Ghana collected US$291.87 million in large-scale gold royalties through September 2025, marking strong revenue momentum across mining segments as regulatory compliance strengthens and investor confidence remains solid.
The country’s mining revenue performance reached new highs in the first three quarters of 2025, with the Minerals Income Investment Fund reporting growth in all major mineral categories. Large-scale gold operations accounted for the bulk of collections, posting a 40.18% increase from the US$208.20 million recorded during the same period in 2024. This performance reflects both improved production levels and enhanced compliance among operators working in the sector.
Mid-tier gold mining operations contributed meaningfully to the overall growth, with royalty receipts climbing from GH₵40.61 million to GH₵59.44 million between January and September. The 46.38% rise demonstrates the expanding contribution of smaller-scale producers to national mineral revenues. Gold continues to dominate Ghana’s mining profile, accounting for more than 90% of total mineral earnings and reinforcing the country’s position as Africa’s leading gold producer.
Manganese emerged as the standout performer among non-gold minerals, registering a 170% surge in royalty inflows. Collections jumped from US$4.72 million in 2024 to US$12.75 million this year, driven by stronger output and better compliance from operators in the sector. The dramatic increase highlights the potential of diversifying revenue sources beyond traditional gold production.
Quarry operations added to the positive trajectory, with royalty payments rising 13.12% from GH₵11.62 million to GH₵13.15 million. Sand mining operations recorded a 21.48% increase, with collections moving from GH₵364,998.58 to GH₵433,406.41 during the review period. These smaller sectors demonstrate consistent growth despite their modest scale relative to gold operations.
Justina Nelson, Chief Executive Officer of MIIF, characterized the results as encouraging validation of the Fund’s engagement strategy with industry stakeholders. According to the CEO, there is more work to be done to maintain the momentum through year-end and beyond. She emphasized that MIIF will continue working with operators across the mining value chain to ensure full compliance with royalty obligations while coordinating with government agencies to sustain the growth trajectory.
The Fund expressed confidence about closing 2025 with strong performance, given the substantial collections already secured in the first nine months. Nelson reaffirmed MIIF’s commitment to its core mandate of managing Ghana’s mineral wealth to benefit both current and future generations of citizens.
The 2025 royalty performance comes as Ghana seeks to maximize returns from its natural resource endowments amid global commodity price volatility. The country has overtaken South Africa as Africa’s largest gold producer and consistently ranks among the top 10 gold producers worldwide. MIIF was established under the Minerals Income Investment Fund Act of 2018 to serve as a sovereign wealth mechanism for managing equity interests in mining companies and collecting royalties due to the state.
The Fund’s portfolio encompasses royalties from gold, manganese, quarries, limestone and salt operations. By law, MIIF manages mineral royalties and dividends from government stakes in select mining companies, providing a structured approach to monetizing the country’s finite mineral resources. The positive 2025 trajectory suggests that enhanced enforcement and stakeholder collaboration are yielding measurable results in revenue collection across the sector.
