The Minerals Income Investment Fund (MIIF) registered a record GH¢5.43billion of mineral royalty in 2025, representing a 10.8 percent increase from the GH¢4.90billion realised for 2024.

This figure is the highest royalty inflow since the Fund’s establishment and reflects improved operational efficiency, stronger compliance monitoring and favourable global commodity prices.

Data from the Fund show that the increase was driven largely by enhanced nationwide monitoring of mining operations to ensure strict compliance with royalty payment obligations, which significantly reduced payment delays and improved collection efficiency.

Elevated international gold prices also boosted royalty revenues during the year, creating favourable conditions for increased income from the country’s gold mining operations.

Gold dominates

Large-scale gold mines remained the backbone of Ghana’s mineral revenue base, with royalty receipts from the segment rising to GH¢5.1billion for 2025 from GH¢4.7billion in 2024, an increase of nearly GH¢394million.

The strong performance was supported by increased production, including output from the Newmont Ahafo North mine and the Cardinal Namdini project, as well as enhanced monitoring and collaboration between MIIF, the Minerals Commission and Ghana Revenue Authority (GRA).

Manganese rises

The manganese subsector also recorded strong growth, with royalty receipts increasing to GH¢212million in 2025 from GH¢186million for 2024 – representing a 14.4 percent rise.

The growth was attributed to higher production volumes and improved compliance with royalty payment obligations.

However, royalties from other minerals such as granite, limestone, sand and salt, which collectively account for about one percent of total receipts, fell slightly below target.

The decline was attributed to competitive pricing pressures within quarry operations, reduced margins, limited access to Sahelian export markets for Ghanaian salt, falling salt prices, increased imports and unfavourable weather conditions during the period.

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Outlook

The Chief Executive Officer of MIIF, Justina Nelson, described this performance as a significant milestone, noting it is the first time since the Fund’s establishment that royalty inflows have exceeded the GH¢5billion mark.

She said the strong performance was achieved despite macroeconomic challenges, including exchange rate fluctuations during the year.

According to her, the dollar traded at about GH¢17 at the beginning of 2025 – the rate used for projections on large-scale gold royalties – but the cedi later strengthened to about GH¢12 to the dollar.

Despite this currency appreciation, the Fund still recorded the GH¢5.43billion in royalties, exceeding the GH¢4.9billion recorded in 2024.

Nelson said MIIF will continue collaborating with state institutions such as the Ghana Revenue Authority and Minerals Commission to strengthen compliance enforcement while expanding field monitoring across the mining sector.

She added that the Fund remains committed to ensuring the country’s mineral resources generate sustainable benefits for both present and future generations.

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