MIIF targets over $3bn in assets
The Minerals Income Investment Fund (MIIF) is on a trajectory to increase its Assets Under Management (AUM) to over $3 billion by December 2026, according to the Fund’s Board Chairman, Professor Douglas Boateng.
This ambitious projection follows a stellar performance in 2023, during which MIIF doubled its profits and significantly boosted revenue, positioning itself as a leading sovereign wealth fund in Africa.
MIIF was established as part of President Nana Addo Dankwa Akufo-Addo’s vision to maximize Ghana’s mineral wealth. The fund’s rapid rise is attributed to strong board governance, experienced leadership, and innovative strategies, including expanding its royalties base and making strategic investments across the mineral value chain.
Prof. Boateng expressed confidence in MIIF’s future, stating that with sustained performance, the Fund could exceed the $3 billion threshold within the next 30 months. “With the right accountable leadership and experienced supervisory board, there is no limit in the sky for Ghana. MIIF as an entity is 100 percent led and managed by Ghanaians. This proves that Ghanaians are more than capable of competing with the best in the world,” he remarked.
The Fund’s 2023 financial results underline its robust and sustainable growth. Net profits surged to GHȼ409 million, marking a 100 percent increase from GHȼ205 million in 2022. Revenue also saw a significant rise, climbing from GHȼ323 million to GHȼ456 million over the same period.
MIIF CEO Edward Nana Yaw Koranteng attributed this growth to several factors, including the expansion of the royalties net and strategic investments. “The growth trajectory of the Fund is attributed to the hard work of the entire team at MIIF, grounded in the vision of the president of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, to ensure that Ghana garners more value from its minerals,” Mr. Koranteng explained.
One of MIIF’s key strategies has been diversifying its mineral base beyond gold. The Fund has successfully incorporated royalties from previously non-paying sectors such as medium-scale gold, sand winning, and salt. This expansion, coupled with increased royalties from quarries, limestone, and silver, has significantly broadened MIIF’s revenue streams.
MIIF’s investments have been equally strategic, with over $40 million invested in the Chirano and Bibiani gold mines, increasing Ghanaian interest to approximately 45 percent. The Fund has also taken a significant stake in Atlantic Lithium, positioning Ghana to benefit from the growing demand for battery minerals.
The Small-Scale Mining Incubation Program (SSMIP) is another ambitious initiative, aimed at formalizing and supporting the small-scale gold mining sector. With an initial investment exceeding $30 million over two years, the program could potentially triple the sector’s output, currently valued at around $2 billion annually.
Since its inception in August 2023, MIIF’s Gold Trade Desk has injected over $700 million into Ghana’s economy. This initiative provides a stable source of foreign exchange for bulk oil distributors and complements the Bank of Ghana’s forex support efforts.
“As MIIF sets its sights on becoming a $6 billion AUM fund within the next decade, its growth strategies and calculated moves are positioning the organization as the leading benchmark for mineral wealth management in Africa,” Prof. Boateng passionately stated. MIIF’s trajectory suggests a bright future not only for the Fund but also for Ghana’s broader economic landscape, as the country continues to harness its mineral wealth for sustainable development.
