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Mining sector delivers over GH₵2bn in royalties for quarter one 2026 – MIIF

 Royalties, MIIF

Ghana’s mineral royalty receipts recorded a significant increase in the first quarter of 2026, with total inflows rising to more than GH₵2 billion, according to new data by the Minerals Income and Investment Fund (MIIF).

The latest data reflects continued resilience in the country’s mining sector, largely driven by strong performance in the large-scale and mid-tier gold mining segments.

The quarter one performance also signals a positive outlook for the year, following the Fund’s historic achievement of crossing GH₵5 billion in royalty receipts in 2025, the first time such a milestone has been recorded in the history of the Fund.

The figures show that total mineral royalties increased from GH₵1.43 billion in the first quarter of 2025 to GH₵2.01 billion in the corresponding period of 2026, representing a 40 per cent increase in revenue mobilisation.

The actual collections also exceeded MIIF’s first quarter 2026 forecast of GH₵1.57 billion by 28%.

Large-scale Gold Mining Remains Biggest Contributor

The large-scale gold mining remained the biggest contributor to royalty receipts during the period under review, generating GH₵1.97 billion in the first quarter of 2026.

This is compared to GH₵1.35 billion recorded during the same period in 2025.

This represents a 46% year-on-year increase, exceeding its projected target of GH₵1.49 billion by 33%.

The growth was largely driven by high gold prices and increased production compared to the previous year.

The sharp increase further reinforces the sector’s dominance in Ghana’s extractive industry and indicates sustained investor confidence and stronger royalty performance from major gold-producing companies.

Mid-tier Gold Records 69% Growth

The mid-tier gold mining segment also posted strong growth, with royalties surging from GH₵15.30 million in the first quarter of 2025 to GH₵25.78 million this year, representing a 69% increase.

The segment also outperformed its forecast for the period by as much as 53% on the back of high gold prices and most importantly, improved compliance due to royalty monitoring and compliance efforts by the fund.

Quarry (Granite & Limestone)

The quarry sub sector equally recorded modest growth, rising from GH₵2.95 million to GH₵3.26 million within the same comparative periods.

This is largely due to royalty monitoring and compliance efforts by the fund.

Limestone royalties stood at GH₵1.77 million, a drop from GH₵1.86 million due to a reduction in production in the sector.

Manganese Sector Contribution

While the manganese sector contributed GH₵60.97 million in the first quarter of 2025, it is expected to contribute approximately GH₵31 million for the same period in 2026.

The projected royalty shortfall is due to planned stripping activities to expose additional ore bodies, resulting in a temporary decline in production, alongside the appreciation of the Ghana Cedi against the US dollar.

Outlook

The strong overall performance signals continued momentum in Ghana’s mineral revenue mobilisation efforts and reflects ongoing collaboration between regulators and industry players to improve compliance and optimize royalty collections.

Commenting on the first quarter 2026 royalty performance, the Chief Executive Officer of Minerals Income Investment Fund, Justina Nelson, expressed optimism that the strong results recorded within the period will position the mining sector for another robust year, particularly if gold production and global commodity prices remain favorable.

She also noted that the revival of the multi-agency committee aimed at strengthening the monitoring and collection of mineral royalties and other mining-related revenues for the state will help boost compliance.

Nelson explained that discussions at the maiden meeting of the committee focused on restoring coordination among institutions responsible for tracking royalties, production declarations and compliance within the mining sector.

According to her, the renewed collaboration among the agencies is expected to result in a major turnaround in royalty monitoring and collection across the country’s mining industry.

The performance also reinforces MIIF’s broader mandate of maximising value from Ghana’s mineral wealth while ensuring long-term benefits for the country’s economic development and future generations.

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