The MIIF mineral royalties story has taken an extraordinary turn in 2026, with the Minerals Income Investment Fund (MIIF) collecting GH₵5.39 billion in royalties during the first six months of the year.
The figure not only exceeded the Fund's target by 186.1 per cent, it also more than doubled the GH₵2.6 billion mobilised over the same period in 2025.
Perhaps the most striking detail lies elsewhere. By the end of the second quarter alone, collections had already reached 98 per cent of the GH₵5.43 billion raised throughout the whole of 2025, placing the Fund on course to comfortably outperform last year's record.
Gold Remains the Engine of Royalty Growth
Large-scale gold mining once again dominated the revenue picture.
The sub-sector generated GH₵5.31 billion, accounting for more than 98 per cent of total royalty receipts while exceeding its target by 197.2 per cent.
MIIF attributed the impressive performance to sustained strength in global gold prices, the country's sliding-scale royalty framework, tighter compliance monitoring and regular mine inspections championed by the Fund's Chief Executive Officer, Mrs. Justina Nelson.
Medium-scale gold producers also delivered encouraging results. Royalty collections from the segment reached 176.4 per cent of target, supported by favourable international gold prices and stronger enforcement efforts that helped recover previously outstanding royalty obligations.
The numbers suggest compliance is gradually improving, not just production.
Sand Defies Broader Mixed Performance
Not every mineral posted spectacular gains.
Performance across non-gold commodities remained mixed, with ongoing weakness in manganese weighing on overall results. Sand, however, stood out.
Royalties from sand climbed to GH₵516,721.13, representing a 136 per cent increase over the GH₵380,619.26 recorded during the same period last year. Collections also reached 129 per cent of the half-year target.
According to MIIF, one factor made a noticeable difference. Operators are now required to obtain MIIF clearance letters before the Minerals Commission issues permits, a measure the Fund says has strengthened payment discipline across the sector.
CEO Sees Momentum, But Warns of Risks
Mrs. Nelson believes the outlook for the remainder of the year remains positive.
She cited resilient gold production, continued application of the sliding-scale royalty regime and sustained compliance monitoring as reasons for optimism.
Still, she cautioned against complacency.
"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
She pointed to potential declines in gold prices, operational disruptions within the mining industry, persistent illegal mining activities and continued weakness in manganese as risks capable of slowing revenue growth.
Strong Balance Sheet Despite Legislative Changes
The Fund's operational performance builds on what was already a challenging 2025.
Last year, MIIF reported an audited profit of GH₵1.1 billion, despite sweeping amendments to the Minerals Income Investment Fund Act that sharply reduced its statutory share of mineral royalties and dividend income.
The legislative changes reduced MIIF's allocation of mineral royalties from 77.6 per cent to just 2 per cent, while the Fund's access to dividend income from government's free carried interest in mining companies was also significantly affected.
Even so, MIIF ended 2025 with GH₵5.4 billion in royalty collections, up from GH₵4.9 billion the previous year.
Its financial position also strengthened considerably. Retained earnings grew by nearly 35 per cent, the equity-to-assets ratio increased from 27 per cent to 43 per cent, while current liabilities fell by about 37 per cent.
Trade and other payables declined by more than 91 per cent, leaving the Fund with a healthier balance sheet and greater financial flexibility as it looks to sustain strong royalty performance through the rest of 2026.
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