enforcement measures and the settlement of previously outstanding royalty obligations contributed to improved compliance and increased collections from the sub-sector.
Performance across non-gold minerals was mixed, although sand royalties exceeded both budget projections and last year’s performance.
Sand royalty receipts increased to GH¢516,721.13 during the first half of 2026 from GH¢380,619.26 in the corresponding period of 2025, representing a 136 percent increase and 129 percent of the half-year target.
The Fund attributed the improvement to enhanced compliance measures, including the requirement for operators to obtain MIIF clearance letters before permits are issued by the Minerals Commission.
Commenting on the outlook, Mrs Justina Nelson expressed confidence that royalty performance would remain strong throughout the remainder of the year, supported by resilient gold production, favourable commodity prices and sustained compliance initiatives.
She, however, cautioned that downside risks remained, including possible declines in global gold prices, operational disruptions within the mining industry, continued weakness in the manganese market and illegal mining activities affecting the quarry, salt and sand sectors.
Mrs Nelson said strengthening stakeholder engagement, enhancing regulatory enforcement and sustaining compliance interventions would be critical to maintaining royalty growth during the second half of 2026.
