MIIF posts GHS 1.906 billion profit in 2024 with Assets Under Management crossing the US$ 1 billion mark

The Minerals Income Investment Fund (MIIF) was established by an Act of Parliament (Act 978 as amended) as a sovereign wealth fund. MIIF, which receives and invests royalties paid by mining companies and dividends from the Government of Ghana’s free carried interest, mainly into the mining sector, also has an overarching mandate to help develop the sector and increase Ghanaian interests across the entire mining eco-system.

The mandate includes the positioning of MIIF as a co-investment anchor, aligning investments to the industrial objectives of the country, such as investing in mining value addition, capacity building, promoting local content, and the development of the capital markets with mining as the pivot.

Growth trajectory and record profits

MIIF recorded an impressive increase in revenue from GH¢402 million in 2023 to GH¢1.6 billion in 2024 as it posted record profits of GH¢1.905 billion at the end of 2024, which is more than 300% increment over the 2023 financial year (ref: MIIF 2024 signed audited financials).

Between the period 2021 to 2024, following the appointment of Edward Nana Yaw Koranteng, MIIF went through one of the most transformative phases of any state-owned enterprise in Ghana, becoming a point of reference for resource management globally and in Africa.

During this period, MIIF a hitherto unknown entity positioned itself to be the Ghanaian anchor in increasing ownership in our mining assets, the development of far-reaching programs such as the small-scale mining incubation program(SSMIP) to help formalise the small scale mining sector, the MIIF gold trade program to complement the gold for oil and gold for forex programs, the women in mining scholarship scheme, strategic investments in various minerals and the development of Ghana’s first gold-backed Enterprise Traded Fund (ETF) which was to be listed on the Ghana Stock Exchange in 2025.

Key Highlights of 2024 Performance

• Net Profit: GH¢1.906 billion, exceeding the combined profits of all preceding years since MIIF’s operationalization in 2018.

• Equity Growth:1,128% increase from GH¢149 million to GH¢3.39 billion

• Free Cash Position:GH¢5.6 billion, providing substantial liquidity for strategic investments going forward.

As a financial institution, MIIF compares favourably with the top-tier financial institutions in Ghana. The table below shows MIIF’s as third most profitable when compared with the most profitable banks.

Comparison to First Tier Banks in Ghana – 2024 PBT (GHS’m)

Bank	Rank	Profit
Ecobank Ghana	1	2.337
GCB	2	2,208
MIIF	3	1,906
ABSA	4	1,873
STANBIC	5	1,776
Fidelity	6	1,211
GT Bank	7	1,171
Zenith	8	1,061
Standard Chartered	9	1,009
Access Bank	10	959
Source: Ghana Association of Bankers

As a financial institution, MIIF clearly outperforms all apart from Ecobank and GCB in terms of profits and is probably the best performing state-owned organisation in Ghana.\

MIIF Growth factors

Sound surplus cash management and expansion of the royalty base

The MIIF Gold Trade Program

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