Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has lauded the Minerals Income Investment Fund (MIIF) has posting a net profit of GH¢1.906 billion for the 2024 financial year, making it the third most profitable financial institution in the country.
MIIF’s revenue rose sharply from GH¢402 million in 2023 to GH¢1.6 billion in 2024, while equity also grew by 1,128 per cent, moving from GH¢149 million to GH¢3.39 billion. The Fund’s free cash position stood at GH¢5.6 billion, providing strong liquidity for future strategic investments.
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“This is a remarkable achievement that shows how sound management and a clear vision can transform a state institution. MIIF is now arguably the best-performing state-owned enterprise in Ghana,” Mr. Boamah said while reviewing the Fund’s performance.
He explained that MIIF now ranks only behind Ecobank (GH¢2.337 billion) and GCB (GH¢2.208 billion) in profitability, surpassing major banks such as Absa, Stanbic, Fidelity, and Standard Chartered in 2024.
He attributed the growth to effective surplus cash management and the expansion of the minerals royalty base through agreements with key agencies, including the Ghana Revenue Authority, EOCO, Ghana Standards Authority, and the Minerals Commission. This brought in royalties from previously untapped areas such as medium-scale gold, limestone, salt, and sand winning.
Mr. Boamah revealed that between August 2023 and December 2024, the programme generated inflows of about US$1.1 billion through the export of more than 470,000 ounces of gold. Despite a 7.5 per cent forex loss, MIIF still made a profit of GH¢36 million from the programme.
He also pointed to MIIF’s strategic equity investments, including a US$40 million stake in Asante Gold Corporation, which increased Ghanaian ownership in the Bibiani and Chirano mines to 40 per cent. MIIF is also the third largest shareholder in Atlantic Lithium, positioning Ghana to hold a 19 per cent stake in the Ewoyaa lithium project once Parliament ratifies the mining lease.
Additionally, the Fund has invested in the Ada Songhor industrial salt project through Electrochem Ghana, which is expected to become Africa’s largest industrial salt operation, employing over 1,200 people and with export potential of up to one million metric tonnes of salt annually.
“MIIF has moved from being relatively unknown to becoming a colossus in the management of our mineral wealth. It is now a sleeping giant that has awoken, and we must support it to create generational wealth for Ghanaians,” Mr. Boamah said.
He further disclosed that MIIF has grown its Assets Under Management from US$125 million in 2020 to about US$900 million in 2024, with projections to reach US$1.7 billion following the valuation of the government’s free carried interests in mining.