The Minerals Income Investment Fund (MIIF), Ghana’s sovereign wealth fund, has recorded its strongest financial performance to date, achieving a net profit of GH¢1.906 billion in 2024 — a more than 300% increase over 2023.
Revenues rose from GH¢402 million in 2023 to GH¢1.6 billion, while equity grew by 1,128%, from GH¢149 million to GH¢3.39 billion. MIIF’s free cash position also stood at GH¢5.6 billion, providing a strong foundation for future strategic investments.
With this performance, MIIF ranked third most profitable financial institution in Ghana, behind Ecobank and GCB, but ahead of ABSA, Stanbic, and Fidelity Bank.
In November 2024, the former Chief Executive Officer, Edward Nana Yaw Koranteng, highlighted MIIF’s strong growth trajectory at a press engagement. He attributed the Fund’s success to strategic reforms, including:
Expansion of the royalty base through inter-agency partnerships.
The Gold Trade Program, which generated over US$1.1 billion and supported Ghana’s “Gold for Oil” initiative.
Strategic equity investments in gold (Asante Gold), lithium (Atlantic Lithium), and salt (Electrochem Ghana).
Growth in Assets Under Management from US$125 million in 2020 to about US$900 million in 2024.
MIIF also rolled out initiatives such as the Small-Scale Mining Incubation Program and Women in Mining Scholarships, underscoring its commitment to inclusivity and sustainable growth.
…..“MIIF has become a strategic lever for Ghana’s mineral wealth and a model of public sector excellence,” Koranteng remarked at the engagement”. The performance of MIIF as seen in its 2024 financial statement, highlights the importance of the Fund in developing the minerals sector going forward.
