Breaking the GH₵5 Billion Ceiling" – How Ghana’s Gold and Manganese Hit a Record Payday in 2025

Ghana’s mineral revenue performance surged to new heights in 2025, with the Minerals Income Investment Fund (MIIF) recording its highest-ever royalty collections since inception.

New data released by the Fund shows that total mineral royalties reached GH₵5.43 billion in 2025, representing a 10.8 percent increase from the GH₵4.90 billion recorded in 2024. The milestone reflects a combination of strengthened operational oversight and favourable global market conditions.
According to MIIF, the impressive performance was driven largely by the introduction of rigorous nationwide monitoring systems across mining operations, which enhanced compliance with royalty payment obligations, reduced delays, and improved overall collection efficiency.
In addition, sustained high international gold prices throughout 2025 significantly boosted royalty inflows, reinforcing gold’s position as the backbone of Ghana’s mineral revenue.
Gold maintains dominance
Gold continued to anchor the country’s mineral income, with royalty receipts from large-scale mining operations rising to GH₵5.1 billion in 2025, up from GH₵4.7 billion in 2024—an increase of nearly GH₵394 million.
The growth was supported by improved monitoring by MIIF, stronger collaboration with the Minerals Commission and the Ghana Revenue Authority, as well as increased production from major mines such as Newmont Ahafo North Mine and Cardinal Namdini Mine.
Manganese shows strong growth
The manganese subsector also recorded notable gains, with royalty receipts increasing to GH₵212 million in 2025 from GH₵186 million in 2024—representing a 14.4 percent rise. The growth was attributed to higher production volumes and improved compliance among operators.
Other minerals face challenges
However, contributions from other minerals—including granite, limestone, sand, and salt fell slightly below annual targets, accounting for just about one percent of total royalties.
MIIF attributed the shortfall to a range of factors, including pricing pressures within the quarry industry, reduced access to key Sahelian export markets for salt, declining salt prices, increased imports, and unfavourable weather conditions during the year.
Strong outlook despite currency shifts
Chief Executive Officer of MIIF, Justina Nelson, described the 2025 performance as a major milestone for the Fund.
“It is a significant achievement, as this is the first time since the Fund’s establishment that royalty inflows have exceeded the GH₵5 billion mark, despite challenging conditions,” she stated.
She explained that although the Ghana cedi strengthened from about GH₵17 to the dollar at the beginning of 2025 to around GH₵12 by year-end—potentially reducing projected earnings—the Fund still surpassed expectations.
With total receipts exceeding GH₵5.43 billion, she noted that MIIF has entered 2026 on a stronger financial footing.
Mrs Nelson added that the Fund will intensify collaboration with key institutions, including the Ghana Revenue Authority and the Minerals Commission, to further enhance compliance and maximise revenue.
She also outlined plans to tighten internal controls, expand field monitoring, and support increased production across the extractive sector, with the aim of surpassing the 2025 performance.
Reaffirming the Fund’s mandate, she pledged that MIIF would continue to ensure Ghana’s mineral wealth delivers lasting benefits for both present and future generations.