Ghana’s Minerals Income Investment Fund (MIIF) has recorded its highest-ever mineral royalty collections, with receipts hitting GH₵5.43 billion in 2025, up 10.8% from GH₵4.90 billion in 2024, reflecting stronger compliance and favourable commodity prices.
The figures, reported by the Ghana News Agency, mark a historic milestone for the Fund and point to improved operational efficiency alongside supportive global market conditions.
A statement said the strong performance was driven by strategic measures and external factors, including enhanced nationwide monitoring of mining operations to enforce royalty payments.
“Again, international gold prices remained elevated throughout the year, positively impacting royalty valuations. The sustained high pricing environment created favorable conditions for increased revenue generation from gold mining operations,” MIIF said.
Ghana’s backbone
Large-scale gold mining remained the backbone of Ghana’s mineral revenue, with royalty receipts rising to GH₵5.1 billion in 2025 from GH₵4.7 billion in 2024—an increase of nearly GH₵394 million.
“The strong performance reflects MIIF’s strong monitoring of the mines, collaboration with other stakeholders such as Minerals Commission and the Ghana Revenue Authority as well as elevated global gold prices throughout 2025 and expanded output, including production from Newmont Ahafo North Mine and Cardinal Namdini”.
Beyond gold, the manganese subsector also posted solid gains, with royalties increasing to GH₵212 million from GH₵186 million in 2024.
“The increase was driven by higher production volumes and improved compliance with royalty obligations”.
However, receipts from other minerals—including granite, limestone, sand and salt—underperformed, contributing just about one per cent of total royalties and falling short of targets.
“The reasons include competitive pricing pressures across quarry operations, which compressed margins and reduced royalty accruals.
“Others include restricted access to Sahelian regions, which are key export destinations for Ghanaian salt; a sharp decline in salt prices per bag; importation of salt from other countries; and unfavourable weather conditions within the year under review ”.
Economic resilience
The Fund said the 2025 performance underscored the resilience of Ghana’s mineral revenue base, anchored by gold and increasingly supported by manganese output.
Chief Executive Officer Justina Nelson described the results as a major milestone.
“It is a significant milestone, as this marks the first time since the Fund’s inception that royalty inflows have exceeded the GHS5 billion threshold, achieved despite challenging conditions,” Nelson touted.
She said the Fund entered 2026 on stronger footing, noting that total receipts surpassed GHS5.43 billion despite currency fluctuations during the year.
Nelson explained that although the cedi strengthened from about GHS17 to around GHS12 to the dollar over the period, the Fund still improved collections compared to 2024, when the exchange rate averaged GHS17.
She added that MIIF would deepen collaboration with state agencies, including the Ghana Revenue Authority and the Minerals Commission, to strengthen compliance and boost output.
The Fund, she said, would tighten internal controls, expand field monitoring and encourage higher production across the extractive sector, with the aim of surpassing last year’s performance while ensuring Ghana’s mineral wealth benefits future generations.
