The Minerals Income Investment Fund (MIIF) is Ghana’s sovereign minerals wealth fund, established by the MIIF Act 2018 (Act 978) to manage and invest the country’s mineral revenues for long-term benefit. Its core mandate is threefold: (1) receive and manage all mineral royalties due the state, (2) oversee Ghana’s equity interests (carried stakes) in large-scale mining companies, and (3) invest these mineral incomes in a beneficial and sustainable manner for citizens
Since its inception in 2018, MIIF has experienced remarkable financial growth. The fund’s Assets Under Management (AUM) have expanded from an initial base of around US$180 million in 2018 to approximately US$1 billion by 2024.
MIIF has strategically deployed Ghana’s mineral revenues into a diversified portfolio of investments across mining and related industries, as well as initiatives that support the broader minerals value chain. Major investments and projects include the following:
- Gold Mining Equity: MIIF acquired a stake in Asante Gold Corporation by investingUS$40 million, elevating Ghana’s combined interest in the two major mines (Bibiani and Chirano mines) to approximately 45%
- Lithium Development: As Ghana makes its foray into battery minerals, MIIF has taken a significant equity position in Atlantic Lithium, the company developing Ghana’s first lithium mine. MIIF’s commitment (part of an allocated US$60 million critical minerals package) bolsters Ghana’s stake in the electric vehicle supply chain and signals confidence in the country’s emerging lithium industry
- Industrial Salt Production: The fund is catalyzing Ghana’s salt industry through a partnership with local firm Electrochem Ghana. MIIF plans to invest a portion of up to US$60 million earmarked for salt and lithium projects to expand large-scale salt production. Electrochem’s project at the Songor Salt Lagoon has the potential to make Ghana one of the top 10 salt producers globally
- Graphite Project: In 2024, MIIF ventured into natural graphite by investing about US$2 million in Castle Minerals’ Kambale Graphite Project in northern Ghana. This funding will advance the project to pre-feasibility study and makes MIIF a major shareholder in Castle Minerals
- Local Content and SMEs: In line with its mandate to spur local participation, MIIF has committed GH¢25 million (≈US$4 million) to the Injaro Ghana Venture Capital Fund, which provides financing to Ghanaian small and medium enterprises in the mining supply chain
- Small-Scale Mining Incubation: MIIF launched a Small-Scale Mining Incubation Programme (SSMIP) to formalize and support artisanal and small-scale gold miners. The fund has set aside an initial US$30 million over two years for this program. The initiative will provide equipment, training, and access to capital for licensed small miners, with the goal of increasing their productivity and compliance. According to MIIF, this support could triple output from the small-scale gold mining sector (currently around $2 billion annually). By upgrading this sector, Ghana can boost rural employment, improve environmental practices, and capture more gold revenue through formal channels.
- Financial Innovations: Beyond direct project investments, MIIF is pioneering financial instruments to maximize mineral value. Notably, the fund is developing a Gold-Backed Exchange Traded Fund (ETF) in collaboration with the Ghana Stock Exchange, intended to list Ghana’s gold royalties or assets for trading locally and internationally. This would create liquidity and attract investment into Ghana’s mining sector via the capital markets.
- Strategic Partnerships: To secure and grow its income, MIIF has forged partnerships with key state agencies. It signed a framework with the Ghana Revenue Authority, Minerals Commission, and others to tighten royalty collection – using technology to track mine production and ensure all due royalties are paid. Such efforts expand the “royalties net” by bringing previously uncollected streams (e.g. from medium-scale miners, quarrying, sand winning, salt, limestone, silver, etc.) into the fund
Looking ahead, MIIF’s leadership projects AUM to exceed US$3 billion by 2026, and has an ambitious target of US$6 billion within the next decade.
Ghana currently has two other sovereign funds namely: The Ghana Petroleum Funds (comprising the Ghana Stabilization Fund and the Ghana Heritage Fund) and the Ghana Infrastructure Investment Fund. MIIF would become Ghana’s biggest SWF if it hits its projected AUM of 3billion in 2026.
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