Mining Sector Delivers Over GH₵2bn in Royalties in Q1 2026 – MIIF
Ghana’s mineral royalty receipts recorded a strong increase in the first quarter of 2026, surpassing GH₵2 billion, according to new data from the Minerals Income and Investment Fund (MIIF), reflecting continued strength in the country’s mining sector.
The latest figures point to sustained resilience in the extractive industry, driven mainly by strong performance in large-scale gold mining operations and improved compliance across mid-tier producers.
Overall, mineral royalty collections rose 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 year-on-year increase.
The performance also exceeded MIIF’s internal forecast of GH₵1.57 billion by 28 per cent, indicating stronger-than-expected revenue mobilisation from the sector.
Large-Scale Gold Mining Dominates Contributions
Large-scale gold mining remained the primary driver of royalty inflows during the period under review, contributing GH₵1.97 billion in Q1 2026 compared to GH₵1.35 billion in the same period of 2025.
This represents a 46 per cent increase year-on-year and exceeded projected targets by 33 per cent, largely supported by higher global gold prices and improved production output.
The performance underscores the continued dominance of gold within Ghana’s extractive sector and highlights sustained investor confidence in large-scale mining operations.
Mid-Tier Gold Shows Strong Growth
The mid-tier gold mining segment also recorded significant expansion, with royalty contributions rising from GH₵15.30 million in Q1 2025 to GH₵25.78 million in Q1 2026, a 69 per cent increase.
The segment outperformed expectations by 53 per cent, driven by favourable gold prices and improved compliance, supported by enhanced monitoring efforts by MIIF.
Quarry and Limestone Sector Mixed Performance
The quarry subsector, covering granite and limestone production, recorded modest growth, rising from GH₵2.95 million to GH₵3.26 million over the period, reflecting gradual improvements in compliance and monitoring.
However, limestone royalties declined slightly from GH₵1.86 million to GH₵1.77 million, attributed to reduced production levels during the review period.
Manganese Sector Sees Projected Decline
The manganese sector recorded a projected reduction in royalty contributions, with expected inflows of about GH₵31 million in Q1 2026, down from GH₵60.97 million in the same period of 2025.
The decline is attributed to planned stripping activities aimed at exposing additional ore bodies, which temporarily reduced production levels, as well as exchange rate effects linked to the appreciation of the cedi.
Strong Outlook for 2026
According to MIIF, the overall performance signals continued momentum in Ghana’s mineral revenue mobilisation efforts and reflects stronger collaboration between regulators and industry players.
Chief Executive Officer of MIIF, Justina Nelson, expressed optimism that the sector is on track for another strong year if favourable gold prices and production levels persist.
She also highlighted the revival of a multi-agency committee tasked with improving monitoring and collection of mineral royalties and mining-related revenues.
According to her, improved coordination among regulatory institutions is expected to strengthen compliance, reduce revenue leakages and enhance transparency within the sector.
MIIF noted that the improved performance aligns with its broader mandate of maximising returns from Ghana’s mineral resources to support long-term economic development and intergenerational wealth creation.
