Ghana’s Minerals Income Investment Fund (MIIF) defied global economic challenges in 2023, posting a net profit of $26mn (GHS409mn), nearly doubling the $13mn (GHS205mn) earned in 2022. 

The fund’s revenue also saw a significant boost, climbing from $20.6mn (GHS323mn) in 2022 to $29mn (GHS456mn) in 2023, reports Asaase News.

MIIF's chief executive officer, Edward Nana Yaw Koranteng, revealed the Fund’s assets under management (AUM) could soar to $1.5bn by the close of 2024, driven by the ongoing revaluation of assets, including the Government of Ghana’s equity interests in mining companies.

"This remarkable growth, from a modest $195mn in 2021, positions MIIF as one of the fastest-growing speciality sovereign wealth funds globally," Koranteng said in the Asaase News report.

He attributed this rapid ascent to the dedication of MIIF’s team and the visionary leadership of Ghana's President, Nana Akufo-Addo, whose mandate is to maximize the country's returns from its mineral wealth.

MIIF's primary income streams are royalties and dividend payments. Ghana currently has seven royalty-paying minerals, with the potential to increase to 15. Before MIIF’s intervention, gold contributed approximately 99% of royalties. However, since 2022, the Fund has broadened its revenue base by incorporating previously non-paying minerals, such as medium-scale gold, sand, and salt.

MIIF’s investments have further solidified its position in the mining sector. The Fund has injected over $40mn into the Chirano and Bibiani gold mines, operated by Asante Gold Corporation, which is listed on the Canadian and Frankfurt stock exchanges. This investment has increased Ghanaian ownership to approximately 45%, making these the only large-scale gold mines with significant local ownership.

Moreover, MIIF's stake in Atlantic Lithium, a UK and Australian-listed company, has positioned it as the third-largest shareholder globally. The Fund is also finalising a 6% stake in Atlantic Lithium’s Ghanaian tenements, including the Ewoyaa project mine, boosting Ghana’s stake in the project to 19% following a negotiated 13% free carry for the government, valued at $27.9mn.