The Minerals Income Investment Fund (MIIF), established by an Act of Parliament (Act 978 as amended), operates as a sovereign wealth fund in Ghana. Its primary function involves receiving and investing royalties from mining companies, along with dividends from the Government of Ghana’s free carried interest, predominantly within the mining sector. Beyond its investment role, MIIF holds an overarching mandate to foster the development of the sector and enhance Ghanaian participation across the entire mining ecosystem. This mandate positions MIIF as a co-investment anchor, aligning its investments with national industrial objectives, which include promoting mining value addition, capacity building, local content, and the growth of capital markets with mining as a central pillar.

MIIF has demonstrated a remarkable growth trajectory, significantly increasing its revenue from GH¢402 million in 2023 to GH¢1.6 billion in 2024. This surge led to record profits of GH¢1.906 billion by the end of 2024, marking more than a 300% increase over the previous financial year. Under the leadership of Edward Nana Yaw Koranteng, appointed in 2021, MIIF underwent a transformative phase between 2021 and 2024. During this period, the previously lesser-known entity emerged as a global and African reference point for resource management. It solidified its role as the Ghanaian anchor in boosting ownership in national mining assets and spearheaded various impactful programs. These initiatives include the small-scale mining incubation program (SSMIP) to formalize the sector, the MIIF gold trade program complementing "gold for oil" and "gold for forex" schemes, a women in mining scholarship, strategic investments across various minerals, and the development of Ghana’s first gold-backed Exchange Traded Fund (ETF), slated for listing on the Ghana Stock Exchange in 2025.

Key highlights of MIIF's 2024 performance underscore its robust financial health. The net profit of GH¢1.906 billion surpassed the combined profits of all preceding years since MIIF’s operationalization in 2018. Equity experienced a substantial 1,128% increase, rising from GH¢149 million to GH¢3.39 billion, while its free cash position reached GH¢5.6 billion, providing significant liquidity for future strategic investments. When compared to Ghana’s top-tier financial institutions, MIIF ranks as the third most profitable entity in 2024 based on Profit Before Tax (PBT) figures from the Ghana Association of Bankers, outperforming all but Ecobank Ghana and GCB, thereby establishing itself as arguably the best-performing state-owned organization in the country.

Several factors contributed to MIIF's impressive growth, particularly sound surplus cash management and the strategic expansion of its royalty base. MIIF's presentations to the Finance Committee of Parliament consistently projected this dual strategy. The management effectively implemented a surplus cash investment system and expanded the royalty base through interagency agreements with key bodies like GRA, EOCO, GSA, and MINCOM. This expansion specifically targeted previously non-paying minerals such as medium-scale gold, limestone, sand winning, and salt, directly leading to an increase in overall revenue.

The MIIF Gold Trade Program, launched in 2023 with Government of Ghana support, operated under two main lines: the Gold for Forex Program and the Gold for Oil Program. Between August 2023 and December 2024, this program generated a total inflow of approximately US$1.1 billion from the export of 470,056.61 ounces of gold. This was facilitated by a revolving cedi equivalent trade line of $30 million from MIIF and average monthly injections of GH¢50 million from CBOD. Notably, MIIF provided US$706 million to CBOD, significantly supporting fuel imports into Ghana, which played a crucial role in stabilizing the cedi and ensuring fuel availability. Despite a reported forex loss affecting about 7.5% of the total trade portfolio, MIIF’s 2024 financials indicated a profit of approximately GH¢36 million from its trade program.

In line with its objective to increase Ghana’s equity interests in mining assets, MIIF made strategic investments. Between 2021 and 2022, it invested $40 million in Asante Gold Corporation of Canada, which owns the Kubi, Chirano (formerly Kinross Mine of Canada), and Bibiani gold mines. A key condition of this investment was Asante’s listing on the Ghana Stock Exchange, which ultimately boosted Ghanaian interest in the company to approximately 40%. This made Asante Gold the only large-scale international gold mine with significant Ghanaian ownership since the divestiture implementation program of the 1980s.

Furthermore, MIIF’s investment in Atlantic Lithium, a company listed in the UK and Australia, has made it the third largest shareholder in Atlantic Lithium globally. While the investment in Atlantic Lithium’s seven Ghana tenements, including the prolific Ewoyaa mine, awaits parliamentary ratification, its completion is poised to increase Ghana’s stake in Ewoyaa and the local tenements to 19%. An agreement negotiated by MIIF and MINCOM in 2023 stipulates an increase in Ghana's carried interest from 10% to 13%, royalties from 5% to 10%, compulsory listing of Atlantic Lithium on the Ghana Stock Exchange, establishment of a community development fund with 1% of gross revenue, development of feldspar (a lithium by-product), processing of lithium, and a strong emphasis on local content for job creation.

MIIF also made a significant investment in the Ada Songhor industrial salt project through Electrochem Ghana, positioning it to become Africa’s largest industrial salt project. Given salt's approximately 14,000 industrial uses, this investment is strategically vital. As part of an ongoing Songhor salt development plan, the project has already created over 1,200 jobs, restarted exports, and holds the potential to export 1 million metric tonnes to Nigeria annually. Electrochem is also compelled by MIIF to list on the Ghana Stock Exchange, opening avenues for industrial development in the Ada area in sectors such as caustic soda, pharmaceuticals, and textiles.

The 2024 investment pipeline, presented to Parliament and the Transition Committee, included investments in Newcore Gold at Enchi and Azumah Resources under a joint mandate with Engineers and Planners of Ghana. Over the past four years, MIIF has also achieved a remarkable 1000% increase in its Assets Under Management (AUM), growing from US$125 million in 2020 to approximately US$900 million in 2024. This figure is projected to further increase to about US$1.7 billion, pending the completion of the valuation of the Government of Ghana’s free carried interest, which commenced in 2024.

In conclusion, MIIF is recognized as a crucial long-term strategic lever for Ghana’s mineral economy, complementing the efforts of entities like GIADEC and Goldbod. As Honourable Adongo aptly remarked in 2022, "MIIF is a colossus and a sleeping giant which must be supported to grow." There is a collective hope among Ghanaians that MIIF’s remarkable performance and strategic vision will be harnessed to generate greater value and generational wealth for all citizens.