Ghana earned record levels of mineral royalties in the first nine months of 2025, as strong production and tighter oversight lifted revenues across gold and industrial minerals. The Minerals Income Investment Fund (MIIF), the state agency responsible for managing Ghana’s mineral revenues, published the figures in its third-quarter performance update.
MIIF said the results show that the mining economy is delivering stronger value to the state. Chief Executive Officer Justina Nelson said the Fund’s strategy of combining higher production with improved compliance is working across multiple minerals. ‘This performance shows what can be achieved when output growth is matched with strict royalty reporting,’ Nelson said. ‘Our goal is to ensure that every ounce extracted translates into enduring national value.’
Gold anchors government revenue
Gold remained the primary driver of the national royalty total. MIIF data shows large-scale gold producers paid $291.87 million in royalties between January and September, compared to $208.20 million in the same period of 2024. That represents a rise of 40.18 percent year on year.
Mid-tier producers added further growth momentum. Royalty payments from medium-scale gold operations increased from GH₵40.61 million ($3 million) to GH₵ 59.44 million, rising 46.38 percent over the same period. According to MIIF, the gains reflect higher realised output and new ounces entering Ghana’s production stream as expansions come online.
Nelson said gold remains the backbone of MIIF’s investment plans. ‘Gold is the anchor of our revenue base. It enables the Fund to build strategic investments that create jobs and expand Ghanaian ownership in the mining sector,’ she said.
Manganese leads industrial minerals
Manganese posted the strongest gains outside gold. MIIF recorded a rise in manganese royalties from $4.72 million to $12.75 million in the year to September, a surge of 170 percent. The agency said global demand for critical minerals, including manganese, has encouraged new investment in export capacity and improved grade recovery.
Industrial minerals also made measured contributions to the revenue total. Limestone royalties rose 13.12 percent year on year, moving from GH₵11.62 million to GH₵13.15 million. Sand mining revenues increased 21.48 percent, from GH₵364,998.58 to GH₵433,406.41.
MIIF said these gains reflect a broader trend of stronger compliance across Ghana’s mineral value chain. Nelson said better tracking tools are improving the accuracy of declarations. ‘New digital systems help us reduce under-reporting and strengthen receipts,’ she said.
Compliance and technology support growth
The Fund attributes the record royalty performance to a combined focus on production growth and stricter reporting compliance. MIIF said digital systems now allow closer monitoring of mineral output, export documentation and royalty collection.
Nelson said MIIF will deepen this approach through 2026. ‘We aim to build a transparent environment where companies comply voluntarily because the system is clear, fair and predictable,’ she said. ‘That is how Ghana can attract investment while protecting national interests.’
Investing royalties for future value
MIIF said its priority is to convert higher revenues into lasting economic benefits. A portion of the Fund’s income is being deployed into strategic equity stakes in domestic mining projects and value-addition opportunities.
‘Royalties should not end at collection,’ Nelson said. ‘They should create industries that survive beyond the mine life and benefit the communities linked to extraction.’
MIIF said the 2025 performance reflects the potential of efficient management, stronger compliance and clear investment planning to turn mineral wealth into enduring national gains.
