The Minerals Income Investment Fund (MIIF) has recorded GH¢5.39 billion in mineral royalty receipts for the first half of 2026, more than double the GH¢2.6 billion collected during the same period in 2025.
The half-year collection represents 186.1% of MIIF’s target and is already close to the GH¢5.43 billion in royalties recorded for the entire 2025 financial year.
Large-scale gold mining accounted for almost all the receipts, contributing GH¢5.31 billion, representing more than 98% of total collections and 197.2% of the Fund’s target for the segment.
MIIF attributed the strong performance to elevated international gold prices, the sliding-scale royalty regime, which allows the country to capture increased value when gold prices rise, and intensified compliance monitoring across mining operations.
The Fund also cited increased mine visits spearheaded by its Chief Executive Officer, Mrs. Justina Nelson, as contributing to improved royalty mobilisation.
Medium-scale gold mining also exceeded expectations, achieving 176.4% of its target during the period. MIIF said the performance was supported by favourable gold prices, stronger enforcement measures and the settlement of previously outstanding royalty obligations.
Performance in the non-gold mining sector, however, was mixed.
Sand royalties emerged as one of the stronger performers, with receipts reaching GH¢516,721.13, compared with GH¢380,619.26 during the corresponding period in 2025. The amount represents 129% of the half-year target of GH¢399,650.22.
The Fund attributed the improvement partly to stricter compliance measures, including a requirement for operators to obtain MIIF clearance letters before relevant permits are issued by the Minerals Commission.
The strong royalty mobilisation comes after MIIF closed the 2025 financial year with an audited profit of GH¢1.1 billion despite significant changes to its statutory funding arrangement.
Amendments introduced under the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137) significantly reduced the Fund’s allocation from mineral royalties and dividend income.
Despite the changes, MIIF said its financial position strengthened in 2025, with retained earnings increasing by nearly 35% and its equity-to-assets ratio rising from 27% to 43%.
The Fund’s fair value reserve also increased by more than 680% following positive revaluations of investment securities, while current liabilities declined by approximately 37%. Trade and other payables also fell by more than 91%.
Commenting on the outlook for the remainder of 2026, Mrs. Nelson expressed optimism that strong gold production, the sliding-scale royalty mechanism and continued compliance monitoring would support further growth in royalty receipts.
She, however, identified possible declines in gold prices, operational disruptions in the mining industry, weakness in the manganese market and regulatory and illegal mining challenges within the quarry, salt and sand sectors as potential risks.
