The Minerals Income Investment Fund (MIIF) ended 2025 with a GH¢1.14 billion surplus, down sharply from GH¢1.85 billion in 2024, following major changes to the Fund’s share of mineral royalties and dividend income.
The figures are contained in the 2025 State Ownership Report published by the State Interests and Governance Authority (SIGA).
MIIF’s weaker financial performance followed the implementation of the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137), which cut the Fund’s entitlement to mineral royalties and dividend income from 77.6% to 2%.
As a result, MIIF’s total income fell by 17.66%, from GH¢2.01 billion in 2024 to GH¢1.66 billion in 2025.
The Fund also faced a sharp increase in operational costs during the year. Its operational expenditure rose from GH¢159.14 million in 2024 to GH¢515.14 million in 2025.
According to SIGA, a major factor behind the increase was a GH¢471.52 million foreign exchange loss, resulting from the appreciation of the cedi against the US dollar and the retranslation of foreign currency-denominated receivables.
The combined effect was a significant reduction in MIIF’s net surplus margin, which dropped from 92.10% in 2024 to 68.93% in 2025.
MIIF’s balance sheet also contracted during the year, with total assets falling 17.68% from GH¢12.05 billion to GH¢9.92 billion.
SIGA attributed the decline mainly to lower cash balances, reduced investments in gold trading and a fall in trade receivables.
Current assets dropped by 20.82% to GH¢8.84 billion, while cash and cash equivalents fell from GH¢5.58 billion to GH¢4.42 billion.
Investments in gold trading declined from GH¢2.18 billion to GH¢1.51 billion, while trade receivables fell from GH¢3.32 billion to GH¢2.83 billion.
Despite the decline in its assets, MIIF recorded a notable improvement in equity. Total equity increased by 35.81%, rising from GH¢3.20 billion in 2024 to GH¢4.35 billion in 2025.
SIGA linked the increase to the year’s surplus and a GH¢31.59 million fair valuation gain on equity investments recognised under other comprehensive income.
The Fund also ended 2025 with stronger short-term liquidity. Current liabilities fell by 37.02%, from GH¢8.85 billion to GH¢5.58 billion, largely due to reductions in trade payables and provisions for investments.
This pushed MIIF’s current ratio from 1.26 times in 2024 to 1.59 times in 2025, suggesting an improved ability to meet its short-term obligations.
Its debt-to-asset ratio also improved, falling from 0.73 to 0.56, indicating a reduced reliance on liabilities to finance its assets.
Personnel costs remained comparatively modest at GH¢23.05 million, accounting for just 1.39% of total income.
One of the clearest signs of the impact of the new revenue framework was the sharp drop in MIIF’s internally generated funds. They accounted for only 0.08% of total income in 2025, compared with 16.01% in 2024.
Overall, the 2025 figures show a Fund operating with lower income and assets but stronger liquidity and equity, following a major restructuring of the statutory revenue streams that underpin its finances.
