SovereignWealthFunds.comMinerals Income Investment Fund (MIIF)
MIIF: what it invests in
Geography Mainly domestic
MIIF: how big it is, and on what basis
MIIF: what it publishes
Published 1 · Partly 5 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Minerals Income Investment Fund (MIIF) manages Ghana's equity interests in mining and invests mineral royalty income for current and future generations. Created by Act 978 in 2018, it posted an audited 2025 profit of GHS 1.1 billion. Its portfolio includes Asante Gold, Atlantic Lithium and the Ada Songhor salt project. Royalty collections reached GHS 5.39 billion in the first half of 2026. S1 S4 S6
Key points
- Audited profit of GHS 1.1 billion in 2025; equity-to-assets rose from 27 to 43 percent. S4
- Royalty collections of GHS 5.43 billion in 2025 and GHS 5.39 billion in the first half of 2026, 186 percent of target. S4
- Act 1137 of 2025 cut the fund's share of royalties from 77.6 percent and dividends from 100 percent to 2 percent. S4
- Large-scale gold mining supplied over 98 percent of first half 2026 royalties. S4
- Investments: USD 40 million in Asante Gold, GHS 300 million in Ada Songhor salt and a stake in Atlantic Lithium. S6
- Target portfolio: multi-asset, with a strategic allocation to mining and its value chain. S5
Interesting facts
Mandate and goals
MIIF aims to maximise the long-term value of Ghana's mineral income for future generations, investing responsibly and transparently for the benefit of all Ghanaians. S5 S1
How it invests
| Industries | Mining and metals, Industrials and manufacturing, Financial services S6 S5 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Strategic state holdings S5 |
| Stages | Growth, Public markets S6 |
| Geography | Mainly domestic. Ghanaian mining and mineral projects S6 |
| Direct / through funds / co-invest | Yes / No / Yes S6 |
| Ticket size | No ticket range published. S6 |
| Deal sizes seen | About USD 20M to USD 40M in disclosed deals |
| External managers | Not disclosed S5 |
| Co-investment programme | Invests alongside mining sponsors in Ghanaian projects S6 |
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| Not published | Asante Gold Corporation. First direct equity in producing mines; supports Bibiani and Chirano. S6 | Direct investment | Mining and metals | Growth | USD 40M | |
| Not published | Ada Songhor Salt Project. Large-scale salt for domestic use and export. S6 | Direct investment | Industrials and manufacturing | Growth | GHS 300M | |
| Not published | Atlantic Lithium (Ewoyaa). Strategic stake tied to Ghana's first lithium mine. S6 | Direct investment | Mining and metals | Growth | Not disclosed | |
| 2019 | Agyapa Royalties. Gold royalty company incorporated and fully owned by MIIF. S6 | New company or platform | Mining and metals | Growth | Not disclosed | 100% |
| Not published | Perseus Mining dividend. Dividend to the Government on its carried interest. S7 | State asset transfer | Mining and metals | Public markets | GHS 391M |
Case studies
Backing Asante Gold S6
- What: Invested USD 40 million in Asante Gold Corporation.
- When: Before 2026
- Size: USD 40M
- Why: Move from passive royalties to direct equity in producing gold assets.
- Outcome: Supports output at the Bibiani and Chirano mines.
Critical minerals entry S6
- What: Took a strategic stake in Atlantic Lithium and its Ewoyaa project.
- When: Before 2026
- Size: Not published
- Why: Diversify beyond gold into battery minerals.
- Outcome: Exposure to Ghana's first lithium mine.
Investment process
The Board approves investments on advice from an Investment Advisory Committee, under guidelines from the Ministry of Finance. S1 S5
| Committee | Role |
|---|---|
| Investment Advisory Committee | Formed under the Act; includes current and former chief executives S1 |
- Origination in line with the Investment Guidelines. S5
- Due diligence and risk review. S5
- Investment Advisory Committee review. S1
- Board approval and monitoring. S5
How to approach: The website has Opportunities and Contact pages. S7
Size and returns
Leadership
| Name | Title |
|---|---|
| Justina Nelson | Chief Executive Officer S4 |
Governance and transparency
- Legal basis: Minerals Income Investment Fund Act, 2018 (Act 978), amended by Act 1137 of 2025 S1 S4
- Oversight: Parliament, Ministry of Finance, Board and Investment Advisory Committee S1
- Policies, reports and legislation are posted on the fund site. S7
- Audited results and quarterly royalty receipts are announced. S4
Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
MIIF invests directly in Ghanaian mining and mineral projects alongside sponsors; it has no published family office programme. S6
- Equity stakes in listed and private mining companies with local operations. S6
Reports
- 2025 audited results and H1 2026 royalty receipts: https://miif.gov.gh/miif-posts-gh%e2%82%b51-1bn-audited-profit-in-2025-achieves-gh%e2%82%b55-39bn-royalty-receipts-in-first-half-of-2026/ S4
Common questions
Who runs MIIF?
Chief Executive Officer Justina Nelson. S4
What did MIIF earn in 2025?
An audited profit of GHS 1.1 billion. S4
What has it invested in?
Asante Gold, Atlantic Lithium and the Ada Songhor salt project, among others. S6
What law created MIIF?
Act 978 of 2018, amended by Act 1137 of 2025. S1
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All sovereign wealth funds in Africa · All savings and future generations funds · All funds in Ghana
Sources
Disclaimer
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