The Minerals Income Investment Fund (MIIF) has recorded a sharp increase in mineral royalty collections in the first half of 2026, with revenues already approaching the total amount collected throughout the whole of 2025.
The Fund recorded GH¢5.39 billion in mineral royalties in the first half of 2026, representing 186.1% of its target and more than double the GH¢2.6 billion collected during the same period in 2025.
The strong performance means that collections in the second quarter of 2026 alone accounted for approximately 98% of the GH¢5.43 billion in royalties recorded during the entire 2025 financial year.
MIIF said the trend placed full-year 2026 royalty collections on course to significantly exceed the previous year’s performance.
Large-scale gold mining was the main driver of the revenue surge, contributing GH¢5.31 billion in royalties, equivalent to 197.2% of the target and more than 98% of total receipts during the period.
The Fund attributed the strong performance to elevated international gold prices, the application of the sliding-scale royalty regime, tighter compliance monitoring and increased engagement with mining companies.
MIIF said numerous mine visits led by its Chief Executive Officer, Mrs Justina Nelson, also contributed to improved monitoring and revenue mobilisation.
Medium-scale gold mining also recorded strong growth, achieving 176.4% of its target during the period.
According to MIIF, the performance was supported by favourable gold prices, stronger enforcement and the regularisation of previously outstanding royalty obligations.
The Fund said the development pointed to improved compliance within the medium-scale mining sector.
Performance across non-gold minerals was mixed, although sand royalties recorded significant growth.
Sand royalty collections increased to GH¢516,721.13, representing a 136% rise from the GH¢380,619.26 recorded during the corresponding period of 2025.
The figure also exceeded the half-year target of GH¢399,650.22 by 29%.
MIIF attributed the improvement to enhanced compliance measures, including the requirement for operators to obtain clearance letters from the Fund before the Minerals Commission issues relevant permits.
The strong 2026 performance follows a resilient 2025 financial year, during which MIIF recorded an audited profit of GH¢1.1 billion despite significant changes to its statutory revenue allocation.
The Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), reduced the Fund’s allocation of mineral royalties and dividend income from its 10% free carried interest in mining companies.
MIIF’s allocation of mineral royalties fell from 77.6% in 2024 to 2% in 2025, while its allocation of dividend income also declined to 2%.
Despite the significant reduction in statutory allocations, the Fund recorded GH¢5.4 billion in royalty revenue in 2025, compared with GH¢4.9 billion in 2024.
Its financial position also strengthened during the year, with retained earnings increasing by nearly 35% and the equity-to-assets ratio rising from 27% to 43%.
The fair value reserve increased by more than 680% due to positive revaluations of investment securities.
MIIF also reduced current liabilities by approximately 37%, bringing the liabilities-to-assets ratio down from 73% to 56%.
Trade and other payables fell by more than 91%, further improving the Fund’s liability position and financial flexibility.
Commenting on the outlook, MIIF Chief Executive Officer Mrs Justina Nelson said the Fund remained optimistic about the second half of 2026, citing strong gold production, the continued application of the sliding-scale royalty regime and improved compliance monitoring.
She, however, cautioned that risks remained, including a possible decline in international gold prices, operational disruptions in the mining industry, continued weakness in the manganese market and regulatory and illegal mining challenges affecting the quarry, salt and sand sectors.
“Addressing these risks through enhanced stakeholder engagement, strengthened enforcement, and continued compliance interventions will be critical to sustaining royalty growth during the second half of 2026,” Mrs Nelson said.
The latest figures highlight the growing importance of gold prices, compliance enforcement and improved revenue collection systems in supporting Ghana’s mineral revenue performance.
