The Minerals Income Investment Fund (MIIF) has recorded GH₵5.39 billion in mineral royalty receipts in the first half of 2026, exceeding its target by 186.1 percent and more than doubling the GH₵2.6 billion collected during the same period in 2025.
The strong performance, driven largely by Ghana’s large-scale gold mining sector, places the Fund on track for a significant increase in annual royalty mobilisation compared with the GH₵5.43 billion collected throughout 2025.
MIIF said the second quarter of 2026 alone generated royalty receipts equivalent to about 98 percent of its total collections for the whole of 2025, reflecting the impact of elevated international gold prices, improved compliance monitoring and the application of the country’s sliding-scale royalty regime.
Large-scale gold mining companies accounted for the overwhelming share of collections, contributing GH₵5.31 billion, representing 197.2 percent of the Fund’s target for the period and more than 98 percent of total mineral royalty receipts.
The Fund attributed the performance to favourable gold market conditions, alongside strengthened oversight measures, including increased mine inspections and improved engagement with mining operators.
MIIF Chief Executive Officer, Mrs Justina Nelson, said the outlook for the remainder of 2026 remains positive, citing “resilient gold production,” the continued operation of the sliding-scale royalty framework and “sustained compliance and monitoring efforts” as key drivers supporting revenue growth.
However, she noted that risks remain, including possible moderation in gold prices, operational challenges within the mining sector, weak manganese market conditions, and regulatory difficulties affecting quarry, salt and sand operations.
Medium-scale gold operations also recorded strong growth during the period, achieving 176.4 percent of their target. MIIF linked the improvement to stronger enforcement activities and the settlement of previously outstanding royalty obligations, indicating improved compliance among operators.
Outside the gold sector, performance across other mineral categories was mixed. Sand royalties recorded notable gains, reaching GH₵516,721.13 during the first half of 2026, representing a 136 percent increase compared with GH₵380,619.26 recorded during the same period in 2025.
The Fund attributed the improvement in sand royalty payments to enhanced compliance measures, including the requirement for operators to obtain MIIF clearance letters before receiving permits from the Minerals Commission.
The strong 2026 royalty performance follows a challenging 2025 operating environment, during which changes to the Minerals Income Investment Fund Act, 2018 (Act 978), through the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), reduced MIIF’s statutory allocation of mineral royalties and dividends.
Despite the changes, MIIF closed 2025 with an audited profit of GH₵1.1 billion and strengthened its balance sheet through improved capital management and investment performance.
The Fund reported that retained earnings increased by nearly 35 percent during the year, while its equity-to-assets ratio improved from 27 percent to 43 percent. The fair value reserve also increased significantly due to positive revaluations of investment securities.
MIIF further reduced its liabilities during the period, with current liabilities declining by about 37 percent and trade and other payables falling by more than 91 percent.
MIIF added sustaining the positive trajectory would require continued stakeholder collaboration, stronger enforcement mechanisms and “enhanced compliance” across the mining value chain to protect long-term mineral revenue flows.
The Fund’s performance comes as Ghana continues efforts to maximise economic benefits from its mineral resources through improved revenue mobilisation, stronger governance frameworks and strategic investment of mining proceeds.
