The Minerals Income Investment Fund (MIIF) collected a record GH¢5.43 billion in mineral royalties in 2025, breaching the GH¢5 billion threshold for the first time in its history, and doing so despite a significant appreciation of the Ghana cedi against the US dollar.
The full-year figure represents a 10.8 per cent increase over the GH¢4.90 billion recorded in 2024 and stands as the highest royalty inflow since the Fund was established under the Minerals Income Investment Fund Act, 978 (Act 978).
What makes the achievement particularly notable is the currency headwind the Fund navigated during the year. The cedi, which opened 2025 trading at around GH¢17 to the dollar, the rate on which large-scale gold royalty projections were based, appreciated to approximately GH¢12 to the dollar as the year progressed. Since gold royalties are denominated in US dollars, the stronger cedi ordinarily compresses the cedi-equivalent value of collections. That the Fund still delivered a record figure, surpassing even the 2024 total recorded at the weaker exchange rate, underscores the strength of the underlying operational performance.
Large-scale gold mines anchored the result, generating GH¢5.1 billion in royalties, up from GH¢4.7 billion in 2024, an increase of nearly GH¢394 million. The growth was underpinned by elevated international gold prices, expanded output from Newmont Ahafo North Mine and the Cardinal Namdini project, and closer monitoring through collaboration between MIIF, the Ghana Revenue Authority (GRA) and the Minerals Commission.
Manganese delivered the strongest growth rate outside gold, with royalty receipts rising 14.4 per cent to GH¢212 million from GH¢186 million in 2024, driven by higher production volumes and improved payment compliance.
Other minerals, including granite, limestone, sand and salt, contributed roughly one per cent of total royalties and fell slightly short of annual targets. The Fund attributed the shortfall to competitive pricing pressures in quarry operations, restricted access to Sahelian export markets for Ghanaian salt, increased salt imports and adverse weather conditions.
Justina Nelson, Chief Executive Officer of MIIF, described the full-year outturn 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 GH¢5 billion threshold, achieved despite challenging conditions,” she said.
Mrs Nelson said the Fund would intensify internal monitoring systems, expand field supervision and continue working with state agencies to strengthen compliance and support higher production levels across the extractive sector in the period ahead.
