Keypoints:
- Ghana’s mineral royalties reached approximately $434m in 2025, the highest ever recorded
- Gold mining generated about $408m of total royalty revenue
- Strong gold prices and enhanced regulatory oversight boosted collections
GHANA’S mineral royalties surged to approximately $434m in 2025, marking the highest collections since the Minerals Income Investment Fund (MIIF) was established and rising from roughly $392m recorded in 2024.
The increase reflects elevated global gold prices, higher production from major mines and enhanced enforcement of royalty payments across the country’s mining sector, according to figures reported by the Ghana News Agency.
The milestone underscores the central role of mining in Ghana’s economy, where gold dominates export earnings and remains a major source of government revenue.
Global gold prices remained near historic highs throughout 2025 as geopolitical uncertainty and strong central bank demand pushed investors toward the metal as a safe-haven asset. The rally benefited major producers including Ghana, where stronger bullion prices translate directly into higher royalty flows for the state.
Ghana remains Africa’s largest gold producer and one of the continent’s most important mining economies. Production reached record levels in 2025, with national gold output climbing to six million ounces, reinforcing the sector’s importance to government revenues and export earnings.
Recent policy discussions around expanding mining value chains and boosting export-led growth have also featured prominently in the government’s broader economic agenda, including reforms linked to Ghana’s 24-hour economy strategy.
Gold drives Ghana’s mineral revenue
Large-scale gold mining remained the backbone of Ghana’s mineral royalties in 2025. Royalty receipts from gold increased to approximately $408m, compared with roughly $376m in 2024.
The increase of about $31m reflected elevated gold prices, higher production volumes and enhanced regulatory oversight of mining operations.
In a statement, MIIF said stronger supervision across the mining sector helped ensure companies complied with royalty obligations.
‘International gold prices remained elevated throughout the year, positively impacting royalty valuations,’ the Fund said.
The favourable market environment supported stronger revenue generation from gold operations across the country. Production growth from major projects—including Newmont’s Ahafo North mine and the Cardinal Namdini project—also contributed to the improved performance.
Authorities are also seeking to retain more value domestically through initiatives such as the GoldBod refining programme, which aims to process more of Ghana’s gold locally before export.
Manganese revenue posts steady gains
Beyond gold, the manganese subsector also delivered stronger royalty collections.
Royalties from manganese increased to approximately $17m in 2025, up from about $15m in 2024.
MIIF attributed the increase to higher production volumes and stronger compliance among operators in the sector.
Although manganese accounts for only a modest share of Ghana’s mineral revenues, it continues to play a supporting role in the country’s mining economy. Analysts say sustained investment in infrastructure and processing capacity could allow the subsector to expand its contribution in the coming years.
Diversification of mineral revenues is increasingly viewed as an important component of Ghana’s long-term extractive sector strategy.
Quarry minerals record underperformance
Other mineral categories—including granite, limestone, sand and salt—recorded underperformance during the year.
Royalties from quarry minerals accounted for only about one percent of total collections and fell short of targets.
MIIF said several factors contributed to the subsector’s weaker results. Competitive pricing pressures across quarry operations compressed margins and reduced royalty accruals.
Export challenges also played a role. Restricted access to Sahelian markets—important destinations for Ghanaian salt exports—limited trade flows during the year.
Other constraints included declining salt prices, increased imports from neighbouring countries and unfavourable weather conditions that disrupted production during parts of the reporting period.
Compliance measures strengthen collections
MIIF credited enhanced compliance monitoring as a key driver of the record revenue.
The Fund intensified nationwide monitoring of mining operations to ensure companies meet statutory royalty obligations.
The initiative involves closer coordination with regulatory institutions including the Minerals Commission and the Ghana Revenue Authority.
The push for stronger enforcement also comes as policymakers debate broader fiscal changes within the extractive sector, including plans to increase gold royalty rates and review stability agreements with mining companies.
At the same time, the country continues to navigate policy discussions around changes to Ghana’s mining fiscal regime, which industry leaders say could reshape investment dynamics in the sector.
Authorities believe improved oversight across the extractive sector will help the state capture greater value from Ghana’s natural resources while strengthening transparency and governance.
Strategic implications for Ghana’s mining sector
The record royalty inflows come as Ghana seeks to capture greater value from its natural resources through reforms aimed at strengthening fiscal oversight, expanding local processing and improving transparency in the mining sector.
Analysts say sustained high gold prices and new mine developments could continue boosting government revenues. However, long-term gains will depend on maintaining investment stability while diversifying the country’s mineral economy beyond gold.
MIIF targets stronger revenue in 2026
MIIF Chief Executive Officer Justina Nelson described the record collections as a major milestone for the Fund.
‘It is a significant milestone, as this marks the first time since the Fund’s inception that royalty inflows have exceeded the GHS5 billion threshold, achieved despite challenging conditions,’ Nelson said.
She noted that the strong performance came despite fluctuations in Ghana’s exchange rate during the year.
According to Nelson, the cedi strengthened from roughly GHS17 to about GHS12 to the dollar over the period, yet the Fund still recorded higher collections than in 2024.
MIIF now plans to deepen collaboration with regulatory agencies including the Ghana Revenue Authority and the Minerals Commission to further improve compliance and monitoring.
The Fund also intends to strengthen internal controls and expand field oversight of mining operations in order to increase royalty inflows.
With global gold prices still relatively strong and new mines entering production, Ghana’s mineral revenues are expected to remain a crucial pillar of the country’s economic outlook.
